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Volume IX |
Issue I Feb 16 ,2011

Information Technology Solutions

News letter of finance cell , Master of International Business
Your Finance Vocab
Captive Fund Mean? A fund that provides investment services solely to the one firm holding ownership. A captive fund can also refer to a type of fund where most of the capital is provided by the shareholders and management of its parent company. The fund exists solely to provide investment management services to one particular group of investors.

Team Finshastra
Ankit Saurabh Kamal Sunita Anuratn

Raintaker Mean? A former employee of a brokerage firm who takes high-value clientelle from his or her previous employer to his or her new brokerage. The term raintaker is taken from rainmaker, which is used to describe a brokerage employee who brings in large amounts of business to their brokerage.

Merchant banking is

generally understood to mean negotiated private equity investment by financial institutions in the unregistered securities of either privately or publicly held companies

Underwriting 1. The process of placing a new issue with investors. Underwriting involves the issuing company using one or (usually) more companies who are each responsible for placing a certain amount of the new issue. The underwriting firms contact potential investors to gauge interest and sell the issue. Underwriters guarantee the price for a certain number of shares of the new issue A credit union:

is a cooperative financial institution that is owned and managed by its members, and is closely regulated just like any other financial institution. Usually, credit unions provide services to groups that sharecommon interests or something in common (such as a workplace), an area where they live, or a church theyvisit. Credit unions were created with an objective to provide a secure and convenient place where members can save their money and also avail for loans at reasonable prices

For any query or suggestion email us at financecell.mib.dse@gmail.com

Affinity fraud A name for a type of scam that targets members of a specific demographic. Perpetrators may attempt to relate to or exploit characteristics common to the demographic. Targeted groups can include the elderly, ethnic groups, and religions. Perpetrators attempt to portray themselves as members of this group or people who can relate to the members of the group in order to gain trust and eventually money.Ponzi schemes and pyramid schemes are sometimes combined with affinity fraud. Debtor-In-Possession Financing - DIP Financing Mean? Financing arranged by a company while under the Chapter 11 bankruptcy process. DIP financing is unique from other financing methods in that it usually has priority over existing debt, equity and other claims. Triple top A technical analysis term used to describe a chart on which the price of a security has made three approximately equal tops over a period of time and then broken through thatsupport level. In most cases, a triple top occurs more quickly than a triple bottom. Earnings yield Earnings per share for the most recent 12 months divided by current price per share. The reciprocal of the price/earnings ratio.

PEGpaybackperiod Ratio used to determine how long it would take an investorto double his or her money in a stock. This ratio is used instead of a PE ratio as it assumes that the given company'searnings are expected to grow over time. This ratio is also used in determining how risky an investment may be.

contributed by Kamal MIB 2nd Year



Q.1 Allen Solly is a brand owned by which group of companies? a) Tata group b) Damani group c) Arvind Mills group d) A V Birla group Q.2 It took a while, but Microsoft andYahoo finally made an Internetsearch deal aimed at challengingGoogle’s dominance of onlineadvertising. How many yearsdoes the deal cover? a) 5 b) 10 c) 15 d) 20 Q.3 KMalleswari, the lone medal winner for India in the millenium Olympics, and the first woman from India to ever win a medal, is employed at which Central Government Corporation? Q.4 Which bank offers a virtual temporary credit card for online purchases called NetSafe? a)ICICIBank b)HSBC c)HDFC d)State Bank of India Q.5 When was the ministry of divestment formed in India? a) 1997 b)1999 c) 2001 d) 2003 Q.6 Which is the largest ‘unlisted’ company in India in terms of turnover?



Q.7 What major currency is known as ‘Greenbacks’ in slang? Q. 8 Name the low profile partner of Warren Buffett of over 40 years who shares his investment philosophy. Q. 9 Who has taken charge as PMs advisor on skill development in a cabinet rank ? Q. 10 Which guru once said with 20 hours of library research about a co he would know as much about the business as the CEO?

contributed by Sunita Arora MIB 1st year


I Banking

The investment-banking industry was constrained during the Depression of the 1930s, when Wall Street firms such as that founded by Morgan were split into commercial banks and securities houses. The latter—today's investment banks—underwrite stocks and bonds and advise companies on mergers and acquisitions, rather than collect deposits and make loans. the 1980s and 1990s they developed a reputation for gluttonous excess. But a lot has change since then.

Intensely private partnerships have become publicly traded companies. Commercial banks such as Citigroup and JPMorgan Chase have muscled back into investment banking. And European warhorses such as Deutsche Bank, UBS and Credit Suisse have joined the race fo global supremacy. The bets, and the profits, have got bigger, though investment banks are trying to keep quiet about that, for several reasons. First, they are under more scrutiny. Wall Street firms had their wings clipped by Eliot Spitze New York's former attorney-general, for plugging worthless shares during the dotcom era. Being publicly traded companies has tamed some egos, too. Star traders do not enjoy the same headroom on salaries (albeit very large salaries) as they did when they were partners in the business. At UBS, a Swiss bank which in 2000 moved into the American equity markets by merging with PaineWebber, a brokerage, “fiefs” are explicitly banned. Meanwhile another group has overtaken the investment banks in the excess stakes: their money-spinning clients in the private-equity and hedge-fund industries. Already they throw the biggest parties, do the boldest deals and launch the most celebrated initial public offerings. The IPO of part of Blackstone, a private-equity group, might well raise more money than Goldman Sachs's did in 1999, when even the company's doormen and drivers became extremely rich.

Even if they are no longer the pioneers, the investment banks have played a crucial part in bringing about the extraordinary changes seen in the financial markets, starting in the 1980s and accelerating dramatically in the past five years. Technology and innovation have brought unprecedented breadth, depth and richness to financial instruments. According to McKinsey, a consultancy, the stock of shares and public and private debt securities held in America grew from 2.4 times GDP in 1995 to 3.3 times in 2004. In Europe the increase was even more dramatic, albeit from a lower base. These figures do not include derivatives, notional amounts of which traded privately, or “over-the-counter” securities, which had soared to $370 trillion by last June, from $258 trillion less than two years earlier, according to the Bank for International Settlements (BIS). Given such torrid growth, the markets are becoming increasingly vital to global financial stability.


EVEN by its own notoriously cyclical standards, investment banking has been on a stomachchurning ride in the past five years. After an apparently golden age, with quarter after quarter of record profits, came the bursting of the debt bubble, a deluge of red ink and bail-outs; then, last year, firms bounced back obscenely quickly thanks to record trading profits. Now they are being squeezed once more, and this time the slump may last. American banking giants’ third-quarter results, starting with JPMorgan Chase on October 13th, will show that trading revenues fell by perhaps 20-30% from the previous quarter. With nervy investors sitting on their hands, client activity was “painfully slow across the board” IN THE early years of this decade, when banks did quaint things like making money, the mantra on Wall Street was: “Be more like Goldman Sachs”. Bank bosses peered enviously at the profits and risk-taking prowess of the venerable investment bank. No longer. “Be less like Goldman Sachs” is the imperative today. Of the five independent investment banks open for business at the start of the year 2008, only Goldman and Morgan Stanley remain.Spreads on their credit-default swaps, which protect against the risk of default, soared as investors digested the implications of Lehman Brothers’ demise.

contributed by
Saurabh chopra MIB 1 year


Valuation Methodoligies

What are the most commonly used Valuation Methodologies..? ? There is no one way to establish what a business is worth. That's because business value means different things to different people. In determining value, there are several basic analytical tools that are commonly used by financial analysts. The methods, to value a company, have been developed over several years of research and refinement and are based on financial theory and market reality. However, these tools/methods are just the tools/methods and should not be viewed as final judgment, but rather, as a starting point to determining value. Three most common used valuation methodologies include: 1) Comparable Company Analysis (Trading Comps): Trading Comps methodology uses the multiples to value a company by assuming that it should be worth similar multiples to similar listed companies. The multiples can be Enterprise Value (EV) based multiples like EV/ Sales, EV/EBITDA or EV/EBIT, and Equity based multiples like Price to Earnings (P/E). Precedent Transaction Analysis (Deal Comps): Deal Comps methodology involves the post M&A / Deals analysis to aid the correct valuation for future M&A / Deals prospects within the same industry. Deal Comps are very similar to trading comps except deal comps utilize actual transactions instead of publicly traded companies as the universe of comparable companies. Discounted Cash Flows Analysis (DCF Valuation): In addition to the multiples approach (Deal comps and Trading comps), another useful technique for valuation is Discounted Cash Flows (DCF) analysis. DCF analysis is a fundamental valuation methodology that derives the value of a company/business from the present value of its forecasted free cash flows.




How Transaction Comps are different from Trading Comps, When they both calculate multiples With Trading Comps, we arrive at at the trading multiples to compare the operating and trading statistics of the company with its peer group. This methodology uses the ratios/multiples to value a company by assuming that it should be worth similar multiples to similar listed companies. Deal comps or Precedent Transaction comps, on the other hand, involve the post mergers and acquisitions analysis to aid the correct valuation for future M&A prospects within the same industry. The use of transaction comps, differs from using trading comps, in that the value is based on the level at which transactions have occurred, rather that the level at which peers trade. The trading multiples do not reflect control premiums or potential synergies from a buyer. Deal comp multiples can be higher or lower than trading comp multiples; higher due to control premiums (premiums paid for a controlling stake in a company) and/or potential synergies, such as cost savings and revenue synergies resulting from a combination of the two entities; lower due to lack of liquidity and smaller size, etc.

contributed by Kamal


Career In Investment Banking

Dictionary defines ‘investment’ as “the money that people or organizations have put into a company, business, or bank in order to get a profit, or to make a business activity successful” (Longman). An investment banker is someone whose job is to make investments as successful and as profitable as possible. It is investment banker’s job to use the knowledge of the market and economy in advising his/her clients on a variety of financial matters. Investment bankers perform a wide range of finance-oriented functions. They control the issuance of stock and oversee its sale to the public. They analyze the probability of success of a single stock, or a whole area of public companies. They also recommend and execute merger strategies, as well as the buy and sell bonds. Because of such a wide range of tasks, investment bankers should not limit their education to a single major of study. To get the most money and the most satisfaction out of a career in investment banking, a person should try to graduate from the most prominent university. Various schools offer excellence in various areas of study. A university can have the best finance division in the world, yet its accounting or economics department may not even make it to the top fifty rankings. Choosing the right university is very important since most students have preferences not only in terms of academic reputation, but also with regard to location, price, diversity, admission standards, and many other factors. To be an investment banker a student does not have to select one specific major of study or graduate from a specific university. He or she can pursue a career in this field with a degree in accounting, actuarial science, agricultural economics, business communication, economics, finance, history, industrial management, international business, logistics management, managerial economics, marketing, physics, political science, risk management, or statistics, to name a few. In addition, it is always helpful to get more than one degree, or complement any of the degrees mentioned above with a degree in law or business law. Due to the variety of educational programs, students must evaluate their skills and interests in order to select a major that would suit them the most and that would aide in amplifying those skills. Interests needed to be an Investment Banker A career in investment banking requires a variety of skills. Communication, creativity, analytical skills, and people skills are a must in the field of investment banking. In addition, initiative, and some basic sales abilities are also quite helpful.



In order to succeed in this profession a person must be able to deal with people as well a computers and numbers. Versatility and broad knowledge base can provide an extra edge fo an investment banker. In the course of a career, an investment banker may have th opportunity to work for companies in every single field. The more a banker knows about th field or the company he/she is hired by, the higher are his/her chances of success.

The market for investment bankers has been booming since the 1980’s, and it is becomin increasingly easer to find a job in the banking industry. A degree in virtually every major o study will do. Professionals from almost any career field can join the banking industr without needing additional education. A degree in finance and economics is always helpfu but it does not necessarily provide an advantage at the entry level. People with degrees i liberal arts may have a tougher time entering the industry than people with degree i engineering or medicine. Investment banks are always on the lookout for people willing an able to deal with challenges that the job imposes.

To find the perfect job an investment banker may have to travel. It does not necessarily mea that he/she must leave everything and move to New York, although spending some time o Wall Street will help an investment banker gain a better perspective on the business worl and help in future career mobility. However, New York is no longer the hottest market fo investment bankers. Great Britain’s growing economy propelled London to be the best plac to find a banking job by offering higher wages as well as a higher rate of upward mobility Other European countries with an enormous desire to hire investment bankers are Germany Poland, France, and Hungary. The banker job markets in Australia, New Zealand, and Sout Africa are also showing an increased interest in hiring quality banking professionals. Place such as Russia and Ukraine are to be avoided because despite their booming market fo professionals in the banking industry, the economic markets in those countries are to unstable. The Asian market is booming; however, with a thousand applicants per positio available, entry in that market is very difficult (Wall Street Journal Online). Even though th business world does revolve around New York, there are a lot of great jobs in the bankin industry all over the world. In this global market, knowing a foreign language can provide a investment banker with an additional edge in searching for a job.

Investment banking is one of the very few professions were there are virtually no limitation on income. It provides excellent wages and a high potential for upward mobility. I addition, investment bankers can apply their professional skills and knowledge to grow the personal investments. This knowledge gives an investment banker the ability to determin where and when to invest to gain the optimal returns. In fact, some of the companies ar looking at the performance of investment banker’s personal portfolio when making hirin decisions. The entry-level salaries in investment banking are relatively low considering the hours one has to put in. However, salary is not the most significant factor in finding the first job

The advantages of making good contacts and learning from the best far outweigh the financial difficulties that lower salary may impose. In addition, it is doubtful that an entrylevel analyst will have the time to worry about his/her salary. However, after a few years of experience, wages raises dramatically. Salaries in Investment Banking (with bonus) Job Level First Year Analyst Third Year Analyst First Year Associate Third Year Associate Vice President Director / Principal Managing Director / Partner Department head Prerequisite Typical All-in Salary Range (degree/yrs Comp experience) $90K - 150K $125K Bachelor's $120K - 350K $165K Bachelor's $150K - 250K $180K MBA $300 - 500K $350K MBA $350K - 1MM $700K 3-6 years $400K $900K 5-10 years 1.5MM $500K - 20 $1.5 MM 7-10 years MM $800K - 70MM $3.5MM 10+ years

Note: This table is based upon conversations with banking insiders about yearly bonuses expected to be paid between December 2010 and February 2011. MM denotes millions. K denotes thousands of US dollars. The basic entry position in investment banking is a financial analyst. An analyst is required to analyze financial reports, gather and analyze information, prepare financial plans, and make predictions regarding the outcome of future deals. Analyst is expected to do a lot of reading, and to be up to date with all the latest trends of the business world. Wall Street Journal and other business periodicals are essential for analyst. In addition, personal lifestyle of the analyst is severely restricted by extended working hours, which range form 70 to 120 hours per week. An analyst holds a great deal of responsibly, as analysts provide the foundation for most investment decisions. However, despite all the challenges, the burnout percentage is fairly low. Only eight percent of financial analysts leave their jobs in pursuit of a career in a different field (Princeton Review). The primary reason for such a low percentage is the fact that most people know what they are getting into. They enjoy the challenges and patiently wait for the rewards. After three to five years, an analyst is usually promoted to a junior associate position. Junior associate has mostly the same duties as an analyst. Fortunately, an associate may have several analysts on his or her staff to help reduce the workload. An associate’s job is simple, ‘make the boss look good’ (James Libman). Although the job is still tedious, the pay is improving.


A junior associate must be very flexible and willing to travel. It is not uncommon to be receiving orders to fly to the other side of the planet tomorrow and to stay there indefinitely. Some of the other crucial skills for an associate are finding compatible companies, dealing with huge egos, performing well in groups, taking control of meetings, and arranging for client meeting. The ability to ‘use Excel and generate spreadsheets in your sleep’(James Libman). The ability to work under pressure is also very important. Impossible deadlines are a part of the daily routine for an associate. Benefits of a Career in Investment Banking Investment banking provides the perfect opportunity to learn about money. The ability to invest properly can secure a person’s financial independence. Another benefit of a career in investment banking is the ease of entry. A degree in virtually every area of study will enable a person to secure a position as ether an analyst or an associate. Additionally, with booming market, finding a job has never been easer. A career in investment banking may also provide an excellent opportunity to see the world. Expect to do quite a bit of traveling in the early stages of a banking career. It is very common for banker to visit more cities and countries around the world by the age of twentyfive, thenmost people do in a lifetime. A high salary is an important factor in deciding on a career. Investment banking offers a salary range almost without bounds. Salaries as high as $235,000 are available straight out of business school (Careers in Finance). Later in the career, a salary can grow to as much as seven or eight digits. Drawbacks of a Career in Investment Banking Extremely long hours and relatively low salaries at the first stages of the career in investment banking as well as strenuous work schedule may be significant drawbacks. It takes a lot of hard work and patience in order to succeed in this field. Constant pressure to meet deadlines and a lot of nights spent sleeping in the office can serve as a major deterrent for entering the field of investment banking. In addition, the job may require a banker to constantly move around the world. In order to succeed in investment banking one must be willing to give up his/her social and personal life for a few years.


Investment banker is required to design, analyze, and execute a variety of business transactions with the ultimate goal to maximize financial profit. To succeed as an investment banker a person must be determined, goal oriented, and dedicated. An investment banker must possess communicational, analytical, and interpersonal skills.

A college graduate with a degree in an assortment of majors of study with a strong analytical ability should consider investment banking as a possible career choice. Investment banking offers a challenging and exciting career that provides substantial financial rewards. With high salaries and good prospect for upward mobility, investment banking may be an excellent career choice for anyone who is interested in business and finance.

If you are considering a career in business or finance and are interested in working with people you should consider a career in investment banking. To decide if investment banking is a right career option for you, you should talk to investment bankers. Find and talk to bankers who are in different stages of their careers in order to gain insights about the field. Try getting some information from the investment banks. Getting an internship at an investment bank would no only provide you with a wealth of information about the career, but would also allow you to start developing a network of contacts. You should also lookup the references attached to this repor for some additional information. ANKIT SINGH MIB (2012 Batch)



Obama budget to cut deficit by $1.1 trillion President Barack Obama's 2012 budget plan would slash the U.S. deficit by $1.1 trillion over 10 years, officials said on Sunday, but Republicans were unimpressed and vowed to push for deeper cuts in spending. Sen. Schumer told NYSE to lead merged exchange Senator Charles Schumer on Sunday said he was told that officials at NYSE Euronext, in talks to be acquired by larger rival Deutsche Boerse, will have management control of the exchanges company if they merge.

Egypt Sells $1.1 Billion Bills, First Sale Since Mubarak Ouster Egypt sold 6.5 billion Egyptian pounds ($1.1 billion) of treasury bills in the North African country’s first auction after the resignation of Hosni Mubarak. The yields held around the highest levels in two years. US banks to outsource $5 bn of IT and back office projects to India US banks to outsource $5 bn of IT and back office projects to India. Citigroup, JP Morgan and BofA are set to outsource IT and back office projects worth nearly $5 billion this year to India, as they seek to lower costs. Hefty fine for 'insider trade' looms over Reliance Industries Hefty fine for 'insider trade' looms over Reliance Industries. Attempt by the company to settle case fails; Reliance Industries may have to shell out up to Rs 1,500-crore penalty. Toshiba, NTPC in talks for carbon capture project NTPC is in talks with Toshiba Corp to build a pilot project in India for capturing and storing carbon emissions, a Toshiba official said. Black money: Switzerland willing to share Indians' Swiss bank account details Black money: Switzerland willing to share Indians' Swiss bank account details. Switzerland is willing to share information as part of New Delhi's effort to bring back an estimated $1.4 trillion black money in tax havens abroad. ONGC share sale set to go ahead: Finance chief Oil & Natural Gas Corp will file for its planned share sale by the end of this month and still expects to launch the offer in mid-March, its finance chief said.


Julius Baer Announces Buyback After Profit Declines Julius Baer Group Ltd., the 121-year old Swiss wealth manager, plans to buy back as much as 500 million Swiss francs ($524 million) of shares after full-year profit declined 9.3 percent. Danaher to buy Beckman Coulter for $6.8bn The acquisitive US conglomerate has agreed to buy the diagnostic equipment maker as it seeks to expand its reach in the life sciences testing market Wall St looks to boost market in US muni CDS Wall Street is seeking to expand the market for derivatives that allow banks and investors to profit from – or hedge against – bond defaults by struggling US states and local governments Russia Follows China in Raising Bank Reserve Ratios Russia, the only one of the so-called BRIC countries without capital controls, is following China and Turkey in relying on reserve requirements to drain cash from the economy and avoid luring more speculative investment Egypt turmoil may worsen India's current account deficit: Citi Crisis in Egypt could result in oil prices trending higher, which will impact India's already deteriorating current account deficit, leading to inflation. Direct tax collections up 20% in Apr-Jan this fiscal Helped by robust economic growth, the government collected Rs 3,17,501crore from direct taxes during April-January 2010-11, up 20.37 per cent from the year-ago period. Cathay Pacific opts for Kerala IT firm's solution Hong Kong-based Cathay Pacific airline has signed a multi-million dollar contract to implement IBS' new generation solution iFly Staff to automate and improve the management of employee travel. Small car Reva maker Maini Group to make Airbus parts for A380 & A320 Maini Group has bagged multi-million dollar contract from German engine maker MTU AeroEngines to make components for Eurofighter Typhoon & Airbus Deutsche Boerse in Talks to Buy NYSE A deal would create the world’s biggest stock exchange and unite equity and derivatives platforms from the U.S. to Europe. London Stock Exchange, Canada’s TMX Gain on Takeover London Stock Exchange Group Plc and TMX Group Inc. rallied after LSE agreed to buy the owner of the Toronto Stock Exchange for about $3.2 billion in stock. The shares pared gains after NYSE Euronext said it’s in merger talks with Deutsche Boerse AG.


Most Stocks Fall on Inflation Concern; Treasuries, Wheat Advance Most stocks fell, sending emerging markets down for a fifth day, amid concern rising inflatio lead to higher borrowing costs. Wheat rose to the highest price since August 2008. The dol and Treasuries rebounded.

Fannie, Freddie Could Be Phased Out Under Treasury Housing Plan U.S. Treasury Secretary Timothy F. Geithner will present Congress with three options for re the government’s role in the nation’s decades-old housing finance system and shrinkin footprint of mortgage companies Fannie Mae and Freddie Mac, according to two people fa with the plan.

ANKIT SINGH MIB(2012 batch)

Answers to the Quiz 1) d A V Birla group 2) b 10 years 3) Food Corporation of India 4)c HDFC bank 5) b 1999 6)MarutiUdyog 7) US Dollar 8) Charlie Munger 9) S. Ramdorai 10) Michael Porter


CEO Corner

He's a "crown prince" when it comes to performance, but he has one huge handicap: He doesn't speak German

Anshuman Jain (born 1963 in Jaipur , Rajasthan India) is a financier of Indian descent. He is a member of Deutsche Bank’s Management Board and, as head of the Corporate and Investment Bank since July 2010, is globally responsible for Deutsche Bank’s corporate finance, sales and trading, and transaction banking business. Jain studied economics at Shri Ram College of Commerce at Delhi University, earning a bachelor's degree with honors in 1983. He continued with a Master of Finance at the University of Massachusetts Amherst through 1985. After having finished university he started as an analyst in derivatives research at Kidder Peabody & Co. (now part of UBS) where he worked from 1985 to 1988. After three years he joined Merrill Lynch in New York where he founded and led the securities industry’s first dedicated hedge fund coverage group. In 1995 Jain joined Deutsche Bank’s nascent markets business to set up and run a specialist unit focusing on hedge funds and institutional derivative coverage. The appointment of Anshu Jain as sole head of Deutsche Bank's (DB) investment bank put him in charge of more than 80 percent of the company's profit and reinforced his position as a front-runner to become chief executive. One catch: He was born in India and doesn't speak German, a potential handicap for an executive who must negotiate the corridors of political power as well as global markets. "Based on performance, Jain is the crown prince," says Lutz Roehmeyer, who helps manage about $15 billion at Landesbank Berlin Investment in the German capital. "But Deutsche Bank has a split personality—a global investment bank being run out of London and a German lender with a very political role. Any successor's key challenge will be bridging these two worlds." He took over the debt sales and trading division in 2001 and in 2004 was named co-head of the investment bank, with Michael Cohrs, who is retiring this year. Jain helped build Deutsche Bank into a fixed-income powerhouse, more than doubling debt sales and trading revenue between 2000 and 2009. The investment banking division generated 78 percent of the bank's pretax earnings in the first half of this year.


These days Jain, trim and graying, projects the poise and confidence of a seasoned investment banker. His speech, direct and precise, still carries a faint Indian accent. A cricket player and golfer, he's competitive in both work and sport, colleagues say, and relishes opportunities to prove his doubters wrong. He held a stake in the Mumbai Indians, a cricket team, until selling it last year.

Deutsche Bank shone a light on Anshu Jain's compensation for the first time today, revealing in its annual report that its head of global markets earned €7.8m ($10.7m) in compensation for the final nine months of 2009 after joining the management board. The figure suggests his overall compensation for the year was roughly level with that of chief executive Josef Ackermann, who was the highest paid board member earning €9.6m.

contributed by Anuratn MIB 1st year


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