“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Sunday, 22nd November 2009
Joseph Gregory, former president of Lehman Brothers, has submitted a legal claim seeking $233m (€162m) in compensation from liquidators of the bankrupt Wall Street bank, according to a report in The Guardian, London.
Gregory claims that he is entitled to this figure in restricted stock and options, some of which were tied to performance criteria through awards predating 1997.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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