AU
The big picture: A look at 2011 bonuses for Australia’s finance professionals
In this latest post, we examine the results of the recent eFinancialCareers bonus survey in Australia. Here’s our take on the plausible reasons behind those figures, the trends and our predictions on post-bonus movement. To get the low-down, please click here to view the report.
Bad bonuses will make Aussie i-bankers want to move in Q1, but will there actually be enough jobs for them?
As foreign investment banks in Australia inch ominously closer to bonus season, discontent about paltry payments may trigger a surge of escapist sentiment. Oliver Darkes, managing director, Wellesley Partners, says bonuses will be worse than 2010. Jason Hutchins, associate, Anton Murray Consulting, expects a 20 to 30 per cent decrease. Mark Reece, manager of specialist [...]
Big four employees remain realistic about bonuses
The big four Aussie banks signed off on almost $24bn in profits recently, but most employees still aren’t expecting amazing bonuses this year. CBA has already paid its bonuses, while the remaining three major Aussie banks – Westpac, NAB and ANZ – will cough up before year end. According to a recruiter, who asked not [...]
The amazing comeback of multiple job offers (and how you should be managing them)
An increasing number of candidates have rather a nice dilemma on their hands: they have to choose between two or more job offers. “Most good candidates will be looking at multiple opportunities. The market is quickly turning candidate short,” says Allira Salem, manager, Victoria, Hamill Andersen. A year ago candidates may have had several interviews [...]
Will they stay or will they go from Goldmans?
Is there ever a time when even investment bankers think they’ve made too much money? This question will soon be put to the test when Goldman Sachs in the US buys out 133 equity partners in Australia. The investment banking headhunters we spoke to think most Goldmanites will stay loyal to the firm. Senior Australian [...]
Aussie analysts get awful bonuses but jumping ship still seems stupid
Investment banks are giving their analysts a lesson in remuneration reality. While last year’s base salary hikes mean total compensation has stayed steady or risen for many senior staff, analysts have not fared so well. A typical level-two analyst’s base/bonus split was about $100k/$110k in 2009. But for 2010 it was $115k/80k, an overall fall [...]
Countries which will wallop your bonus; and countries which won’t
In advance of the G20 meeting, and the likelihood of further measures to curb banking pay and profitability, here’s a roundup of new compensation restrictions in several countries and territories, starting in Asia Pacific. Australia On 30 November last year, the Australian Prudential Regulation Authority released the final version of the “Prudential Standards” covering increased [...]
Editor’s Take: a frightening bonus season for the foreign firms
If there’s one issue where Australian bankers are still very much under the global cost-cutting thumb, bonuses is it. How’s this for multi-national: some i-bankers in Australia working at US and Continental European firms will get less cash this year because of a UK tax. Goldmans Sachs last month announced that its global workforce will [...]
Editor’s Take: deferred bonuses don’t make much sense in Asia Pac
There are three key reasons for the growing global popularity of deferred bonuses: 1) appeasing the public and governments by punishing risk-taking bankers; 2) cutting immediate compensation costs for cash-strapped banks; and 3) aiding retention because employees must stay on longer to secure all their money. But as firms in Asia Pacific gear up for [...]
Daily Dispatches: Kelly beats Clinton and Queen
Westpac boss Gail Kelly is one of Australia’s most senior business people but she also wields more power than US Secretary of State Hillary Clinton, talk show host Oprah Winfrey and the Queen, according to Forbes magazine. (Sydney Morning Herald) And her bank earned around $1.1bn in the quarter, despite a rise in bad debt [...]
Follow eFinancialCareers
What is RSS?
