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PAY NEWSBonuses down least in Dubai, most in London and NY10 November 2008By Sarah Butcher COMMENTSPersonally, due to the circumstances of my bank I am punting on 75% of base.... Read all comments »Not entirely surprisingly, bankers in London and New York are expected to suffer more than those elsewhere come bonus time. International financial services headhunter Options Group is predicting a 45-50% reduction in payouts in the two cities, while Dubai bankers will apparently see their pay chopped by only 10-15%.
Asia Pac staff are expected to fall in the middle of the two, with 35-40% reductions in bonuses predicted.
Eric Moskowitz, head of the compensation consulting practice at the company, says Dubai’s relative robustness is down to sovereign wealth funds, which have helped boost demand for M&A and ECM bankers locally.
Options Group is predicting that a second-year investment banking associate in London will earn a salary of £60k-£75k this year, plus a bonus of £100k-£150k. The comparable person in New York can expect US$110k-US$130k in salary, plus a bonus of US$170k-US$210k.
COMMENTSDopey, Investment Banking / M & A, Mon 10 Nov 08"..plus a bonus of .." in 2008 ? I really want that weed they're smoking at Options Group. Add your comment »Domenico, Information Technology, Mon 10 Nov 08Options Group is predicting that a second-year investment banking associate in London will earn a salary of £60k-£75k this year, plus a bonus of £100k-£150k. ???
Englebert Humperdink, Credit, Mon 10 Nov 08Options Group have really exposed themselves here. A 2nd year associate will NOT be earning that sort of bonus this year - they must have their heads buried in the sand - or be hyping up salary expectations to booster the employment market - an ongoing trick played by recruiters. Why internal recruiters don't negotiate fixed fee payments on all agency placements I dont know. This would take away any benefits for the agencies to talk up salaries... Add your comment »Options on higher bonus, Investment Banking / M & A, Mon 10 Nov 08That's ridiculous. 2nd year associates won't get more than £80k, max! Add your comment »SuperRich, Investment Banking / M & A, Tue 11 Nov 08Hmmm - ignoring the ubiquitous rant about bonuses being a travesty I would also like to state that, at least from the perspective of M&A, 1st and 2nd year associates will see bonuses of c. 70 - 100% of base max. So this will be in the range of £45 - £70k. I would be pretty surprised if anyone was getting more than that. Personally, due to the circumstances of my bank I am punting on 75% of base.... Add your comment »Dr Gloom, Investment Banking / M & A, Tue 11 Nov 08Frankly, I think you're all smoking people - the stark reality is that we potentially face big fat donuts this year. Don't be surprised if you don't even make bonus day. Wake up and smell the coffee! Add your comment »
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