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Senior risk professionals are empowered. These days they have their own reporting structure to the head of the business, intervene heavily in pay decisions, and can’t be overruled by obnoxious traders. They are also paid slightly more. But they are still paid a lot less than their counterparts in the front office. Last week’s banking compensation study from the Institute of International Finance and Oliver Wyman revealed that in very many... Read more

Recruitment firm The Cornell Partnership has helpfully assembled some figures on average compensation for M&A analysts in 2010. Even better, the assembled figures show how analysts are generally paid on a bank by bank basis. The conclusion? They best payers are typically Deutsche, Credit Suisse and Citi. The worst are consistently Morgan Stanley and BoA Merrill Lynch. Analyst 1 Deutsche: Mean bonus - £31.5k. Total comp - £76.5. Credit Suisse: Mean bonus... Read more

Banking is not the only industry where people receive bonuses. Bonuses are also offered in other professions. And in other professions there is no obligation to defer bonuses over multiple years, to claw them back, to base them on risk adjusted measures of performance, or to subject them to punitive forms of taxation. Then again, bonuses in other industries tend to be a lot lower. Bonuses in law firms Lawyers’... Read more

Daniel Palmer, the newly appointed head of international equity derivatives in global capital markets at Morgan Stanley is living embodiment of the notion that enormous and enduring guarantees don’t work. Palmer used to work at Morgan Stanley, back in the 1990s. However, Financial News says he left for HSBC in 2004, lured by a guarantee rumoured to be worth $15m over three years. What happened next? Palmer stayed at HSBC until his... Read more

Weird: Credit Suisse managing directors are to receive a cash award on the 1st of September to compensate for last year’s 30% cut in their bonuses thanks to the UK bonus tax. This is odd because: - Banks are not usually given to making mass retention payments unless they’re in the throes of a merger or moment of upheaval. - Credit Suisse doesn’t look like it can afford it. Its compensation ratio is already 50%... Read more

It won’t seem sufficient to readers of the Daily Mail, but compensation at Goldman Sachs is falling, and will probably fall even more before the end of the year. Thanks to a reasonably disastrous set of results, made worse by the bonus tax, the SEC settlement and a truly calamitous quarter in equities trading (revenues down 89% year on year and 84% quarter on quarter), pay prospects at Goldman Sachs are... Read more

If you tell a senior banker that between 40% and 60% of his or her bonus must be deferred over three to five years and that the cash portion will be limited to 20-30%, he or she is unlikely to bat an eyelid. After all, Bank of America reduced the cash component of its bonuses to just 15% last year, and most banks deferred at least 50% of 2009 bonuses... Read more

In advance of tomorrow’s UK budget, next weekend’s G20 meeting, and the likelihood of further measures to curb banking pay and profitability, here’s a quick roundup of where we are right now in terms of global banking punitive rankings. Notably, the most worst place so far is probably Holland. However, the EU is keen on coming in close behind. 1) Holland Dutch banks adopted a new voluntary code of conduct in September... Read more

According to headhunters, there may be a reason other than unbridled optimism for the spurt of big name job moves since April: guarantees. With the global outlook looking increasingly uncertain (note the recent speech by Soros on Act II of the crisis), and the suspicion that the UK government will levy a tax on all non-guaranteed bonuses in the June 22nd budget, now is the time to ensure that your 2010... Read more

Independent asset managers are feeling the pressure to increase base salaries in a bid to counter perceived competition from investment banks. However, this may not be such a wise move. Investment banks' remuneration shake-up is no secret – with most drastically increasing base pay to counter restrictions and increased taxes around bonuses. Within their asset management functions, basic salaries have increased by 30-50%, according to various headhunters. Independent fund houses, which have... Read more

If the European parliament gets its way, hedge funds will soon be required to defer 40% or more of their bonuses. They will be obliged to do so over a period, ‘which is appropriate in view of the lifecycle and redemption policy of the fund.’ And they may be obliged to defer 60% of bonuses where the amounts under consideration are considerable. The proposals are contained in a document known as... Read more

Until last Friday, David Laws had achieved the kind of life most people in banking can merely dream of. After getting a double first in economics from Cambridge, Laws went into trading. He joined JPMorgan aged 22, where, if The Guardian is to be believed, he was made a VP within the year (this was 1987). It was while he was at JPMorgan that Laws appears to have made his money.... Read more

With the UK coalition government poised to announce measures to ‘tackle unacceptable bonuses’ in today’s Queen’s Speech, banks won’t need much excuse to suppress cash bonuses this year. Their job may be made a little easier by what we understand are the ‘challenging’ budgets that have been set in some product areas. After an unbelievably good year in 2009, some desks are rumoured to be struggling to meet revenue targets... Read more

As a note from Deutsche Bank points out (via Alphaville), things were looking bad last week. Things were looking a little Lehmanesque. Whether today’s new and improved situation can endure will become apparent over the next few months. In the meantime, however, anyone working for a bank in Europe who has several years’ bonuses tied up in the stock of their employer owes Europe a big thank you. Bank shares are... Read more

Credit Suisse and UBS have already increased salaries for their investment bankers. Recruiters say MDs at UBS can now get up to £330k and that MDs at Credit Suisse can now get up to £380k. However, if yesterday’s proposals from the Swiss government come to pass, salaries could rise even more dramatically. The Swiss government is proposing to prevent all bonuses above CHF2m ($1.9m) from being tax deductible: even if a... Read more

Techies in the high frequency trading space are a rare and, highly sought-after, commodity who can often command upwards of £500k for their services. At least that's the popular perception – sadly, this may have little basis in reality. OK, so we've also been guilty of perpetuating the theory that HFT techies are especially lavishly rewarded. However, with development roles in this areas becoming more commonplace, it's becoming increasingly evident that... Read more

Yesterday, Brady Dougan, chief executive of Credit Suisse, emerged as one of banking’s best paid CEOs. Dougan is set to receive CHF19.2m ($17.9m) in cash and stock for 2009, more than Jamie Dimon ($17m), Lloyd Blankfein ($9m), or Josef Ackermann (€9.6m or $12.8m). However, Dougan’s package pales into insignificance compared to the amounts some Credit Suisse managing directors in London are said to be expecting over the next few weeks. As the... Read more

According to headhunters, Deutsche has lost its head of European flow rates sales along with four other rates salespeople to UBS. It’s also said to have lost one other rates salesperson to Morgan Stanley. Kevin Arnold, the head of European flow rates at Deutsche, is said to have left for UBS, along with hedge fund salespeople Osman Ozsan, a VP, and associates Ivan Chalbaud, Rahul Stanchina, and UK real money salesperson... Read more