Asset managers might be closing the pay gap on investment banks, but when it comes to the remuneration of the head honcho, there’s no contest.
The best paid CEO on Wall Street is Mario Gabelli, the boss of GAMCO Investors, who received $88.5m last year. Stephen Schwarzman, CEO of the Blackstone Group, was second with $88.5m, according to new rankings from SNL Financial.
By comparison, investment banking CEOs have been left short-changed. James Gorman at Morgan Stanley got a mere $23.7m, while Lloyd Blankfein was a close second with $22.1m. Overall, asset management CEOs were paid more than any other sector in the financial services industry.
With such figures being bandied about, the pay of new analysts in investment banking seems relatively tiny, even if it outstrips any other industry when it comes to starting salaries.
Morgan Stanley and Goldman Sachs are once again topping the table, according to figures release by pay benchmarking website Emolument.com, with £71k ($111k) total comp, but they’re on a par with Deutsche Bank and UBS, with Credit Suisse a close second.
But if the prospect of a guaranteed income is more tempting than a bonus payment, there are other options. Deutsche Bank pays the highest salary at £56k ($87.3k), but HSBC, UBS and Credit Suisse all pay £55k ($85.8k) and Citigroup – near the bottom of the pile on total comp – pays a £53k base, suggest figures.
Barclays and Nomura both reported their quarterly results yesterday. How do their hiring and pay strategies compare?
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Barclays wants to focus on the UK and U.S, but can’t compete with North American investment banks, says chairman John McFarlane: They have the scale that we no longer have to be global, so we are going to have to focus on our core US and UK markets and our feeder network elsewhere.”
Resume No-Nos (Quartz)
Google receives up to 50,000 resumes a week. Not surprisingly, it’s recruitment team is intolerant of mistakes.
Despite the cutbacks Barclays continues to hire big name investment bankers. It’s just hired for its private equity advisory team.
Yeah, Right (Quartz)
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New technology allows office workers to signal their availability through red and green lights, thus avoiding all communication in open plan offices.
Skewed Perceptions (NYMag)
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Quote of the Day:
“Wall Street people are creatures of habit and want their lunches on their desks at the exact same time every day. Take the lunch order early and make sure you know how long the delivery takes after placing the order. Too early is just as bad as too late,” intern success depends largely on lunch retrieving abilities.