eFinancialCareers

Could it be Goldman Sachs is the only place to go if you want to make really big money? “The typical head of natural resources investment banking at Goldman, who will be a partner, will be earning twice as much as his [or her] comparator at Credit Suisse,” says one headhunter. “Managing directors at other banks can’t compare their pay to that of Goldman partners – it’s a totally different dynamic.” The... Read more

2007 was a good year for Australian bankers, but that doesn’t mean they’re all seeing the fruits of their labours when it comes to bonuses. Australian investment bankers employed by US banks heavily exposed to the sub-prime credit crisis, such as Citigroup, Merrill Lynch and JPMorgan, are expecting bonus cuts of up to 10% this year. Carmichael Fisher consultant Oliver Darkes says bonuses in areas most exposed to the credit crunch in... Read more

A survey of over 15,500 asset managers shows UK and US money managers are paid the most, with Australians, South Africans and Swiss in the next league down. The annual salary survey by the CFA Institute, the organization administering the CFA exam, reveals considerable discrepancies in money manager pay across countries. UK asset managers earn the most, with median total compensation of $217,048. US money managers earn a median of $170,000. Swiss... Read more

The City of London is not the world’s only financial centre in need of banking compliance staff. Recruiters say banks in Sydney are eager to hire too. “Compliance hiring in Australia is very strong,” says Sarah Street, director of the legal division at Sydney-based recruiter Carmichael Fisher. “There’s strong demand for people with at least two to three years’ banking experience.” As in the London and New York, demand for compliance staff... Read more

Lifestyles traditionally associated with the comfortably rich are becoming unattainable to anyone but the staggeringly well off. Price inflation for luxury goods is five times higher than for standard products, according to the World Wealth Report by Merrill Lynch and Capgemini. The figures are based on the cost of living-extremely-well index by Forbes magazine and are broken down into ultra-luxury goods, such as private jets and luxury yachts, and standard luxury... Read more

2005 may have been a strong year for corporate takeovers in South East Asia, but senior M&A bankers in the region will continue to lag their counterparts in London and New York when it comes to bonuses. According to Bloomberg, takeovers involving companies in South East Asia (Singapore, Indonesia, Malaysia, Thailand and the Philippines), soared 36% in 2005, to A$71.5bn; data provider Thomson Financial suggests announced deals involving countries in Hong... Read more

A new salary survey points to high pay for risk and compliance workers in Sydney, compared to Hong Kong and Singapore. The annual salary survey from recruitment firm Robert Walters underscores the relatively high pay received by financial services staff working in Sydney. Sydney-based credit analysts earn an average of US$81k (A$110k), and senior compliance staff in the country are on US$88.5k or more. Not bad, considering housing costs in Australia... Read more

When it comes to salary negotiations, applicants and potential employers know how to play it tough. What’s more, it’s also not unusual to come across competing organisations playing hard ball with each other in order to win over a candidate. Jon Michel Executive Search was recently involved with placing a candidate in a buyside role, which saw the applicant’s salary increase from A$100,000 to A$200,000 (plus a bonus comfort was included).... Read more

Investment bankers have a contender for the title of Australia’s best paid profession: the country’s top lawyers have also been doing well this year. Thanks to increased corporate activity, pay cheques are apparently as high as A$1.5m. The law firms whose employees are included in the “million dollar-plus club” include Freehills, Clayton Utz, Corrs Chambers Westgarth and Baker & McKenzie. According to The Australian Financial Review these firms have been performing... Read more

The risks associated with running a corporate treasury are growing – and Australia’s treasurers need help. Gone are the days when treasury risk was focused largely on interest rates and foreign exchange. Recruiters say treasuries are now also having to deal with more accounting-driven risks – part of what is termed operational risk - and many just don’t have the skills to do so. Fuelling this growth in the past two years... Read more

Corporate deals have flowed thick and fast Down Under this year and that usually means fat bonuses for the rain-makers behind them. With most banks working through performance reviews ahead of the year-end, recruiters say bonuses could be 15-20 per cent higher than last year. Deals have hit a record US$150 billion, according to Bloomberg. “It’s been a very good year with some organizations hitting budget by the middle of the... Read more

There’s a good reason why Macquarie Bank is known as the “millionaires factory.” After reporting a 51 per cent jump in interim earnings earlier this month, the bank’s accounts show its salary bill also rose strongly, jumping from AU$1.2bn to AU$1.8bn. That’s an average of AU$201,494 for each of its 8,698 employees, with senior executives pulling in AU$150m combined. But in a year of record bank earnings and massive floats in... Read more

Australia’s top banking executives are being lambasted for taking home hefty pay rises. But their earnings are peanuts (or merely peas) compared to the earnings of their counterparts in the US. Who are the local fat cats? National Australia Bank’s CEO John Stewart has had a handsome 30 per cent pay rise, taking his earnings to AU$8.4m. Commonwealth Bank’s Ralph Norris is on AU$12m only months after becoming CEO. And Allan... Read more