UK
Update on BarCap’s bonuses: Actually bonuses paid immediately are down 68% AND there’s a £65k cash cap
We may have spoken to soon this morning when we said BarCap was ‘only’ reducing its bonus pool by 32%, to £1.5bn (compared to the 60% reduction at UBS). Although the overall bonus pool is down by his amount, closer investigation reveals that non-deferred bonuses at BarCap are, in fact down 68%. This state of [...]
Carnage at Credit Suisse: bonuses (seemingly) down 50%, with more paid in cash. Yet there may still be hiring
Credit Suisse’s investment bank does not appear to be in a healthy state. In the fourth quarter of 2012, it had a cost income ratio of 202%; for full year 2012, the cost income ratio was 98.6%. Something seems to be up. The fourth quarter horrors can be partially attributed to one off events: “Net [...]
This is what you can earn as a quant in London, New York, Paris, Singapore or Hong Kong
We have some figures for quant salaries from recruitment firm Selby Jennings. They hark back from November, but we are assured they remain correct. They are presented below, without comment.
Late Lunchtime Links: It’s ok – Deutsche is paying £167k cash bonuses; was Hester talking about Antonio Polverino’s alleged £7m package this morning?
Deutsche Bank’s cash cap is not nearly as bad as we’d feared. Following ominous rumours that the German bank was contemplating capping cash bonuses at just £41k, Bloomberg reports that Deutsche’s cap is actually €200k, or £167k. If so, it leaves Deutsche’s cap in-line with the £172k cash limit originally mooted by Credit Suisse and [...]
UBS is paying select senior staff an extra £80k a year in an attempt to retain them; if you want an instant bonus try a Russian bank (but not VTB)
Things are still bad at UBS, but they are less bad than they seemed yesterday. The Financial Times notes that the Swiss bank is making some special payments to discourage special people from leaving. Mentioned on slide 24 of its analyst presentation, these payments will be comprised of stock awards currently totaling CFH300m (£207m) and [...]
Everything we know so far about bonuses and deferrals, bank-by-bank
As a follow-up to our earlier article on the state of bonuses, cash caps and deferrals on a bank-by-bank basis this year, here’s what we know now. Feel free to email us at Editor@eFinancialCareers.com or to leave a comment if you know additional details that we don’t. Bank of America Cash bonus cap? Yes, but it [...]
Disaster as the UBS investment banking bonus pool is reduced by at least 60%, making zeroes inevitable
After all the waiting, the worst seems to have come to pass. Still ensconced in Wandsworth prison, Kweku Adoboli appears to have precipitated a 60% (minimum) reduction in the UBS investment banking bonus pool. The figures are given in a confusing graph included in today’s investor presentation. Shown below, this shows the portion of the [...]
Terrible cash caps rumoured at both Deutsche and BarCap
Bankers at Deutsche and BarCap should learn their bonuses this week. Early indications are concerning: both banks are alleged to be plotting punitive cash caps. Headhunters say BarCap is rumoured to be contemplating a £60k cash cap. And Deutsche is rumoured to be deferring 70% of compensation above a mere €50k (£41k). We’ve been here [...]
The average bonus at BarCap will be around £46k for 2011
It’s a lot more than the £12k at RBS, but it’s a lot less than six figures. The average, non-member of code staff, at BarCap appears likely to receive £46k this year. This follows widespread reports this morning that BarCap is going to reduce its bonus pool by 25-30%, to $1.5bn. Bloomberg reports that the [...]
In 2007, Credit Suisse’s 33 year old head of CDO trading earned £4.6m and a 25 year old telecoms analyst at Dresdner earned £1m
Times have changed. Just how much is being emphasised by two things: the Commerzbank bonus case and the Credit Suisse CDO arrests. As we noted last week, an MD in risk at Dresdner was expecting to earn £632k in 2008. Although Martin Blessing says Dresdner’s bankers were working for loyalty rather than money, they all [...]
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