Not entirely surprisingly, bankers in London and New York are expected to suffer more than those elsewhere come bonus time. International financial services headhunter Options Group is predicting a 45-50% reduction in payouts in the two cities, while Dubai bankers will apparently see their pay chopped by only 10-15%.
Asia Pac staff are expected to fall in the middle of the two, with 35-40% reductions in bonuses predicted.
Eric Moskowitz, head of the compensation consulting practice at the company, says Dubai’s relative robustness is down to sovereign wealth funds, which have helped boost demand for M&A and ECM bankers locally.
Options Group is predicting that a second-year investment banking associate in London will earn a salary of 60k-75k this year, plus a bonus of 100k-150k. The comparable person in New York can expect US$110k-US$130k in salary, plus a bonus of US$170k-US$210k.