Business and Capital Market Analysis !!!

By Chen Shiyin

Temasek key managers will lead a companywide pay cut, to anticipates Global recession may extend beyond 2009. The pay cut has volunteered to take a 15 percent to 25 percent.

The key managers will provide almost 90 percent of the savings from the companywide cut.

Temasek, led by Chief Executive Officer Ho Ching, is seeking to cut costs amid a slump in financial markets that has wiped out more than $33 trillion in global stocks this year, hurting the value of its investments. It bought stakes in Merrill Lynch & Co. and Barclays Plc after the credit crisis led to about $966 billion of writedowns and credit losses and more than 170,000 financial job losses worldwide.


Sources :
Bloomberg : Temasek’s Managers to Lead Companywide Pay Cut Amid Recession | November 21, 2008 17:05 EST.