The first working week of 2015 is drawing to a close. Whether you’re feeling addled or exhilarated, you have at least earned your keep. But you have almost certainly earned far, far less than the ‘code’ staff at top US investment banks in London.
As we reported on Monday, top US investment banks have issued detailed information about how they compensate ‘code staff’ (key risk takers, senior managers, persons with responsibility) in the UK. The data applies to 2013, but adheres quite closely to similar data issued for 2011 and 2012 – suggesting this wasn’t a one-off and US banks are always incredibly generous.
Based upon data from Bloomberg reflecting pay awarded for 2013 alone (ie. not including shares vesting from previous years) and assuming that pay for 2015 is not dissimilar to pay for 2013, code staff at Goldman Sachs have already earned $90k this year. At Bank of America they’ve earned $48k. At Citi, JPMorgan and Morgan Stanley, they’ve earned $41k, $42k and $46k respectively.
Not bad for the first week’s work of the year. Putting it more precisely, code staff at Goldman earn $18k a day, or $1.8k an hour – assuming they work 10 hour days, which may be an understatement.