Local Talent Wooed By Double Pay By London Investment Banks
January 08, 2010 8:22 AM
London’s investment banks are luring back traders and analysts they lost to brokerage firms during the credit crisis, compensating for lower bonuses by as much as doubling base salaries.
“The banks are killing the boutiques,” said Daryl Bowden, co-chief executive officer of ICAP plc (ADR) (OTC: IAPLY) equities unit in Europe and Asia. The London-based firm is the world’s largest broker of trades between banks. “They’re doubling salaries and offering above-average compensation. Banks today have limited risk so people can work there without fear.”
For instance, David Knight, who left Citigroup Inc. (NYSE: C) to join ICAP Equities in February 2008 as a sales trader, will join UBS AG (USA) (NYSE: UBS) this month to lead a team of salesmen catering to hedge funds.
