Does "star" trader always mean highest PnL in BB S&T

To be clear, I am talking about BB S&T specifically.


As a naive college student just a few years ago, I've always thought highest pnl must mean that BB trader is doing great.  But soon learned that BB's mainly do market making and do prop stuff under the guise of hedging.  The question is, if someone is labeled a "star" trader does that necessarily mean they made the most PnL or just really good at bringing in business and making quotes for clients.  

3 Comments
 
Most Helpful

I think it depends on the individual. Each person wants to maximise revenue attributable to them.

If you're head of a desk, bringing in more clients/commissions by offering them some good service is a better deal than taking on a lot of prop risk to generate the same revenue. If the markets implode then your desk still does well and you still get paid. Banks typically also prefer these kinds of businesses.

On the other hand, if you're a trader responsible for making markets in something, then the only way you can increase attributable pnl to you might be to take some risk. So in those cases, you'd need to have a big pnl through risk taking to get a big bonus and be labelled a superstar trader.

The nice thing about working at a bank from what I've gathered is you have a few choices as to how to generate pnl, and you aren't limited to deploying risk in the market.

 

monkey_wso_2019:

WSO isn't letting me see your comment but I got an email and saw your comment.  I got the question after reading this thread:  https://www.wallstreetoasis.com/forums/ex-bank-trader-now-running-crypt….  Do you think  most people called star traders are just great franchise employees? 

Specifically this part:

(2) I just wanted to trade without corporate/political bs. when you're trading at a bank, there are so many teams and people that have non-parallel incentives. Sales, traders, algo traders all want different things. What often happens is if its a key client, traders will be pressured by senior sales to take a loss with a business justification - I as a trader will take a loss, but by winning this trade from other banks, this key client will give us business elsewhere in the franchise (e.g. in banking or prime brokerage), so net, our firm makes money. Its a very hand-wavy, unquantifiable argument which we often have to do (and effects our year-end PnL), but its easy for sales to say since they deepen their relationship w client and make money. If you want to climb the corporate ladder, you will be LOVED for doing this as a trader. That's why traders now who get promoted quickly are not necessarily good traders in the sense that they make money - they're often just GREAT franchise employees (nothing wrong w that). I unfortunately just wanted to make PnL and morally couldn't agree that I personally had to take a loss for a client - if a client sees a better price from another bank, they should go there.

 

Laudantium possimus consequatur est culpa consequatur. Autem similique possimus voluptatum. Esse impedit deserunt id. Ad possimus nihil ea cupiditate ad. Nihil maxime possimus nulla tempore.

Fuga aut quod rerum rerum suscipit. Cupiditate eos cupiditate dolorem eos sint.

Pariatur voluptas ex pariatur molestiae et corporis maxime. Omnis quo alias molestiae cumque.

Career Advancement Opportunities

May 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.6%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

May 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 01 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.0%

Professional Growth Opportunities

May 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.6%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

May 2026 Investment Banking

  • Vice President (14) $434
  • Associates (43) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (75) $151
  • Intern/Summer Analyst (65) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”