Lunchtime Links: Drunken BarCap 'trader' claims everyone gets 600k, PAs get 60k

17 February 2011

2 minute read

Lunchtime Links: Drunken BarCap 'trader' claims everyone gets 600k, PAs get 60k

Just because someone happens to be drunk in a bar claiming they're a trader from BarCap, doesn't mean they are. Equally, just because that drunken person claims that they and all their trader friends earn 600k, regardless of their performance, doesn't mean they do. Nor can that person be trusted when they claim that even the PAs at BarCap are receiving 60k in addition to their base salary.

The Daily Mirror, however, came across someone drinking champagne in a bar this week who made all those claims above, and it printed them, verbatim. Project Merlin RIP.

Commerzbank has asked the UK's Court of Appeal to throw out claims made by 104 investment bankers who still maintain that they're entitled to receive around €50m in bonuses. (Financial Times)

Clifford Chance wants 350 new lawyers in Asia (The Times)

Citi's hired a TMT banker from Rothschild in the first of many probable attempts to rebuild its M&A team (Financial News)

Lloyds to close its equities unit (Reuters)

Watch the rush of JPMorgan investment bankers who want to work with Bill Winters (Dealbook)

The impact of the UK's remuneration code on hedge fund managers (HedgeWeek)

What are the must read books for investment bankers? (Quora)

Pre-tax profits in BNP's corporate and investment bank are up 9% (Financial News)

Why isn't Wall Street in jail? (Rolling Stone)

Wife rating scale circa 1964 (The Atlantic)

AUTHOReFinancialCareers UK

Insider Comment

la
lasusulu
17 February 2011
yes - pls specify a bit clearer - trading what? how long and where? the profession of 'trading' suffers from idiots bandying the word around like it is a tea bag. one can also use the term to describe a market stall and the selling of those goods. that is a trade - and let us not forget the South Seas Bubble Scandal - that was the trade of human lives............wonder what the remuneration prospects were like on that?
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De
Deputy Assistant
17 February 2011
I am an assistant to an assistant and I got 100K.
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To
TopDog
17 February 2011
600K...He must be very junior
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an
anon
17 February 2011
flow traders get .5-2% of p&l , prop and difficult franchise (liquid markets where the p&l does not come primarily from customer flow) get 5-12%.
for a medium term rates trader to get 1m the would need to make 50m+ in p&l. rainmakers generate huge numbers for the firm and get paid a small fraction of it. most traders get very little more than their base salary (especially now with large bases)
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Vo
Voyage of the Dawn Trader
17 February 2011
"tarders" - now THAT is a Freudian slip!
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