Breaking News from CNBC's Kate Kelly: SAC Capital Announcing Staff Retention Program Today
WHEN: TODAY, WEDNESDAY,SEPTEMBER 4TH
WHERE: CNBC'S "POWER LUNCH"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
KATE KELLY: INTERESTING NEWS OUT OF SAC CAPITAL. THEY ARE OBVIOUSLY FIGHTING HARD TO KEEP THEIR PORTFOLIO MANAGERS AND ANALYSTS ON BOARD AMID THE CORPORATE INDICTMENT AND OTHER LEGAL ISSUES. THEY HAVE ANNOUNCED A HIGHER BASE SALARY AND ALSO HIGHER INCENTIVE BONUSES FOR PEOPLE WHO STAY ON BOARD FOR THE NEXT YEAR OR TWO. THESE PAYOUTS WILL ADD TO TRADER COMPENSATION AT LEAST THROUGH EARLY 2015. SO YOU CAN DISCERN FROM THAT THAT THEY HAVE PLANS TO STICK AROUND FOR AT LEAST ANOTHER COUPLE OF YEARS. THEY HAVE ALWAYS SAID THAT THEY ARE GOING TO FIGHT THESE LAWSUITS AND THEY ARE GOING TO TRY AND KEEP PEOPLE ON BOARD AND THESE INDICATIONS ARE THAT THEY ARE DOING JUST THAT. FOR THIS YEAR, FOR EXAMPLE SUE,THEY ARE GOING TO GET A THREE PERCENT BONUS OF WHATEVER PROFIT THE TRADER MAKES ON THEIR BOOKS IN ADDITION TO THE USUAL BONUS AND STARTING NEXT YEAR, LONG SHORT MANAGERS WILL BE GETTING AN INCREASED BASE SALARY OF 300,000 – UP FROM 200,000. SO A LOT OF INTERESTING INCENTIVES THERE, SUE.
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