Subject: 2001 group expenses
guys , attached you will find a final cut on the ena 2001 expense budget .
please review and make any adjustments to your existing plan that are
appropriate to hit the net ena target . in order to stay flat year on year , i
split the remaining positive variance equally across the groups . as we had
discussed earlier , these costs will not be allocated to the business units
and will be tracked on the ena income statement below the line and the
accountability managed by each of you . all outside variable costs ,
specifically related to specific deals , will be charged to the business units
eg ) outside legal and tax , outside technical expertise , facility costs ,
outside research support , incremental back and mid office support for
specific asset management deals , specific entertainment , etc . i look at this
cost structure as the minimum capacity charge we need to operate our business
and evaluate / manage our risks .
wes , can you please finalize the one page plan ( expenses and headcount ) for
each group with these changes .
regards
delainey