Jefferies is paying cash bonuses (again). Remember the sting in the tail

Jefferies has reported its full year results. If you work at Jefferies they're not so bad: pay per head is $426k on an annualized basis, which compares fairly well to the $466k Jefferies was paying in 2012. Even better, Financial News reports that Jefferies will be paying its bonuses entirely in cash as opposed to deferred stock, or the sorts of 'deferred fixed income structured notes' used to pay managing directors at Credit Suisse.

As ever, however, there's a catch.

In 2011 and 2012, Jefferies' all-cash bonuses were contingent on individuals remaining employed by the bank for the entirety of the next twelve months. Anyone leaving during this time has to pay the bonus back. Something similar is almost certainly in place for 2014.