The Norwegian "Oil Fund" investment managers are having their bonuses taken away after losing billions of kroner in interest-rate market speculation.
A team of six investment managers who logged up huge losses in the interest-rate market last year are looking at much lower salaries this year, according to Norwegian business daily Dagens Næringsliv.
The managers of the huge government pension fund who were responsible for the biggest losses will also be deprived of their investment responsibilities, said the newspaper.
The average salary per investment manager last year, including bonuses, came to NOK 1.6m (USD 309,000). But 2007 was a "bad year".
Meanwhile, the Oil Fund's new boss, Yngve Slyngstad, makes a salary of NOK 5.7m, more than the Norwegian Central Bank boss, the Finance Minister and the Prime Minister earn in total, writes newswire E24.
This is also nearly double the salary of his predecessor, Knut Kjær, according to the Oil Fund's annual report.
However, commentators have pointed out that Slyngstad is responsible for a record-high amount of money and could earn at least as much if he were to work in the private investment sector.
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