Interdealer broker Icap is expanding its equities business, and headhunters say it's paying some particularly generous packages to do so.
According to one, Icap's offering a competitive base salary, plus a cash lump sum to new joiners in equity research and sales.
"Base for managing directors is capped at 125k, but they're also offering a cash sign-on to compensate people for any loss of bonus or vested stock," he says. "The only caveat is that people have to pay it back if they leave within six months of joining."
Icap's packages are in contrast to those on offer at other banks, where guaranteed bonuses are restricted by complex clauses stating that hurdles have to be reached before they're paid out. Most other banks are also paying sign-ons in stock that's not immediately accessible.
Icap declined to comment. However, another headhunter said not all Icap hires are recieving such generous offers: "Businesses are very siloed and different line managers have a different approach."