Banks like Morgan Stanley have already slashed bonuses, while others like Barclays are still to decide on the issue. Many large banks are focusing on cutting expenses in a period of slow economic recovery.
Liberty Media,aduedu4870.typepad.com. Based in Englewood, Colorado gained majority control of Sirius just last week after purchasing 50 million shares of the New York-based company. Liberty controlled by billionaire John Malone now owns 50.2 percent stake in Sirius. Malone had said in July that his company plans to spin off its stake in Sirius.
The Liberty Media stock rose 0.2 percent to $110.74 at close.
Citigroup Inc.(NYSE:C) is the latest bank to slash bonuses. The company cut 10% 20% of incentives in its investment banking division globally. This came on the heels of Citigroups disappointing fourth-quarter results. The company generated revenues of $70.2 billion for the full year 2012, 10% lower than 2011.
Meanwhile, Sirius XM Radio Inc(NASDAQ:SIRI) has said that three directors have resigned from the board,van nuys community adult school Van Nuys News. post thesatellite radio Volume Buzz Citigroup Inc (NYSEC) Sirius XM Radio Inc (NASDAQSIRI takeover by Liberty Media Corp.
In Asia and Europe, bonuses were reduced by 20%; the cuts in the U.S. divisions were lower at 10%. The emplosatellite radio Volume Buzz Citigroup Inc (NYSEC) Sirius XM Radio Inc (NASDAQSIRI,shunli206.typepad.com.yees were informed of the decision last week.
He had helped Sirius avoid bankruptcy in 2009, by investing $530 million in exchange for a 40 percent equity stake. Sirius share prices have increased more than 19 times since then.
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Bankers up to the rank of Vice President received bonuses at the same rate or higher, while senior bankers below VP rank received lesser bonuses. The cuts however did not apply to top performers.
In a regulatory filing, the company said that Leon Black, Lawrence Gilberti and Jack Shaw had stepped down. The satellite- radio broadcaster has said that Mark Carleton, Robin Pringle and Charles Tanabe will replace them. Interim Chief Executive Officer James Meyer has also joined the board.
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