美国投行“顶风”发放现金奖金

Lazard nearly tripled its compensation costs in the fourth quarter as the 162-year-old investment bank broke from Wall Street's new-found emphasis on deferred cash pay-outs, the bank said yesterday.

Lazard昨日宣布，第四季度薪酬成本增加近2倍。这家拥有162年历史的投行由此背离了华尔街近期对延期支付现金奖金的注重。

Banks such as Goldman Sachs and Morgan Stanley have sought to make employees more accountable for risks by paying them in future years once the outcomes of the banks' deals are better understood.

高盛(Goldman Sachs)与摩根士丹利(Morgan Stanley)这样的投行都试图让员工对风险承担更多责任，因而决定在未来交易结果更加明朗的时候支付奖金。

Lazard, which makes most of its income from advisory and asset management fees and received no government help during the financial crisis, moved the other way, eliminating deferred cash as part of compensation.

而Lazard走上相反的道路，不再将延期支付现金作为薪酬的一部分。Lazard的大部分收入来源于咨询与资产管理收费，在金融危机期间并未获得政府资助。

The bank is also accelerating the payment of deferred cash awarded in 2008, and speeded up the vesting of restricted stock promised to former chief executive Bruce Wasserstein, who died in October.

该行还加速了2008年延期支付现金的发放，并加快支付向前首席执行官布鲁斯•瓦瑟斯坦(Bruce Wasserstein)承诺的限制性股票。瓦瑟斯坦于去年10月去世。

The actions resulted in a fourth-quarter loss of $142.4m, or $1.64 a share. Even excluding one-time charges, Lazard's results fell short of analysts' expectations. In the same period of 2008, the bank earned $38m, or 50 cents a share. Its shares slipped $1.49, or 3.6 per cent, to $39.53 in midday trading.

这些行动导致该行第四季度亏损1.424亿美元，合每股1.64美元。即便刨去一次性费用，Lazard的业绩也不及分析师的预期。2008年同期，该行盈利3800万美元，合每股50美分。昨日午盘，该行股价下跌1.49美元，至39.53美元，跌幅为3.6%。

Lazard argued that its new compensation policies would clarify its earnings outlook for investors and help it recruit bankers from rival firms.

Lazard辩称，新薪酬政策将向投资者澄清其盈利前景，并有助于从对手公司挖来银行家。

“We take no risks that threaten our firm,” Ken Jacobs, Lazard's chief executive, told the Financial Times. “Without question, the kinds of things we've done position us competitively to attract and retain great people.”

“我们不会冒对公司构成威胁的风险，”Lazard现任首席执行官肯•雅各布斯(Ken Jacobs)表示。“毫无疑问，我们采取的行动使我们在吸引和保留出色人才方面获得竞争优势。”

Fourth-quarter net revenues jumped 32 per cent to $494.8m on strong gains in restructuring advice and asset management. Compensation costs rose to $615.5m.

由于重组咨询和资产管理业务收益丰厚，该行第四季度净营收增加32%，达4.948亿美元。薪酬成本上升至6.155亿美元。

译者/管婧