The trouble with swapping banking jobs today is that it's difficult to command a big pay increase in the process. As a result, few people are willing to take on the risk of a new role.
Achieving a big increase in pay doesn't seem to have been a problem for Matt Young, the corporate affairs director at Lloyds Bank, however. The Evening Standard reported yesterday that Young left Santander for Lloyds in late 2010 and managed to more than triple his pay from £388k to £1.34m in the process (as long as he meets his targets).
Specifically, the Standard said Young's previous package included a salary of £145k, a bonus of £145k and a long term incentive plan of £40k. His new package included a base salary of £350k, a bonus of up to £525k and a long term incentive plan worth £350k.
How did Young achieve such a healthy pay hike? The Standard said Lloyds justified the increase by saying that he was, "significantly underpaid for his current role” and was about to get promoted in his previous role. It may also have helped that he was recruited by António Horta-Osório, who was formerly his boss at Santander. Strangely, he was given the large pay increase despite having no prior experience working on PR for a UK FTSE 100 listed firm. Interesting.
Investment banks are bursting to hire entire teams of associates, allegedly. (Financial News)
In the back-office your career is determined in large measure by whether you gel with the boss or not. You need to have your boss's confidence because you work in 'his world'. This creates a 'look-at-me' mentality among ambitious juniors in the back-office. (Guardian)
Dilemma of the working mother female banker: should you spend time exercising, thereby ignoring the men in your life? (Telegraph)
Nomura produced a study with Nike a few months ago showing that traders burn more calories on payroll days. (WSJ)
Women don’t take credit for their work when they work in teams of men. (The Atlantic)
With the right work ethic and dedication to education and sycophancy, you too can climb the ranks and be cool. (The New Inquiry)