Most of the annual income of a top Romanian manager, 59 percent, is made of the fixed salary, the remaining 41 percent being annual bonuses, monthly and holiday bonuses. This is the largest share of bonuses within the total wage package among the countries in the region, according to a recent study conducted internationally by the Paylab, the payroll comparison launched in Romania by eJobs. The region’s average is almost 10 percent lower, with most managers reporting bonuses accounting for about 33 percent of total annual earnings. Poland is the country with the largest share of the fixed salary in the total revenue that a top manager receives, 79 percent. In fact, Poland is the only country in the Paylab report where top managers do not receive holiday bonuses, the only bonuses being monthly or at the end of the year, based on performance. Slovenia, Croatia, Latvia, Serbia, Lithuania and Estonia are close to Poland, in each of these countries, the most consistent annual revenue … [Read more...] about Romanian top managers wages are 59 percent fixed income and 41 percent bonuses
US bank Citi has reported a surprise fall in revenue as Wall Street’s volatile December slashed income on its bond trading division by 21 per cent. The third-largest US bank said revenues fell two per cent to $17.1bn (£13.3bn) in the three months to December, below expectations of $17.6bn. Read more: Wall Street shares plummet after Apple warning over China slowdown “A volatile fourth quarter impacted some of our market sensitive businesses, particularly fixed income,” chief executive Michael Corbat said. Last month Wall Street suffered its worst December since 1931, with the S&P 500 down nine per cent and the Dow Jones 8.7 per cent, capping off the worst year for stocks since 2008. The bank’s fixed income trading division, which handles bonds, currencies and commodities, saw revenue decrease by 21 per cent to $1.9bn. Citigroup said the sharp fall “reflected a challenging trading environment characterised by volatile market conditions and widening … [Read more...] about US bank Citi reports revenue fall after Wall Street’s dreadful December hits fixed income trading
There will also be moves to reduce cost of living expenses such as prescription charges and drug costs. Fianna Fail is also understood to be demanding €100m in funding to reduce waiting list times for hospital surgeries. However, despite a booming economy and a sharp rise in employment, hard-working families are set to be disappointed by Finance Minister Paschal Donohoe's tax cuts which will only result in meagre income increases. Fianna Fail and Fine Gael have not finalised how the tax cuts will be distributed, however, a source close to the negotiations said the final package will amount to up to €350m in tax reductions. Last year, the Government's tax plan amounted to €400m in exchequer funding. Mr Donohoe's paltry tax package is likely to alienate Fine Gael's hard-working taxpayer base who feel they have been forced to bear the burnt of the economic downturn and have still not being rewarded for their efforts. Fianna Fail finance spokesman Michael McGrath … [Read more...] about Middle-income earners set to be disappointed by Budget tax cuts
Deutsche Bank AG vowed to maintain its position in fixed-income trading after recording its weakest second quarter in that business since the global financial crisis, as Chief Executive Officer Christian Sewing accelerates the lender’s turnaround effort.Income from buying and selling fixed-income securities slumped 17 percent from a year earlier to 1.37 billion euros ($1.6 billion), the lowest figure for a second quarter since 2008. Equities trading fell 6 percent, Germany’s largest bank said on Wednesday. The five largest U.S. investment banks saw total debt trading revenue rise by 6.7 percent over the same period while stock trading surged 16 percent.Sewing, who assumed his post less than four months ago, is trying to reverse what the bank has called a “vicious circle” of declining revenue, sticky expenses and rising funding costs. While revenue stabilized in the quarter and adjusted costs fell slightly, the bank’s asset management business warned that … [Read more...] about Deutsche Bank Vows to Defend Fixed-Income Trading After Cuts
By Dayana Yochim/NerdWallet The average household led by a retiree makes $48,000 annually before taxes and spends roughly $46,000 a year. That's according to the Bureau of Labor Statistics' (BLS) measure of the income and outflow of "older households," meaning ones headed by someone 65 or older. Meanwhile, the annual average pretax income for all U.S. households is about $74,000 and expenditures are $57,000. While the main source of money for those still toiling in the 9-to-5 world is, of course, wages from work, who signs the average retiree's $4,000-a-month paychecks? Here's the answer to the $48,000 question. Retirees' trillion-dollar allowance By far the biggest source of income for retired Americans is Social Security, which in 2018 will pay out about $1 trillion in benefits, according to data from the Social Security Administration. As of May, the average monthly Social Security benefit for retired workers was $1,412, or just shy of $17,000 a year. (Remember, this is per … [Read more...] about Could you get by on the average American’s retirement income?