Ten years after Wall Street recklessness helped lead to the Great Recession, compensation for top bank CEOs is soaring even as pay flattens at junior levels. Compensation figures released so far by large banks this year suggest a rich season for CEOs, despite myriad worries for markets, including slowing global growth, trade wars and Brexit uncertainty. Compensation for Jamie Dimon, chief executive of JPMorgan Chase, the biggest US bank by assets, hit $31 billion in 2018, up 5.1 percent from last year and his highest pay since the 2008 financial crisis. At Morgan Stanley, Chief Executive James Gorman will take home $29 million, up seven percent. Final pay numbers are expected in the coming days from Bank of America, Goldman Sachs, Citigroup and Wells Fargo. The biggest six US banks last year reported a record $117.6 billion in profits, with JPMorgan notching its highest-ever annual income of $32.5 billion and Morgan Stanley also a new peak at $8.2 billion. - A wide gap - Compensation … [Read more...] about 10 years after crisis, bank CEO pay swells again
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Business By Kevin Peachey Personal finance reporter 3 January 2019 comments Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.co.uk/news/business-46543252 Read more about sharing. These are external links and will open in a new window Close share panel Relatively few properties were put on the market in the UK in the last year. Even … [Read more...] about Will the value of your home change in 2019?
Grant Suneson 24/7 Wall Street Published 7:27 AM EST Dec 18, 2018 In 2017, 153.3 million Americans were employed in either full- or part-time jobs, up 5.4% from 2008. Job growth was not uniform across all industries, however. In many industries, the number of people employed shrank considerably, with some industries shedding more than half of their workforce. Nearly all of the industries that lost a large share of their employees struggled to compete with advancements in technology. America’s increasing reliance on the internet and connected devices spelled disaster for printed media. Technological advancement has also given way to increased automation in factories, reducing the need for workers. Many industries in the manufacturing sector were also affected by outsourcing. Operations affiliated with U.S. companies employ millions of workers overseas, and many of them are in industries that rank on this list. 24/7 Wall St. reviewed annual employment data from the Bureau of … [Read more...] about America’s dying industries: Businesses losing the most workers
A pre-raphaelite masterpiece will be restored to its former glory after a major City firm stepped in to pay for expensive conservation work. Bank of America will take care of the bill, expected to run into thousands of pounds, for restoration of Dante Gabriel Rossetti’s La Ghirlandata which hangs in Guildhall Art Gallery. The 1873 portrait, which Rossetti described as “my very best picture”, will be taken down in January for analysis before conservators get to work. They plan to restore the frame and remove some of the thick layer of varnish that has been applied to it over the years. Elizabeth Scott, the City of London Corporation’s Head of Guildhall Galleries, said the grant was “wonderful news”. She added: “We look forward to returning the painting to its full aesthetic power and, through our international loans programme, working with art galleries at home and abroad to enable it to be appreciated by as many people as possible.” … [Read more...] about Bank of America is paying to restore Rossetti’s ‘very best picture’
Michael Bloomberg's record $1.8 billion donation for financial aid to Johns Hopkins University highlights the problem of student debt in America, which can still be a burden even years after graduation. According to the Department of Education, 42.2 million Americans were repaying a federal student loan at the end of June 2018 for a total sum of nearly $1.5 trillion, the largest volume of debt after home loans. Bloomberg, the former mayor of New York, said he was making the gift to his alma mater to help qualified low- and middle-income students more easily afford access to university in a country where post-secondary education fees at elite schools routinely exceed $50,000 a year, a prohibitive barrier for most families. "I was lucky: My father was a bookkeeper who never made more than $6,000 a year. But I was able to afford Johns Hopkins University through a National Defense student loan and by holding down a job on campus," Bloomberg, who also founded the financial news service of … [Read more...] about Student loan debt still crippling burden for millions of Americans