比不得的年終獎:花旗至少五成獎金以現金支付

Citigroup will pay most of its investment bankers in Europe at least half of their bonuses in cash this year, underlining how US banks continue to be much more generous than their European rivals.

對花旗集團(Citigroup)大部分駐歐洲投資銀行部門的僱員而言，今年的獎金中，現金將至少佔到五成，這凸顯出美國銀行業仍比歐洲對手出手大方得多。

The news is likely to revive a debate over European banks’ loss of competitiveness after they have been hit by much stricter rules on pay and a tougher economic environment than their US counterparts.

這一消息可能會再度激發辯論：面對比美國同行苛刻得多的薪酬規定和更艱難的經濟環境，歐洲銀行業是否正在失去競爭力。

Investment banks in the UK, Germany and Switzerland have drastically scaled back their cash payments in recent years amid regulatory pressure, lower profits and political criticism over what some have perceived as excessive bonus structures.

近年來，面對監管壓力、盈利下降、再加上過高獎金遭到的政治批評，英國、德國和瑞士的投資銀行已大幅降低了現金獎金比例。

Regulators have been pushing for bonuses to be paid mostly in deferred shares to allow for them to be clawed back in the case of losses or wrongdoing.

監管機構一直在施壓，要求投行主要以延期兌現股票的形式支付獎金，這樣一來，如果公司發生虧損或員工行爲不端，公司可以收回這些股票。

At Citi’s Europe, Middle East and Africa unit, bankers getting bonuses of $5m or more will be paid 40 per cent in cash for their 2013 performance, according to an internal document obtained by the Financial Times. Bankers in line for up to $3.999m will be paid 60 per cent upfront and anyone with a bonus of up to $499,000 will get three-quarters in cash. Bonuses of up to $100,000 will be cash only.

英國《金融時報》拿到的一份內部文件顯示，在花旗集團的歐洲、中東和非洲業務部，根據2013年的業績表現，可得到500萬美元及以上獎金的僱員，獎金中現金支付比例將爲40%；應得獎金總額不超過399.9萬美元的，現金支付比例爲60%；應得獎金總額不超過49.9萬美元的，現金支付比例爲75%；應得獎金總額不超過10萬美元的，全額支付現金。

Such large cash proportions are common at US peers such as JPMorgan and Goldman Sachs. “US banks generally tend to defer less than the European banks,” William de Quetteville, partner at Armstrong International, an executive search company, said.

在摩根大通(JPMorgan)和高盛(Goldman Sachs)等美國投行，像這樣高的獎金現金支付比例非常普遍。高管獵頭公司阿姆斯特朗國際(Armstrong International)合夥人威廉•德凱特維爾(William de Quetteville)說：“與歐洲的銀行相比，大多數美國的銀行獎金延付比例往往更低一些。”。

By contrast, Barclays’ remuneration committee is likely to decide in coming weeks to defer for three years 100 per cent of its managing directors’ bonuses for the second year, people close to the situation said.

知情人士表示，相比之下，巴克萊(Barclays)薪酬委員會可能在未來幾周內決定，將董事總經理的獎金連續第2年延遲3年發放。

Credit Suisse is once again deferring at least 17.5 per cent of bonuses for lower paid staff and up to 90 per cent for its highest paid, according to a recent internal memo. Many European banks also cap cash payments, with Deutsche Bank for example last year limiting its cash bonus to