eFinancialCareers

What if you're not satisfied when you get your bonus? Could you negotiate for more? Success is rare, and it could be a dangerous path to pursue. “In 20 years at Goldman, I never once saw anyone renegotiate their bonus after it had been announced, ever,” says one ex-head of department at the bank, which is paying US$16bn in bonuses this year. “Bonuses are decided in October and it’s not done... Read more

It’s bonus time for many investment banks in Australia, and that means it’s poaching time as well. As the very top performers form a queue outside the Ferrari dealerships of Melbourne and Sydney – looking for ways of spending their AU$2m-plus bonuses, banking recruiters say others who might have been disappointed with their payment are more likely to be dusting off their CVs. “Around this time of the year, you’ll see... Read more

Do you want next year’s bonus ahead of time? Hiring banks are said to be increasingly willing to buy out the bonuses of the staff they’re hiring. Given that US banks have only just paid out their bonuses, it may be a little early in the year for US bank employees to have their bonuses bought out for the whole of 2007. But if you work at the likes of Mitsubishi... Read more

The mining boom in Western Australia has enabled Perth to leap above its eastern state rivals as the home of the highest base salaries for credit analysis in Australia. A survey by recruitment firm Robert Walters shows that the salary range for credit risk analysts in Perth with less than two years' experience is now AU$55k to AU$80k, leapfrogging the traditional leader Sydney (AU$55k to AU$65k) and the other eastern seaboard... Read more

Tied in to your existing employer? You’re not alone. A survey conducted by Ernst & Young has found leading employers are opting to defer the payment of short-term incentives such as bonuses in a bid to keep their best executives for longer. The survey found that 40% to 50% of larger companies, including banks and financial services groups, were now likely to defer bonuses – which in the case of leading investment... Read more

Equity markets may be volatile, but fund managers are still laughing all the way to the bank. Recruiters say salary packages for fund managers are on the rise, with bonuses now topping 100% of salaries. Top packages for experienced fund managers are now said to be in the region of AU$500k, including bonuses. Below the top tier, packages of AU$250k to AU$300k are not uncommon. “Salaries can go right up to half... Read more

Babcock & Brown have taken the art of incentive payments to a new level. Bonus payments for senior executives often reach two thirds of total rewards, or possibly for the occasional individual. In 2006, however, Babcock appears to have established a new benchmark of at least 90% for its senior executives – and recruiters say other employers are taking note. The company’s annual report reveals that all the investment bank's senior... Read more

There’s nothing better than cash in the hand – or at least a big fat bonus. A survey just conducted by Hays found that two thirds of respondents prefer a high cash component in their salaries these days over non-cash benefits. That compares with 42% who said they preferred cash when the survey was last conducted in April 2006. Matthew Gowan, senior manager of Hays Banking, says the candidate shortage has resulted... Read more

If you're a banker looking for work in Australia, now is the time to be doing it. But accountants should stay put. According to the Olivier Internet Job Index, the number of banking jobs advertised on the net rose 10.3% in the last month – and 43.14% in the last 12 months. This compares to an increase across all sectors of just 1.18% in the last month, and 38.96% in the... Read more

Psst! Those credit analysis skills might get you out of the back office – if you're good. Booming markets and lots of debt mean banks need relationship managers and product specialists. But, says Christine Kwan at recruiter Michael Page, relationship managers and product specialists now need to be able to do credit analysis as well. ''All the banks are recruiting. We've been very busy in this area in the past couple... Read more

One measure of Singapore’s desperation for private banking talent is the sudden popularity of the city’s elite hairdressers. According to one banker in Hong Kong, recruiters at rival outfits have been trawling the city's finest salons in the belief that crimpers used to tending the hair of the rich and famous can easily make the transition to private bankers managing their money. If you're capable of dealing with the tribulations of... Read more

With staff turnover in Australia's financial services industry increasing, firms are being forced to offer employees a stake in the business. Many in Australia's financial services industry looked on with envy at the stunning success of the float of fund management group Platinum Asset Management in May. Predictably, those at the top of the pile came off best. The Platinum IPO created a multi-billionaire out of founder Kerr Neilson, whose stake in... Read more

They're nothing new in the northern hemisphere, but guaranteed bonuses are now available here too. 'Guaranteed bonuses' are when banks commit to paying a specified level of end-of-year bonus, rather than leaving it to your performance or the foibles of the market. From banks' perspective, they're a way of enticing scarce talent to come and work for them. Throwing in a guarantee can also prevent existing staff from leaving to work... Read more