Merge This, Baby: M&A Bonuses Up, Bonds Down

We must confess to being asleep at the wheel and missing last week’s Heard on the Street column echoing bonus season pay predictions that we’ve seen elsewhere recently:

For an investment banker at the managing director level, a senior post on Wall Street, that will translate into an average pay package of between $2.2 million to $3.3 million this year. A global head of investment banking could pull in on average anywhere between $7 million to $10 million.

The study estimates that bonuses won’t be so hot for some in the bond crowd. Traders and others who focus on convertible and junk, or “high yield,” bonds are more likely to see their paychecks shrink by about 10% on average as their business wasn’t as good in 2005 as in previous years. For a managing director level convertible-bond trader that will translate into a 2004 pay package of $700,000 to $900,000 on average.

From Heard on the Street column, WSJ, 11/8/2005.

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