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When it comes to compensation, which banks are the most competitive?
Compensation, if not the primary, is generally among the main motives for choosing a career in the financial markets. But these days, it’s more confusing than ever to determine which banks offer the best pay plan. Guaranteed bonuses and up-front buyouts have been replaced by cash caps, deferred compensation schedules and clawbacks. Often, it’s not [...]
Friday’s Headlines: Wall Street to Get Bonus Bump
Forget shareholder outcry – banks are expected to boost bonuses by an average of 5 percent to 15 percent this year and will dedicate a larger portion of profits to comps, according to Reuters, which cites consultancy Johnson Associates (no relation to the author). Not surprisingly, fixed income traders can expect the biggest benefit from [...]
New survey finds the fixed income sector is the best place to be for bonuses this year
New projections call for moderate 2012 bonus increases across all financial services sectors, with fixed income showing some of the largest potential incentive-pay gains—as much as 25 percent in some cases. Compensation consultant Alan Johnson of Johnson Associates says incentives are still well below the highs of 2007. Moreover, he says that “things started to [...]
First quarter pay hierarchy suggests American banks still pay more. Generally, they also pay a LOT more cash
Now that we know how much J.P. Morgan, Goldman Sachs, UBS, Credit Suisse and Deutsche have accrued for their investment bankers in the first quarter, we can say two things. 1) American banks pay more (with the exception of Deutsche, whose pay per head figures for the corporate and investment bank aren’t comparable because, unlike [...]
Fewer Firms are Reimbursing Employees for Continuing Education Costs
If you were hoping your employer was going to cover all or part of the costs for you to continue your education, there’s nearly a 50 percent chance that may not happen. A new survey released today by financial recruitment firm Robert Half Finance and Accounting found that the number of firms reimbursing the continuing [...]
You Could Make More Working at a Boutique than at a Big Investment Bank
When considering your next career move, or even your first financial markets position after college, it could be a mistake to put working at a large investment bank over a small boutique firm, especially if salary is one of your main considerations. And what financial pro doesn’t consider compensation among his or her top motivators? [...]
LPL Retirement Partners Ups Pay to Plan Advisors in the Midst of a Competitive Market
Within the advice-giving space, only a small segment of financial advisors focus on retirement plans and the so-called plan sponsor market consisting of employers offering 401(k)s and other perks to their workers, even though competition for that specialized business is pushing up compensation. Compensation at LPL Financial Retirement Partners is rising due to a market [...]
Asserting One’s Value a Challenge for Some Women
Salary and promotion negotiations are nerve-racking, especially for financial professionals needing to articulate their worth in a company’s large pecking order. While one may very well know that they bring significant value to the table, sitting down and effectively and confidently communicating that worth can often be more difficult than one might imagine. And for [...]
Senior Executive Pay Drops at TD Bank as Well as RBC, With TD CEO Clark Declining a 2011 Raise
Toronto-Dominion Bank has become the second large Canadian bank to disclose executive compensation is going down. On top of that, its board of directors says it has decided that TD Bank President and Chief Executive Ed Clark would receive no raise for his 2011 service. Earlier this month, several top-paid executives at Royal Bank of [...]
When it comes to managing retirement assets, your pay depends on where you do it
Managing retirement funds is pretty much the same no matter where you do it, but your compensation isn’t. Apparently, size trumps performance. In the middle of 2011, DHR International, an executive search firm based in Chicago, polled a total of 175 public, corporate and union pension funds, representing a total market value of $2.7 trillion. [...]
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