Challenging & Uncertain Compensation Landscape for Financial Firms
Location: Yale Club, New York City
Year-End 2008 & Continuing 2009 Hangover (Speech)
October 2008
Unprecedented stress and uncertainty dominated year-end 2008. There was a breathtaking collapse of major financial firms, with many out-of-business / on life support / government investment. Combination of credit crisis and weakening business unit results indicates a down year for compensation across financial services. There will also be extreme pressure to minimize CEO and proxy pay. Aggregate compensation may be propped up by “special situations” which will be frustrating for relatively healthy firms.
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