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| Date: |
08 Oct 2008
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| Name/Email: |
Henry ()
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| “Commercial banks have tended to pay 25-30% less than investment banks,” says Michael Karp, chief executive of international search firm Options Group. “That made investment banks attractive places to work, but that sort of glamour is fading now that everyone’s turning into a commercial bank.”
But then, what about the IB arms of places that already were retail banks like Citibank - will pay be the same as usual there? |
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| Date: |
08 Oct 2008
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Anon ()
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| They will still be hig enough for it be a very attractive sector. Smart people will still make money. Alarmist headings like these serve no purpose. |
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| Date: |
08 Oct 2008
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Measly 1.5m?? ()
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| Ha!
Its all encompassing, generic, fearmongering comments like that which symbolise why companies such as BofA have never been worth the buildings they occupy, and they never will. If Ken's so clever, why doesnt he take a step back and realise at that rate young adults will forget the gruelling hours and effort required in i-banking and just strive to become partners in law/accountancy firms instead! 9-5, £1million/year.... keep your job mr lewis. If you think anyone earning a city salary is likely to take a 50% cut in pay for anyting longer than the following 2-3 years, think again. |
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| Date: |
08 Oct 2008
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Mr. Insightful ()
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| Pay at Citi, JPMorgan, BofA and other universal banks will inevitably be a lot lower this year than last year. Broadly, those banks have tended to pay less than pure investment banks even in a good year, so pay will now gravitate towards that lower level. |
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| Date: |
08 Oct 2008
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Studmeister ()
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| Measly thinks lawyers and accountants work 9-5. HAHHAHHAHAhAH!!! |
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| Date: |
08 Oct 2008
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Ben ()
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| During the boom Citi / JPMorgan had to keep up in terms of compensation with Merrill / Morgan / Goldman to attract top talent. But they did not like it nor did they want to pay. Now that everyone is a commercial bank Citi / JPMorgan feel vindicated. Citi / JPMorgan dictate the rules of pay now and it is going to be LOWER for several years to come. Get used to it. |
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| Date: |
08 Oct 2008
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Measly 1.5mil ()
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| Im sure 'studmeister' is a high-flying corporate litigation lawyer for freshfields who has slicked back hair and works 8am-11pm every night for 36k, but ive worked in both a big four and done work experience at a law firm just outside MC. Most partners do work 9-5. and half of that is client lunches. its the grads and managers who get molested. glad i made you laugh though studmeister, you go stud some girls. |
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| Date: |
08 Oct 2008
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Anon ()
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| @ BEN - You say it as though bankers will be paid less than their counterparts in other inustries. Truth is even with a lower pay they will rake in more than most people can only dream off. They were vastly overpaid , but salaries will never touch the gorund else they will go and make their money elsewhere. By the way are you a finance graduate that nver got called for an IB interview ? |
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| Date: |
08 Oct 2008
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CDO Man ()
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| How Ironic. Wasnt BoA one of the highest payers during the CDO Boom?
I had graduates with one year structuring experience from my team leave my top tier firm to go to BoA back in 2006 for good 6 figure packages. From what I saw they paid well over market levels to entice candidates during the time they were building up there CDO business. |
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| Date: |
08 Oct 2008
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Ex-IBD ()
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| Too many people were giving up becoming doctors / physicists / engineers etc to go into banking purely for the money. This is a good time to reconsider priorities. If you do love finance, you would not be doing it purely for the money. The new regulatory regime and public backlash against bankers will ensure that the next few years will be a much tougher time in terms of renumeration (much higher than the general public though) and it is good actually that some sanity came back to the market. Was what we did that much better for the social good than a doctor or scientist? I didn't think so! |
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| Date: |
08 Oct 2008
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h ()
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| Prentending that lawyers at top firms work 9-5 is just idiotic. Lawyers were actually very busy before the current crisis and are even busier now (ok, save for structured finance / securitization teams). |
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09 Oct 2008
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Tarquin ()
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| Partners at successful law firms do not work 9-5, and anyone that believes this is either being very stupid or totally naive. My brother is a partner at a mid-tier law firm and easily works 75 hour weeks. |
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| Date: |
11 Oct 2008
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J ()
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| Hedge funds are the new investment banks.. Expect a lot of smart people moving from banks to hedge funds, especially if pay goes down. |
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