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Morning Coffee: The best-paid banking bosses, and the best paid banking analysts

Investment banking pay

Asset managers might be closing the pay gap on investment banks, but when it comes to the remuneration of the head honcho, there’s no contest.

The best paid CEO on Wall Street is Mario Gabelli, the boss of GAMCO Investors, who received $88.5m last year. Stephen Schwarzman, CEO of the Blackstone Group, was second with $88.5m, according to new rankings from SNL Financial.

By comparison, investment banking CEOs have been left short-changed. James Gorman at Morgan Stanley got a mere $23.7m, while Lloyd Blankfein was a close second with $22.1m. Overall, asset management CEOs were paid more than any other sector in the financial services industry.

With such figures being bandied about, perhaps the pay of new analysts in investment banking seems tiny, even if it outstrips any other industry when it comes to starting salaries.

Morgan Stanley and Goldman Sachs are once again topping the table, according to figures release by pay benchmarking website Emolument.com, with £71k ($111k) total comp, but they’re on a par with Deutsche Bank and UBS, with Credit Suisse a close second.

But if the prospect of a guaranteed income is more tempting than a bonus payment, there are other options. Deutsche Bank pays the highest salary at £56k ($87.3k), but HSBC, UBS and Credit Suisse all pay £55k ($85.8k) and Citigroup – near the bottom of the pile on total comp – pays a £53k base, suggest figures.

Meanwhile:

John McFarlane concedes defeat to US investment banks: “They have the scale that we no longer have to be global, so we are going to have to focus on our core US and UK markets and our feeder network elsewhere.” (Financial Times)

Five mistakes that will immediately lead to your CV being rejected by Google (Quartz)

Barclays has been bulking up its banking team that advises private equity firms (Financial News)

In case you were wondering, Barclays is still cutting costs (Evening Standard)

Man Group beat analyst expectations, but Manny Roman is cautious (Financial Times)

“Wall Street people are creatures of habit and want their lunches on their desks at the exact same time every day. Take the lunch order early and make sure you know how long the delivery takes after placing the order. Too early is just as bad as too late.” (Dealbreaker)

The positive side of sarcasm in the workspace (Quartz)

How Santander landed pole position on Ferrari Deal (Bloomberg)

“I’ve talked to offices who have told me: ‘We’re using red Solo cups and green Solo cups to let people know when we’re busy or available,’ The problem is, nobody ever remembers to change these things. If it’s not automatic, it doesn’t work.” (Bloomberg)

60% of people think they work harder than their colleagues (NY Mag)

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