Alan Johnson, chief executive of Johnson Associates, the Wall Street pay consultancy firm, has just made his annual presentation on the state of investment banking pay, along with pay in the asset management industry. Some of his findings have been trailed already (traders' bonuses won't be up to much this year), but he also has plenty to say that hasn't been aired elsewhere.
If you want to keep abreast of what Wall Street's veteran pay expert thinks is happening to compensation in the finance industry, this is what you need to know:
From the report: "Meeting new client demands often requires the combined effort of sales professionals, client service, the growing ranks of product specialists, consultant relations specialists, and investment teams. Since it is usually the sales professional spearheading the effort, teamwork is slowly replacing 'eat what you kill' as the asset management sales mantra."
From the report: "Rule of thumb: excellent performers produce 2x or more average contributions."