As it turns out, working for a failed investment bank may have been the best deal going on Wall Street this year…if you kept your job.
Reuters: Bear Stearns and Lehman Brothers executives that survived the collapses of their firms and found new jobs should get bigger bonuses than their peers at Goldman Sachs Group Inc, a compensation consultant said on Thursday…
Individual payouts will vary widely, depending on location, business line and firm. Suddenly Bear and Lehman Brothers Holdings Inc executives who were recruited by other firms may enjoy an advantage over their counterparts at firms that survived the credit crunch.
“The fact is that retained professionals received guarantees from JPMorgan Chase, Nomura (Holdings Inc) and Barclays to stick around through the end of 2008,” Options Group wrote. “In the case of Lehman Europe and Asia, Nomura attempted to convince these professional to stay through 2009 as well with additional cash guarantees.”
Similarly, brokers at Merrill Lynch & Co Inc will fare better than their firm, which fled into the arms of Bank of America Corp. Merrill brokers have been offered up to 100 per cent of their annual commissions from last year as retention bonuses.
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