We already know that a lot of zero bonuses were handed out for 2012. It wasn’t as bad as 2008 when 80% of bankers at UBS reportedly received nothing at all, but it was bad, with pockets of extreme zeroes reported in areas like Morgan Stanley’s fixed income business.
Recruitment firm Morgan McKinley has tried quantifying precisely how many hopeful bankers didn’t get bonuses in London last year. After surveying 180 people, it found that 32% of them didn’t get a bonus for 2012, up from 18% without bonuses in 2011. The number of disappointed people is increasing. Nor are salaries necessarily increasing further to compensate – Morgan McKinley also found that only 36% of respondents had their salaries hiked last year, compared to 47% the year before.
James Gorman’s daughter doesn’t want to be a banker. She wants to be a rock star. (Dealbook)
Lloyd Blankfein: most overpaid banking CEO. (Bloomberg)
UBS has cut four analyst positions in Canada. (Bloomberg)
Trading revenues at Royal Bank of Canada fell 27% year-on-year in the past quarter. (AlsoBloomberg)
Frugal habits of the super rich. (MobileNews)
Education can make you anxious. (Office of National Statistics)