Citi, BoA raising base?
http://blogs.wsj.com/marketbeat/2009/05/27/citi-b…
How do you think this will affect comp at boutiques and other banks? New base pay space race?
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I hope not. The flip side is ovbviously smaller bonuses. I rather not, as the piece quotes: get upped from 250k to 400k in salary if it means my B drops from 1mln to 250K.
This is just another salvo in the effort to nationalize banking.
As a good friend would say: Good grief!
Another "effort to nationalize banking" - well, I'd actually rather have a higher part of my salary be fixed than variable in a down market for obvious reasons. I mean, as analysts, the variation is much less significant - instead of 50% of your comp being from bonuses, an MD makes up to 80% of comp from bonuses.
Keep in mind the clawback provisions, risk-lowering pay techniques, etc. that have been discussed by banking officials would NOT effect the vast majority of bankers, researchers, etc.
Not for analysts- this is for the high earners. Don't expect to see a change at the analyst level - yet.
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