Sunday, June 21, 2009
Patrick Jenkins in London and Francesco Guerrera, FinancialTimes.com,
Patrick Jenkins in London and Francesco Guerrera, FinancialTimes.com,
Bankers’ pay soars in attempt to halt exodus
Wall Street names that have been among the most buffeted in recent months are hiking pay for their top investment bankers in an attempt to stop an exodus of talent.
While base salaries are rising fast, banks are also, once again, offering guaranteed bonuses to staff approached with lucrative offers by rivals. Bank of America, for example, has seen off attempts to poach top Merrill bankers by matching or bettering offers.
Regulators should be concerned – increasing basic pay and guaranteeing bonuses run directly counter to their efforts to push performance-based compensation reform.
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Posted by Editor on 06/21/09 at 09:17 AM •
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