LONDON: The British chief executive of Salomon Brothers, Deryck Maugham, has joined the elite group of Wall Street bankers whose earnings last year came to millions of dollars. Mr Maughan received US$9 million in salary and benefits last year for his role as head of Salomon. He is joined, on a slightly less grand scale, by John Tugwell, head of NatWest Bancorp in the US, who earned $2.7 million in pay and bonuses last year. The Banking, Insurance and Finance Union, hundreds of whose members have lost jobs amid cost cuts, accused the bank of double standards. Although high-salary packages are common among investment bankers in London - Peter Baring, chairman of the merchant bank Baring Brothers, made GBP1.2 million (HK$13.9 million) last year - they are lower for retail bankers. Mr Maughan's salary package at Salomon in New York was revealed in a filing to the US Securities and Exchange Commission (SEC), and is on a par with other Wall Street firms. Daniel Tully, the head of Merrill Lynch, earned $9.9 million last year, while Donald Marron, head of Paine Webber, received $9.4 million. Dennis Weatherstone, the British head of JP Morgan, saw his salary and bonus package rise by 50 per cent last year to $6.6 million. Salomon Brothers, saw profits hit a record $827 million last year, up 50 per cent on 1992. The results were less dramatic than some other Wall Street firms, however, because of a loss in the first quarter and sharply reduced profits in the third quarter.
