US
Are We Ready for the Revival of the Investment Banker Bonus?
Bonuses for investment bankers should increase significantly this year, but that’s only if firms continue to follow their traditional compensation model and ignore calls to slash banker pay. Driven by stronger-than-expected underwriting and advisory revenues, investment banks are putting together an understatedly solid 2013. Following an impressive May, revenues for the second quarter are expected […]
Is Lloyd Blankfein Overpaid?
Compensation for chief executives at the 20 largest financial companies in North America rose 7.7% last year. Goldman Sachs CEO Lloyd Blankfein took home $26 million, a 73% pay hike from the previous year. Considering Goldman’s impressive comeback year in 2012, is he overpaid? A funky algorithm used by Bloomberg says yes. Bloomberg Markets magazine […]
Money Managers, Underwriters Prepping for Bountiful Bonuses
If you’re looking for job security and a growing paycheck, money management appears to be the place you want to be. Wall Streeters working at asset managers, hedge funds and firms concentrating on high net worth clients will see a 10% to 15% jump in incentivized compensation in 2013, according to a new study. The […]
Majority of investment banking jobs don’t pay bank
Most people working in investment banking are not really investment bankers.If you really want to make money, you might try a career in compliance. While hundreds of thousands of people work in banking worldwide, the number of people working in these niche, high-paying, prestigious banking jobs, is small. Those sought-after front office gigs where you […]
U.S. Investment Banker Bonuses 60% Larger than Europeans’
The average bonus for associates at U.S. investment banks in 2012 was more than 60% larger than that of their European brethren, according to a new survey. European banks softened the blow, however, by paying mostly in cash. Associates at U.S. investment banks took home an average bonus of more than $134k in 2012, up […]
Citi Investors Approve Comp Plan, Corbat’s Strategy
Citigroup Chief Executive Michael Corbat made one point clear when he succeeded former CEO Vikram Pandit last year: The bank will answer the call of investors, not its employees. Shareholders expressed their support for Corbat and his cost-cutting strategy by overwhelmingly approving the bank’s 2012 compensation plan, which includes an $11.5 million package earmarked for […]
Bonus Ceilings Trimmed as Fed Pressure Looms
Who said bonus caps were a Euro problem? At the behest of regulators, U.S. financial services firms have begun to rein in performance-based pay for executives, establishing lower ceilings on maximum annual awards. Seven firms – PNC Financial, Capital One, Discover, BB&T Corp., KeyCorp, U.S. Bancorp and SunTrust Banks – scaled back maximum awards for […]
Morgan Stanley is Serious About Compensation Control
Every U.S. bank is working to keep salaries and bonuses under control. Morgan Stanley appears the most vigilant. Compensation expenses during the first quarter fell to $4.2 billion, down from $4.4 billion a year earlier. If you exclude severance payments for laid-off workers, Morgan Stanley’s compensation ratio – pay and benefits costs compared to net […]
Goldman Controlling, Not Cutting, Compensation Expenses
Banks are cutting operating expenses – particularly compensation costs – at every turn; firms that rely on investment banking revenue can’t survive. These are two prevailing principles on Wall Street that were disproven, to a degree, by Goldman Sachs on Tuesday. Goldman reported a better-than-expected first quarter, driven by a 36% uptick in investment banking […]
Wall Street directors getting a pass on pay
Compensation on Wall Street is down across the board, unless of course you’re on the board. High pay for directors at large banks has gone largely unnoticed, mainly because the compensation pales in comparison to the cash hoards earmarked for C-level executives. Average board member pay at the six largest U.S. banks reached $328,655 in […]
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