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GUEST COMMENT: How you can work at Goldman Sachs for 8 years without living a Playboy lifestyle and still end up broke
There is a persistent City fairy tale which goes something like this: work hard enough, for long enough, and you’ll retire rich and live happily ever after. In this heart-warming fable, “hard enough” equals a minimum 90-hour week. And, “long enough” means somewhere between five and ten years… To have reached thirty five and not [...]
Carlyle’s founders each received $138m last year, but how much would YOU make working in private equity?
We’re a little late on this, but it remains worth pointing out that – for some – people, a career in private equity can be incredibly lucrative. For the first time ever, Carlyle published details of its staff pay this week. They show that the three founding partners each received base pay of $275k, a [...]
This year’s bonus is keeping your job
The big Nordic banks may be relatively well placed to ride out the eurozone waves battering some of their European counterparts but, it is very clear, they do not operate in a vacuum, and so bonuses this year are expected to remain tightly screwed down. The sentiment emerging from Nordic banks in the final quarter [...]
This time next week, Goldman bankers should know their numbers: the bonus calendar for 2012
This time next week, bankers at Goldman Sachs should know their bonuses for 2011. Morgan Stanley will follow shortly after. Everywhere else will come after that. Here’s the bonus announcement and payment schedule for the next few months – as we understand it (feel free to suggest amendments if you disagree). Goldman Sachs Goldman Sachs [...]
Bank of America’s deferred bonuses from 2010 are now worth nearly nothing
In 2010, Thomas Montag, head of global banking and markets at Bank of America, was riding high. He exercised some of his options in his employer, and realised a pleasant gain of $11.5m. This year, Montag is riding a pygmy goat. BofA’s proxy statement shows that Montag’s target earnings from 2010 stock awards were supposed to reach [...]
This is how much you should be earning as an MD in equity research in EMEA, Asia, the US and Brazil in 2011
International financial services search firm, Options Group, has disclosed some data points from its new and very comprehensive compensation report for 2011. Here’s what they say you should be anticipating, in total comp as an MD in equity research this year. Total compensation forecast, MD, equity research, 2011 US: $750k-$1.0m EMEA: $785-$1.2m Asia-Pac: $1.0-$1.2m LatAm: [...]
Non-British financial services professionals in London earn more AND are better educated
Once in a while, a glimmer of xenophobia flickers across the comments left on this site. European financial services professionals in the City are accused of being, “Eurotrash,” as in, Glasgow’s not that bad. Less Eurotrash for a start…. Those comments may well originate in jealousy and resentment: non-British employees in the City are higher [...]
The real problem with last year’s bonuses – unless you’re at Deutsche, BNP Paribas or RBS
Last year’s deferred stock bonuses aren’t turning out well. Most banks’ share prices are languishing. Highs were reached in February, but lows have been reached since. Bank stocks are now generally below their levels at the start of the year – which is bad news if you’re holding a large amount of restricted stock and [...]
Hedge funds are recruiting prop traders on stingy packages
Hedge funds’ characteristic generosity has fallen by the wayside when it comes to recruiting prop traders, who are being forced out of the banks as Dodd-Frank takes hold. Just because hedge funds can pay non-deferred, largely cash bonuses doesn’t mean they will, and just because banks’ former masters of the universe are available doesn’t mean [...]
Money isn’t everything for Swedish bankers
Banks in Sweden have been tightening their belts when it comes to handing out lavish bonuses to their investment banking staff, but more firms are turning to non-cash incentives to help keep staff motivated and engaged. The general climate, which is still making it very hard politically for banks to lavish cash bonuses on their [...]
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