Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
Bob Bakish, the head of a newly combined CBS and Viacom, said he was "disappointed" by both stocks' reaction to the recent deal.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
The White House directed Lewandowski not to discuss any of his post-election interactions with Trump beyond those already detailed in former special counsel Robert Mueller's...Politicsread more
Tension between the real estate start-up WeWork and SoftBank was not a central issue in the decision to delay an initial public offering, sources tell CNBC's David FaberThe Faber Reportread more
The service will debut in April with pricing to be announced closer to the launch data, NBCUniversal says.Technologyread more
"Jeopardy!" host Alex Trebek says he's had a setback in his battle with pancreatic cancer and is undergoing chemotherapy again.Entertainmentread more
One of the U.K.'s best-known fund managers has scrapped bonuses at his investment management firm, saying there is little correlation between bonuses and performance.
Woodford Investment Management, founded by star stock-picker Neil Woodford, said Monday that it had ceased paying discretionary bonuses in April.
"While bonuses are an established feature of the financial sector, Neil and I wanted to take the opportunity to do something different that supports the firm's culture and ethos of challenging the status quo," CEO Craig Newman said in a statement.
"We have implemented a remuneration scheme that is fair and appropriate for Woodford employees and, ultimately, clients. Drawing on our experience of various bonus-led remuneration models, we concluded that bonuses are largely ineffective in influencing the right behaviors," he added.
The new policy applies to all permanent staff at Woodford, including fund managers and sales people. Staff now receive a single salary and benefits including pensions, private medical care and life insurance.
The move is an unusual one in a sector where bonuses are viewed as crucial to performance and preventing talented fund managers from moving elsewhere.
However, Newman said bonuses could lead to "short-term decision-making and wrong behaviors," echoing concerns issued by regulators since the global financial crisis of 2007/08.
Fund management firms often aim to beat index benchmarks, but Woodford describes itself as "benchmark agnostic." It was founded in May 2014 and now has more than £14 billion ($18 billion) of assets under management.
Ben Lofthouse, co-manager of the global equity income fund at Henderson Global Investors, said the advantage of paying bonuses was employees could benefit when businesses performed well, but businesses could cut costs by not paying bonuses in hard times.
"I don't know about the behavior question, that is quite a thorny one. But, in theory, it should be healthier for businesses if people have the right incentives and there is a bit of operational give," Lofthouse told CNBC's Squawk Box Europe.