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League table of guaranteed bonuses in 2009

As has been variously noted, guaranteed bonuses have made a comeback in 2009. And rumour has it that some of the packages on offer this year have been very large – at 2007 levels, or higher.

Based on consensus estimates from several headhunters, we have therefore constructed the following league table of the alleged guarantees paid to this year’s biggest hires. Please note that none of these figures have been confirmed by the individuals or banks concerned (who don’t comment on pay anyway). Let us know if you think anything is wildly wrong.

1). Sanaz Zaimi

Who? Former partner and co-head of structured sales for Europe at Goldman Sachs. Joined BofA Merrill Lynch as head of fixed income currencies and commodities sales for Europe, the Middle East and Africa, as well as head of debt and equity structured products sales for EMEA.

Alleged package: As much as $24m over two years, plus a $50-100m stock buyout depending on movements in the share price of Goldman and BofA.

2). Selim Toker

Who? Managing director in risk advisory and capital solutions team at UBS, joining Nomura as head of global finance solutions team for Europe, the Middle East and Africa.

Alleged package: As much as $8m over two years. Plus unspecified stock buyout.

3). Rajeev Misra

Who? Global head of credit and commodities at Deutsche Bank, before he left in June 2008 to establish a credit opportunity fund, ‘Clarent Capital Management.’ Joined UBS as head of its global credit business.

Alleged package: Rumours up to $20m for two years, but this is may be an exaggeration. $6m for one year is said to be more accurate.

4). Antonio Polverino

Who? European head of fixed-income, currencies and commodities sales at Bank of America Merrill Lynch in London. Joining RBS in (what is likely to be) a similar capacity.

Alleged package: $5m over two years. Plus unspecified stock buyout.

5). Henrik Raber

Who? Co-head of European credit flow sales and trading at UBS. Joining Standard Chartered to run its European and US capital markets business.

Alleged package: $2m. Plus unspecified stock buyout.

, 5). Rachel Lord and Stefanos Bitzakidis

Who? An executive in the equities group and global head of exotic equity derivatives at Morgan Stanley respectively. Joined Citigroup earlier this year.

Alleged package: Said (by Forbes) to have received a combined $3m in guarantees.

Comments (28)

  1. hmmmmmmmmmm…………anyone of you there…. can pay my rent for this month?? and sponsor me a ticket to india??? its a chicken feed ….for you guyz… thats lottttttttaaaaaaaaaaaa money huh!!!!

  2. Well done guys!!! It’s a drim come true :))))

  3. Both Zaimi and Polverino’s expertise is in structured products to Italy, in particular, in fixed income (ie. ripping of clients). That business is as dead as a dodo and too specialised to be of any relevance to other areas. The banks they are coming from know that…this is more tax payer money p*ssed away chasing fictitious future revenues – there should be regulatory enquiries.

  4. adjelic you’re a bottom licker.

  5. not really particularly interested in other peoples pay packages

  6. not a Smith or Jones in sight!!!

  7. So
    1. What do these guys actually produce?
    2. How are the team below them rewarded?
    3. If what they do goes belly up do they loose as well?
    4. When he day of reckoning comes – and it will – who suffers most the minnions at the bottom or the chief at the top/

    No problem with bonuses structured to profits so long as the WHOLE organisation gets a slice of the action but these grotesque salaries just have to stop.

    If you think I am out of order just remember who got us into this mess and who is taking the most pain, not the guys at the top !!!!!

  8. at the end of the day…it seems that being in power pays…

    We cant change it (?)…do we just have to sweat more and try and get there? its a bit like reading beauty magasines…they only make you feel ugly.

  9. Sarah, what is the purpose of publishing information as obscene as this ?
    As a former investment banker I can confidently state that these packages far exceed the value any of these individuals generate for theses organisations (and the rest of society)…

  10. numbers look way too low;

    5th-6th place on the league table: $2m guarantee? $3m between two people? … there will be PLENTY of people making that for 2009.

    still good money, but not sure it’s worth of a naming (and shaming?)

  11. u just forgot the big bonuses that the ex-leh guys got at nomura, talk abt the heads of fi and equities – atleast 6-10m each

  12. @ absurd

    all that is absurd is your post.

    whilst one could argue that these packages are “too much”, on some market-philosophical level, to say that the individuals concerned do not generate value in excess of their compensation is utterly ridiculous, and typical of someone who knows precisely nothing about how financial markets WORK IN PRACTICE.

    for example, some of these people on the FI side will have responsibility for desks that print SINGLE trades with p&l way more than their annual pay. again one can debate the precise degree of “value add” of someone in a management position (rather than the individual that actually executes the trade, risk manages it etc etc), but i for one have worked with a gentleman on the list above, and whilst i didn’t like him so much, his contribution to bottom line was unquestionable. as a shareholder, would i want him working for my organisation? is he generating shareholder value? ABSOLUTELY, 100% YES.

  13. You have to admire Polverino, he came to Merrill in 2005 on a guranteed EUR7mil package over 2 years, did not do much, survived the crisis, ans still finds idiots willing to pay similar money now, in 2009!!! And who – bloody RBS 70%-owned by UK government!!! And the guy is in his mid 30ies. Respect…

    ML patriot used-to-be… Reply
  14. i think this is a good article and not about goldman sachs for once

    face it – we like reading about people’s comps and i like seeing how idiotly some banks are acting and just how ill-thought out some of their “plans” are.

    (4) (and (1) as a result of (4)) are impressively bullish moves. sales don’t improve so dramatically with a change of boss of bosses and in these particular areas, while not dead, won’t see the old activity come back so soon

    Selim Toker seems like alot of money to pay for an advisor

  15. Wow, amazing how many times UBS is mentioned here. These guys were meant to reduce there balance sheet size, reduce their investment banking exposure and focus on asset retention in private bank / asset management, cheers to that.

  16. I’m liking the fact that the top three are Middle Eastern and South Asian. If there’s one great facet to the world of investment banking, it’s the fact that success depends almost entirely on merit and not on archaic notions of class, race or creed.

    Congrats Gents … maybe one day we’ll see a woman on this listing

    Asian in London Reply
  17. LOL Asian in London, you see that now already, Sanaz is a woman

  18. @Asian in London –

    “maybe one day we’ll see a woman on this listing..”

    read the very first name on that list. It’s a woman.

  19. @ Asian- Seriously doubt we will ever see a woman on there. Too busy with housework etc to get a proper job.

  20. Whilst on the subject of gender confusion, I see Henry’s recent silence was due to his undergoing surgery. Goodbye Henry, Hello Henrietta!

  21. @ML patriot used-to-be
    I agree – the polverino deal is simply amazing, he can deal with banks like no other

  22. @ fred goodwin – I was about to say the same thing. I think Henry and Henrietta are the same person as well.

  23. Analysts – back to your spreadsheets, hush-hush!

    And remember – your boss knows exactly which websites you visit, what you write in your e-mails and when and for how long you leave your workstations (swipe in and swipe out).

  24. @bc – this article is so about Goldman.
    1. Sanaz – ex-Goldman Partner hired by another ex-GS Partner: Thomas Montag
    3. Rajeev – hired by ex-Goldman Partner: Carsten Kengeter
    4. Antonio – the King of the Obscene Guaranteed Bonus hired by another ex-GS man: Al Sinsheimer.
    Coincidence or Covert Trend – What do you think?

  25. Very well done RBS- let’s waste some more money…Polverino used to cover corporate clients in JP. You can find trace of his previous deal typing in any engine search “polverino l’espresso” or “polverino le poste” just to start with…

  26. to Me: Polverino is probably the replacement of Sinsheimer. The guy is gone

  27. @Me
    good points made there – i take the GS comment back

  28. Agree that most packages here fall short of being interesting to make public, so many people on same or more.

    Got to be disappointed in this Misra though. UBS seem to be paying up so you can hardly blame him, but trying for just a few months to do your own thing and then throwing in the towel (maybe no other investors / banks thought he could really do it…?!) shows quite some lack of confidence and stamina, no?

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