Comments (67)

Apr 29, 2010

i am glad i dont work for them

Apr 29, 2010

is this for real? wow...

Apr 29, 2010

mac2000 i assume you work for Macquarie... an accounting level bonus is just tragic...

but it's all about the exit opps right guys?!!!!!

=========================================
We are excited to formally extend to you an offer to join Bank of Ameria

Apr 29, 2010

is this for all-in or bonus only? If it were bonus only, I think these are above market. Think of a 1st yr getting "low teens" for bonuses? That's like almost 120~200% of base.

Apr 29, 2010
BankerKing:

is this for all-in or bonus only? If it were bonus only, I think these are above market. Think of a 1st yr getting "low teens" for bonuses? That's like almost 120~200% of base.

???

Apr 29, 2010
BankerKing:

is this for all-in or bonus only? If it were bonus only, I think these are above market. Think of a 1st yr getting "low teens" for bonuses? That's like almost 120~200% of base.

wtf are you saying

Apr 30, 2010
BankerKing:

is this for all-in or bonus only? If it were bonus only, I think these are above market. Think of a 1st yr getting "low teens" for bonuses? That's like almost 120~200% of base.

Dude.. READ what you just wrote...

Apr 29, 2010

he is saying his base is around 5k.

Apr 30, 2010

LOL

Apr 30, 2010

did you mean the bonus for Macdonalds?

Apr 30, 2010

This is awful...

Apr 30, 2010

I think Banker/Burger king has an issue with math. He/she probably misuderstands the numerical figure for "teens" and "20s", interpreting teens as 10-90k range and 20s as 200k+ range.

Its going to take a lot for you to get your credibility back on this forum. lol

Apr 30, 2010

Is this US or AUS?

Apr 30, 2010

I call BS.

Apr 30, 2010

is this BO/MO? Low to mid 20s for Associates... I dont believe thats true for IBD

Apr 30, 2010

Nonsense. Bonuses in Sydney are at least double this and I can't believe they'd be lower in NYC.

Apr 30, 2010
Djalminha:

Nonsense. Bonuses in Sydney are at least double this and I can't believe they'd be lower in NYC.

Their Sydney office is a top 3 player with a presence in nearly every major deal in the country. Their NYC office is a ridiculed mid-market shop that struggles to secure a place in the lower half of the top 20 league tables (landing #18 last year). So I can definitely believe that NYC bonuses would be WAY lower but not of the order mentioned by the OP.

Apr 30, 2010
2226416:
Djalminha:

Nonsense. Bonuses in Sydney are at least double this and I can't believe they'd be lower in NYC.

Their Sydney office is a top 3 player with a presence in nearly every major deal in the country. Their NYC office is a ridiculed mid-market shop that struggles to secure a place in the lower half of the top 20 league tables (landing #18 last year). So I can definitely believe that NYC bonuses would be WAY lower but not of the order mentioned by the OP.

Fair point. I would have thought this effect would be netted off by pay in the US generally being a lot higher, but could very well be wrong - I don't know anyone that works at Macquarie in New York but certainly their pay in London and Sydney has remained decent the last couple years (albeit well down from '06 and '07).

I will also second the above posters point about Macquarie generally not being considered a great place to work - most former employees I know hated the place and the guys still there don't speak too highly either.

Apr 30, 2010

from today's wsj:

"Stuck in a rut, Macquarie Group is taking it out on its employees.

The Australian investment bank's profits for the year ending March were in line with expectations. Return on equity of 10% was unchanged from a year ago.

A cut in employee compensation gets the credit. Macquarie paid employees 40.9%of its earnings in the second half of the fiscal year. This may not be great for employee relations, but it'll do wonders for investor relations, considering that when it paid out 45% of income to staff in the first half, shareholders weren't pleased.

The high payout level harkens back to the days preceding the global financial crisis, when Macquarie was generating ROE above 20%. Always self-assured, Macquarie's management is promising its compensation ratio will rise back to historic levels of 45% to 48% as business improves. But ROE is a key determinant of employee pay.

The bank says its cash balances are to blame for the damped ROE, but also that it will keep those balances high in the year ahead. So it is going to take an impressive rebound in earnings to improve that metric. Just where that'll come from remains unclear.

It has had some successes recently. On the investment-banking front, Macquarie's role as an underwriter of the massive Hong Kong listing of Agricultural Bank of China was a surprise. In a dual Hong Kong, Shanghai listing, Agricultural Bank is expected to raise more than $20 billion.

And eventually, Macquarie's investments over the past year or so -- $2 billion for a portfolio of airplanes from AIG's aircraft leasing division in April, an energy-trading firm in Canada, and a boutique investment bank and asset manager in the U.S. -- will yield results. But this will take time and further investment. All the while, competition in each business line is rising.

In years past, Macquarie's been known in Australia as the millionaire's factory. It might be a while before it gets that designation again."

Apr 30, 2010

well, at a mm bank, that's what you get

mac isnt all that great to work at in aus. i'm pretty sure the pay is lower than the others. their whole mindset is being australia's best; they can't think too hard globally because they can't compete

btw, i hadn't read a post from PJC in a while. great to hear from you again :)

Apr 30, 2010
zbb:

well, at a mm bank, that's what you get

What? Is this true? What kind of MM bank?

And if these are the real figures for Mac, then I feel sad for the analysts/associates.

May 9, 2010
zbb:

well, at a mm bank, that's what you get

Not necessarily true. I recall CompBanker saying he had made significantly more than his counterparts at BBs. This was for 2007 and 08/09 during the whole recession.

Apr 30, 2010

Its hard to believe the bonuses are that low... but I guess it's possible. In any case, I don't think this is at all representative of what the bonuses will be like at other banks.

Apr 30, 2010

Yes, these are US figures... and trust me, they ARE the right numbers - I work there (unfortunately).

Apr 30, 2010
mac2000:

Yes, these are US figures... and trust me, they ARE the right numbers - I work there (unfortunately).

I stand corrected. Commiserations buddy. Time to look for a transfer to the Sydney office....

Mind you I practically got a goose egg last year so you're in good company :)

Apr 30, 2010

mac2000 are these numbers typical? (not sure how long you've been there)

Apr 30, 2010

...and to clarify, these are for IBD, not for MO or BO. Not sure about Sydney numbers thought, could have been higher.

Apr 30, 2010

What group are you in though?

Apr 30, 2010

I am sorry, but I am still highly skeptical...

Apr 30, 2010
MoneyKingdom:

I am sorry, but I am still highly skeptical...

There's clearly quite a few discontent former Macquarie employees around so skepticism beyond the norm on this is definitely warranted.

Apr 30, 2010

These are in line with Singapore and Hong Kong IBD numbers we received today. Morale has been completely destroyed. No one on the floor believes in this company anymore. I am waiting for the exodus come late May when our tiny bonuses hit the bank accounts.

Any person here who thinks I am lying should contact their friends or headhunters in Singapore and Hong Kong. I implore you to do so!

Apr 30, 2010

... i thought i read an article today stating Macquire has a ton of cash ready to be used for acquiring companies.

Apr 30, 2010

SAD TIMES! Are they on a twice a year payout structure? Are these 1/2 year numbers?

Apr 30, 2010

These are full year numbers!
Macquarie releases annual bonus numbers in late April/early May and pay during end of May.

We are not seeing any of the cash on the balance sheet.

Apr 30, 2010

Macquarie pays semi annual bonuses. Those are definitely NOT full year numbers

Apr 30, 2010

How I wish you are right!
Yes it is hard to believe. Yes those are definitely full year numbers. I'm looking at the pdf right now. It starts by reading:

"2010 Remuneration Review
"This summary confirms your annual Remuneration effective 1 July 2010. The breakdown of your discretionary Profit Share allocated for the year ended 31 March 2010 relates to your service"

I have a similar pdf from last year around this time. It is really just once a year. Macquarie also does not adopt New York's June (analyst) and Dec (associates and up) bonus system. Everyone gets their numbers in late April or early May and gets paid by end of May.

They are real my friend. It is really that bad. A lot of us are still in denial.

Apr 30, 2010

Hopefully the base salary is a good 100k.....though i doubt that's the case for first years

Apr 30, 2010

their base is the same as everyone else.

can mac or someone confirm that it's only a semi annual number though

Apr 30, 2010

i think all of the BB people on this board need to start a charity or pass a hat to help out these poor folks =)

Apr 30, 2010

^ hahaha that's a good one.

Apr 30, 2010

I can confirm these are not semi-annual. Macquarie pays bonus once a year like NeoGen said. And yes, they are ridiculously low. Trust me, those of us who work at Macquarie realize it better than anyone else..

Apr 30, 2010

wow, macq is worse than ubs (25k bonus in 2008/2009)

Apr 30, 2010

What sort of hours are IBD guys at Macquarie working? Are the hours at least not as bad? Analysts in NYC must be barely getting by with these kind of bonuses.

May 1, 2010

sorry mac2000... this really blows..

May 1, 2010

they aren't quite as bad, but they are not $80,000 better either...

May 1, 2010

Are these middle office numbers? Why do people work there

May 1, 2010

Cutting the lower tier bonuses makes sense, I'll bet the VPs/MDs still got paid to retain.

May 1, 2010

no, they are not middle office. it's all IBD. regarding your point on retaining VPs/MDs, there were VPs who got paid way below 100K. so much for retention..

May 2, 2010

Condolences, guys.

May 2, 2010

Doesn't seem like Macq in Aust is affected?

http://www.theage.com.au/business/a-lick-of-paint-...

A lick of paint for the factory: Macquarie 2.0 May 1, 2010

For all the soul-searching wrought by the financial crisis, not much has changed at the investment bank, writes Michael Evans.

T
here is nothing like a financial crisis to create an identity crisis. Two years after it skirted the precipice of the global credit crunch, who, or what, is Macquarie Group?

Gone are the listed infrastructure satellites and the fee-generating external managed funds model. Long gone is the boom-time boss, Allan Moss.

Presenting the bank's 2010 full-year result in his latter-day role as chief austerity officer, Nicholas Moore seemed more certain of what Macquarie was not.

With Goldman Sachs fingered in a US Senate inquiry this week for its role in the credit crisis, Moore was asked if self-righteous Goldman executives were claiming they were doing God's work, how did he respond to suggestions that Macquarie was doing the devil's work.

''We're not Goldman Sachs,'' Moore assured his audience.

Well, not that much like them, given Macquarie's accounts directly compare the bank with Goldman when it comes to setting Macquarie's rapidly rebounding remuneration levels.

After all, comparisons with other industry peers are a little more difficult these days, the bank's accounts show.

''As a result of the changes in the investment banking landscape, Macquarie considered its peer group in light of the absence of Babcock & Brown, Bear Stearns and Lehman Brothers.'' All gone to meet their maker.

Macquarie was bolstered by the use of the Australian taxpayer's AAA-rated government credit rating to help it raise money overseas and by the short-selling ban on financial stocks. But it was forced to change.

Just three years ago, the listed investment bank made about a quarter of its money from fees through the listed managed fund model. Moore has been busy recasting Macquarie and it is now beginning to resemble something far different.

Asked to describe it, he said: ''There are elements of our business that are very much investment banking style, commercial banking, funds management.'' On top of that, it has been buying energy trading and asset management businesses in the US, taking market share on Wall Street, where investment banking has been brought to its knees.

Macquarie 2.0 sounds an awful lot like a traditional investment bank.

And that is something for the market to consider when determining how to value the business these days.

But Moore isn't finished re-inventing Macquarie. Analysts still want to know what's next and even how a bank with the moniker of the Millionaires Factory manages the cycle of boom times and hubris.

''That's a very good question, in terms of what's Macquarie,'' he said. ''Fortunately, that's your job, not my job, to come up with comparisons.'' Just the answers.

Some things, however, get back to normal more quickly than others. Moore's salary, for one, is almost back into double-digit million-dollar territory. And the millionaires factory is hiring again. Prestige car yards and real estate agents can breathe easy.

May 2, 2010

VPs making first year analyst level bonuses... tough to imagine....

May 2, 2010

For those in the know re: HK, Singers equity research ... are the numbers above indicative? (Is equity research part of IBD?) How did research bonuses compare with average figures one can find on the Institutional Investor website, i.e. industry averages?

Thanks in advance.

May 2, 2010

GutShot: Yep, sad but true.

May 2, 2010

Opihiman: I heard Hong Kong equity research did 'well' compared to IBD. One research analyst at VP level received approximately 110K in bonus

May 3, 2010

To those analysts in IBD, are people planning on leaving the firm? or do you think that this was just an off year that will inevitably make a turn for the better next year?

May 5, 2010

What about those at the Fund side as opposed to IBD?

"Whenever I'm about to do something, I think, 'Would an idiot do that?' And if they would, I do NOT do that thing."
-Dwight Schrute, "The Office"-

May 6, 2010

this is terrible. terrible. how can anybody look anybody in the face over there? if my MM bank pays like that i will cry. i heard banks like lazard and merrill are still expecting 50k for top tier 1st years.

May 6, 2010
Cjl49:

this is terrible. terrible. how can anybody look anybody in the face over there? if my MM bank pays like that i will cry. i heard banks like lazard and merrill are still expecting 50k for top tier 1st years.

50k for top 1st years at Lazard seems low...

May 6, 2010

A bunch of guys from my bank left to go to Macquarie. Needless to say, they're trying to get their jobs back.

@Mezz - agreed; 50k was top bucket last year, with no market.

May 9, 2010

No surprise at these bonuses in the U.S. Macquarie has scrapped the investment model mainly due to lack of equity and poor performing assets in its funds and balance sheet and has instead decided to become a third party advisor. Traditional investment banking is very competitive in the U.S. and macquarie has only been able to advise on a few measly dealsaround $50 million in value, hardly anything to generate revenue. at the same time they have been trying to entice others on wall street to come work at macquarie. now there are lots of people and little revenue, so little bonuses. this will likely continue into next year as there's little hope of them landing a substantial amount of mandates. people will be likely starting to leave as there are better opportunities out there. best bet is to stay away from this place as Australians have little idea of how to go about things in the U.S. Australia and Asia are a different story.

May 10, 2010

Anyone know if there is a mass exodus of people from there?

May 10, 2010

if macquarie is not the primary advisor, then you would expect these bonuses.

This has nothing to do with MM bank. If your bank is Jefferies/HLHZ/RBC who are usually primary advisors, then the bonuses will be a little bit higher.

I don't think not that much higher though.

May 10, 2010

so why would anyone work here in their NY office?

May 12, 2010
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