quadrillion dollar powder keg waiting to blow, page-45

Despite falling SP etc


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"The purge has already begun with John Nesbitt in Private Wealth providing for the departure of senior staff, including the former head of Private Clients, Scott Riedel.

Despite the cuts Perpetual has recently expanded its number of group executives to 11 and at a time when chief executive David Deverall has been the beneficiary of significant remuneration increases, despite declining profit, dividends and almost a 40% reduction in the share price.

Deverall and the executives have also benefited from an increase in the fixed component of the remuneration over the past year to offset declines in short-term incentives/performance based incentives.

There is likely to be a significant increase in one-off costs in 2009 associated with the redundancies, said the