Half a Million Bucks Doesn’t Buy Satisfaction Anymore
Euro-centric website Here Is The City reports on a couple of European banks that had good bonus seasons: With a total bonus pool of $1.9 billion, Barclays Capital’s average payout was a whopping $436,000; Deutsche Bank doled out $6.6 billion, or $492,000 a person. Funnily enough, the two firms ranked only eighth and twelfth, respectively, is a survey of bonus satisfaction. The highest ranked firms were Goldman, Credit Suisse and JP Morgan.
Who Paid the Biggest Bonuses? [Here Is The City]
Bonus Satisfaction Ratings [Here Is The City]
Veteran I-Banker Realizes Banking Sucks
We love a good lid-life crisis, especially when you can’t argue with the reasoning. Yesterday 18-year Wall Street veteran Kevin Roche resigned from his most recent employer, Wachovia, citing personal reasons.
“Kevin wants to change the course of his life and just get out of the industry,” spokeswoman Amy Jones said. “It was his decision. It’s a life choice.”
What she didn’t say was that, actually, it wasn’t that hard a decision. First of all, the lifestyle of an investment banker sucks balls; secondly, the dude has probably socked away a solid eight-digit number. So why the hell not?
Wachovia’s Roche Quits [Bloomberg]
Morgan Stanley Doubles Workforce in a Single Day!
Okay, maybe double is an exaggeration, but, come on, the bank has lost a friggin’ ton of people over the past several months. Morgan snagged Ashok Nayyar from Citigroup to be its co-head of leveraged and acquisition finance. The firm also brought over Martin Thorneycroft from Goldman Sachs to be an executive director in its European high-yield division. The hirings also coincide with James Gorman’s first week of work. As you may recall, Gorman has been sitting on the sidelines for six months since he bailed on Merrill Lynch. He is charged with reinvigorating Morgan’s lethargic brokerage division.
Morgan Hires Two from Rivals [NY Times]
Young Lawyers Get Raise, Still Make Jack Shit
In news that made Wall Street bankers and traders yawn, it has been revealed that legal giant Cravath, Sqaine & Moore has given its associates a--now brace yourself--$20,000 raise! Said one first-year associate reached at his desk at 3 a.m., “Great, now I can afford that 1/8 share in the Hamptons next summer that I’ll never be able to go to anyway because I’ll be stuck here doing some partner’s work for him.”
Sullivan Bonus Babies [NY Observer]
MBA Grads Sittin’ Pretty As the Offers Roll In
According to recruiting consultant WetFeet, MBAs have the upper hand these days when it comes to job hunt. Over the past three years, the average MBA candidate has sent out half as many resumes and seen his job offers double. And as for pay, WetFeet predicts that this year’s MBA crop will earn slightly more than the $106,587 in average base pay and signing bonuses that grads got last year. Of course, the grads had to drop about $150,000 on average to get those precious three letters after their name so most of them will need every last dollar to pay off their loans.
Jobs Heat Up for MBA Grads [9News.com]
