As we have noted, Morgan Stanley isn’t said to have paid its investment bankers especially well this year. Spending on compensation at Morgan Stanley’s Institutional Securities Unit was down 8% in 2012 compared to 2011 and headhunters say a lot of people in the fixed income business in particular were ‘zeroed’ at bonus time.
Poor pay may be one reason why senior investment bankers at Morgan Stanley are leaving. Bloomberg reports that both Peter Bacon, Morgan Stanley’s head of capital markets in Europe, and Gene Martin, co-head of Morgan Stanley’s leveraged finance and acquisition group, are exiting the bank. Bacon is said to be seeking ‘other opportunities’ and the reason for Martin’s departure is not clear.
Given the choice, other Morgan Stanley bankers may leave too. Morgan Stanley CEO James Gorman, an ex-McKinsey consultant, has said on several occasions that pay in banking is too high and that bankers who don’t feel sufficiently rewarded need to get real or get out.
Evercore hired 34 M&A bankers in the past year. (Financial News)
Deutsche Bank has got new co-heads of commodities to replace David Silbert. (Bloomberg)
Bob Diamond was reluctant to accept that pay at Barclays was high – particularly at the investment bank. (Financial Times)
Bob Diamond was overly protective of investment bankers’ pay. (Bloomberg)
Alison Carnwath was the only board member at Barclays who thought Bob should be paid no bonus at all. (Telegraph)
Barclays has made 3 MDs redundant in Australia. (Wall Street Journal)
MBA men work hardest in Asia. MBA women work hardest in Europe. Men work harder than women everywhere. (Poets and quants)
There will be more job cuts at Thomson Reuters. (The Baron)
How to write a CV in Germany. (The Local)