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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 [...]
DAVID CHARTERS: I advocate that banks begin publishing details of their pay
Imagine how investment banking would work if not just board level people and a token handful of the highest earners had their pay disclosed, but everyone did, at least in any rump of an organisation where the taxpayer might ultimately foot the bill if things go wrong. At every bank, everyone would know what everyone [...]
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 is how much you should have been earning as an MD in credit and high yield trading 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 comprehensive compensation report for 2011. Here’s what they say you should be anticipating, in total comp as an MD in credit and high yield trading this year. Total compensation forecast, MD, credit and high yield trading US: $1.75m-$2.5m EMEA: [...]
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 [...]
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 [...]
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 [...]
Swedish banks still paying cash bonuses, but employees are looking for more
Swedish banks may have been ignoring EU guidelines when it comes the the make-up of bonus payments, but the big players have largely been unwilling to pay greater sums in variable compensation this year. The Swedish Financial Supervisory Authority has revealed that the majority of the 41 companies it surveyed have failed to implement EU [...]
Swedbank details lucrative incentives on offer to First Securities staff
Swedbank is keeping a tight rein on costs for the majority of its staff for both 2010 and the coming year, but has still earmarked a hefty NOK172m to ensure it’s able to keep hold of key First Securities employees during the integration of its new acquisition. Swedbank held a majority stake in Norwegian investment [...]
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