Bank bosses enjoyed pay hikes in 2023, while rank-and-file workers were handed another year of stingy bonuses, according to this week’s round of earnings.
Nowhere was that more evident than at Standard Chartered, whose chief executive officer Bill Winters saw his pay package rise 22%, according to Bloomberg, citing the London-based bank’s 2023 earnings report released Friday.
Winter’s total compensation surged to roughly $9.9 million last year — a jump from $8.1 million in 2022 –despite Standard Chartered’s overall bonus pool falling 1%, to $1.57 billion, in 2023, Bloomberg reported.
The disparity between the board room and the cubicles was even worse among Wall Street’s major lenders.
Citibank chief Jane Fraser received a 6% pay bump, to $26 million, while its bonus pool tumbled about 20% in 2023, according to Financial News London.
A lot of people thought wed be at least flat on last year, an unnamed senior dealmaker at the firm told the outlet. People were shocked.
Fraser’s payout came as Citi’s profits plummeted 38% year-over-year at the bank in 2023.
Fraser implemented a sweeping overhaul intended to consolidate departments last November, with the goal of trimming the bank’s global headcount from 239,000 to 180,000.
Last month, Citi said that 20,000 staffers can expect to be handed a pink slip over the next two years after the bank reported its worst fourth-quarter earnings in 15 years.
Still, the bank’s board said that Frasers compensation increase was justified because of her execution of the most consequential set of changes to its organizational and management model since the 2008 financial crisis and the sale of international businesses.
Among peers on Wall Street, Morgan Stanleys former CEO James Gorman got a pay bump of 17% in his final year heading up t he bank — which also slashed the size of its bonus pool.
Morgan Stanley’s rank-and-file received payouts that were slashed by as much as 15% from 2022 to 2023, Financial News reported.
Gorman is set to officially retire come May, ending his nearly two-decade tenure at Morgan Stanley, which reported a hit to its 2023 fiscal year earnings when it said profits plunged 32% year-over-year, to $1.5 billion.
Goldman Sachs CEO David Solomon was another bank boss to get a pay bump despite lagging profits.
Solomon’s pay rose 24%, even though the firm posted a 24% decline in net profit last year as Goldman suffered from a slowdown in investment banking activity that led to thousands of job cuts.
Sources told The Post earlier this month that compensation at the firm was up $350 million from last year,” and a spokesperson for Goldman has insisted that its “compensation philosophy hasnt changed, were always focused on investing in our people, especially our top performers.
Despite reports on Financial News that Goldman bankers saw as much as a 10% raise in 2023, sources confirmed that employees may have received more or less than that depending on their performance.
JPMorgan Chase CEO Jamie Dimons compensation also climbed 4.3% following a year of record profits for America’s largest lender.
The firm posted an impressive $49.6 billion in profits in 2023 — the most ever in US banking history.
As a result, compensation and morale remained relatively stable among the rank and file, sources told The Post.
One employee even went so far as to call his bonus awesome.
HSBC CEO Noel Quinn saw his pay roughly double last year, from $7 million to $13.4 million, despite the widespread recession fears, stubbornly high inflation, layoffs, and cost cuts that defined the finance sector in 2023.
HSBC on Wednesday reported that its bonus pool also saw a 12% rise in 2023 — defying a trend of lackluster bonuses across the banking sector, per Bloomberg — as the UK lender enjoyed record profits on the heels of elevated interest rates.
Two banking chiefs didn’t have as much to celebrate: Bank of Americas Brian Moynihan saw his pay fall 3%, to $29 million.
In addition, Barclays’ CS Venkatakrishnan was also an outlier.
He saw his annual bonus slashed by 27%, according to Bloomberg, after the London-based firm reduced its bonus pool by 3% as a result of a 15% dip in profits attributed to reduced activity in its investment banking division.
Dr Lade Smith, president of the RCP, said: “The RCP has reached the conclusion that we are not confident in the Terminally Ill Adults Bill in its current form, and we therefore cannot support the Bill as it stands.”
The move is significant because, under the bill’s current stipulations, a panel including a psychiatrist would oversee assisted dying cases.
The RCP outlined a number of issues it had with the current bill, including: the bill not making provision for unmet needs, whether assisted suicide is classed as a treatment or not, what the psychiatrists’ specific role on the panel would be, and the increased demand the bill puts on psychiatrists.
If the college support remains withdrawn, and the bill passes, it isn’t clear what effects it may have.
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Kim Leadbeater, the MP behind the bill, has confirmed it will include a clause that means anyone who does not want to be involved in the process will not have to do so.
Supporters of the bill argue it would ease the suffering of dying people, while opponents argue it would fail to safeguard some of the most vulnerable people in society.
Image: MP Kim Leadbeater talking to Sky News
Questions over the bill
The more prominent role of a psychiatrist in the bill came about after a previous amendment.
Initially, the bill said that after two independent doctors approved an assisted dying case, it would then need to be further approved by a High Court judge.
Instead, Ms Leadbeater proposed a voluntary assisted dying commissioner that included an expert panel with a psychiatrist.
She said this was a “strength, not a weakness,” but opponents of the bill disagreed, saying removing the High Court judge “fundamentally weakens protections for the vulnerable”.
Friday’s debate was already delayed from 25 April, to give MPs more time to consider amendments.
If the bill passes on Friday, it will move to the House of Lords, where it will undergo similar legislative stages, and if it passes that too, it won’t come into effect until at least 2029, after its implementation was delayed.
A Samsung Group flag flutters in front of the company’s Seocho building in Seoul.
Sopa Images | Lightrocket | Getty Images
Samsung Electronics on Wednesday announced that it would acquire all shares of German-based FläktGroup, a leading heating and cooling solutions provider, for 1.5 billion euros ($1.68 billion) from European investment firm Triton.
Samsung said the acquisition would help it expand in the heating, ventilation and air conditioning business as the market experiences rapid growth.
“Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine,” said TM Roh, Acting Head of the Device eXperience (DX) Division at Samsung Electronics.
The acquisition of FläktGroup stands to bolster Samsung’s position in the HVAC market against rivals such as LG Electronics.
FläktGroup supplies heating, HVAC solutions to a wide range of buildings and facilities, notably data centers which require a high degree of stable cooling. Samsung said it anticipates sustained growth in data center demand due to the proliferation of generative AI, robotics, autonomous driving and other technologies.
FläktGroup has more 60 major customers, including leading pharmaceutical companies, biotech and food and beverage firms, and gigafactories, according to Samsung’s statement.
Samsung said in March that its HVAC solutions had achieved double-digit annual revenue growth over the past five years, and that the company aimed to boost revenue by more than 30% in 2025.
Sean “Diddy” Combs’s former girlfriend Cassie has told his sex-trafficking trial that “freak offs” with male escorts became like a job, as the music mogul allegedly abused and sexually exploited her for years.
The musician and model, whose full name is Casandra Ventura, did not look at Combs as she took to the witness stand in court in Manhattan, New York.
Over about six hours, the 38-year-old, who is eight months pregnant with her third child with husband Alex Fine, at times became emotional as she alleged she was degraded by her former partner during their 10-year on-off relationship.
Image: Combs made a heart gesture to family members in court. Pic: Reuters/Jane Rosenberg
Image: Ms Ventura became emotional at times. Pic: Reuters/Jane Rosenberg
Combs, 55, has pleaded not guilty and strenuously denied allegations of sexual abuse. His lawyers argue that although he could be violent, he never veered into sex trafficking and racketeering, and that all sexual encounters were consensual.
Ms Ventura, who is the central witness in the prosecutors’ case, began by telling the jury how Combs was violent to her over the course of their relationship, giving her black eyes and bruises.
The hip-hop star became increasingly controlling, she said, and was allegedly abusive over the smallest perceived slights. “You make the wrong face, and the next thing I knew I was getting hit in the face,” she said.
Ms Ventura was 19 when she signed to his label, Bad Boy, she said, and 22 when, during the first year of their relationship, Combs first proposed a “freak off” – a sexual encounter with a third party. Her “stomach churned”, she said, and she was “confused, nervous, but also loved him very much” and wanted to please him. She described him as “charming” but “polarising”.
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Combs’s family arrive for Day 2
‘There was no space to do anything else’
Throughout her time on the stand, she gave graphic details of these drug and drink-fuelled encounters with male escorts, saying Combs would watch and masturbate, and often record the encounters and watch the videos back.
They could last for hours or even days, she said – telling the court the longest went on for four days. They ended up becoming weekly events and took priority over her music career, jurors heard. While she had hits with singles Me & U and Long Way 2 Go in 2006, and signed a 10-album deal with Bad Boy, jurors heard she only released one album.
“Freak-offs became a job where there was no space to do anything else but to recover and just try to feel normal again,” Ms Ventura said. Each time, she added, she had to recuperate from lack of sleep, alcohol, drugs “and other substances”, and “having sex with a stranger for days”.
Image: Combs and Cassie pictured in 2017. Pic: zz/XPX/STAR MAX/IPx 2017/AP
Alleged violence detailed in court
Ms Ventura told the court she began feeling as if she could not say no to Combs’s demands because “there were blackmail materials to make me feel like if I didn’t do it, it would be held over my head in that way or these things would become public”.
She was also worried about potential violence, she told the court. When asked in court how frequently Combs became violent with her, Ms Ventura responded: “Too frequently.”
The rapper “would mash me in the head, knock me over, drag me, kick me”, she said. “Stomp me in the head if I was down”.
Ms Ventura also told the court that Combs kept cash, jewellery, guns and “sometimes tapes from cameras” in safes at several properties in New York, Los Angeles, Miami and Alpine, New Jersey.
“The guns came out here and there. I always felt it was a little bit of a scare tactic,” she told the court.
Image: This footage from 2016 was made public in 2024. Pic: CNN via AP
Towards the end of her first day of evidence, a surveillance video made public last year, which showed Combs allegedly beating Ms Ventura at a Los Angeles hotel in 2016, was played to jurors in court for a second time.
“How many times has he thrown you like that before?” prosecutor Emily Johnson asked her.
“Too many to count,” Ms Ventura replied.
On Monday, prosecutors in their opening statement told the court that while Combs’s public persona was that of a “charismatic” hip-hop mogul, behind the scenes he was violent and abusive.
His defence lawyers argued that the case is really about nothing more than the rapper’s sexual preferences, which they said should remain private, and do not make him a sex trafficker.
The trial is to last about eight weeks.
Ms Ventura is set to continue giving evidence on Wednesday.