“The banks this year kept saying, ‘It’s a good year,’ ‘We just approved a lot of hiring,’ ‘The market is clearing up,’ ” Mr. Yankson said. “It was a completely different experience.”
Economy
05/25/2010
05/06/2010
05/05/2010
03/28/2010
Western banks pay out for Asia talent !
US and European banks are offering huge pay packages to hire top bankers in the Asia-Pacific region, in a sign that the compensation curbs pledged by financial groups after the crisis are already being eroded.
A shortage of talent combined with rivalry among banks to expand or rebuild operations across the fast-growing region has sent compensation levels for some bankers soaring to levels last seen before the financial turmoil, according to headhunters and bankers.
Banking chiefs said that, unlike in the US and Europe, where a public backlash forced banks to keep a lid on pay, the war for talent in Asia prompted many institutions to make lucrative offers to star recruits.
In the aftermath of the crisis, most banks pledged to reduce pay for staff around the world, tie compensation to long-term results and end controversial practices such as guaranteed sign-on bonuses.
Citigroup, Bank of America Merrill Lynch and UBS, which each received substantial state support during the crisis, are among those seeking to build their staff bases in Asia.
Industry participants said it was becoming common for senior bankers in niche areas to be offered multimillion-dollar deals, including the return of controversial “guaranteed bonuses” for one or two years.
The return of such packages and bonuses could spark furore among politicians and regulators in the US and Europe.
“Compensation for top bankers in Asia is generally approaching 2007 levels and in some cases is exceeding it,” said Philip Clayton of Clayton Asia, a search firm.
Bank of America and Citi have announced several high-profile recruits of late. Banks less badly affected by the crisis, including Standard Chartered, Barclays, Deutsche Bank and Nomura, are also fuelling competition for bankers with targeted hiring plans.
Some offers are being structured to guarantee large salary increases in the first year, with a “spoken” commitment in the second year, according to bank chiefs familiar with the matter.
“I am seeing astonishing salary offers made by banks crippled by the financial crisis,” said one regional chief of a top-tier investment bank.
Hiring banks say they have no option but to pay competitive salaries to attract staff to take advantage of growth opportunities in lucrative markets such as China and Australia, whose economies sailed through the downturn. Headhunters said regional specialists who cover sectors such as financial institutions or resources were in highest demand.
Industry participants said bankers with a proven ability to generate revenue in China were sought-after, with salary packages of $10m not uncommon.
País volta a ser oitava maior economia do mundo !
A recente crise mundial alçou o Brasil à condição de oitava maior economia do mundo em 2009.
Photo Albums
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