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 华尔街的投资银行家，交易员们今年预期收入多少？ |
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Xiaomaomao
[博客]
[个人文集]
头衔: 海归中校
声望: 学员
性别: 
加入时间: 2005/11/21
文章: 161
来自: New York, U.S.A.
海归分: 39015
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作者：Xiaomaomao 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
贴一篇今天华尔街日报的文章，和大家分享这公开的秘密。 下次有人告诉你 Morgan Stanley 香港的朱X去年赚了六亿港币（八千万美元），可别相信，他的纽约总部的老板“只“赚了一千万美元。 有人告诉你，有个二十来岁的女孩年薪四十万美元，也别怀疑她是个二奶，先问问她是不是一家著名投资银行的Investment Banking Associate or Sales and Trading Associate.
Wall Street's Green Christmas
Investment-Firm Bonuses to Rise 10% to 20%
After Year of Soaring Revenues, Profits
By RANDALL SMITH
November 7, 2006; Page C1
Stock-market records, a bumper crop of corporate buyouts and the highest Wall Street profits in six years mean investment bankers and traders can expect 10% to 20% higher year-end bonuses -- roughly the same increase as last year.
Bonuses will rise 15% to 20%, according to estimates in a study to be released this week by Options Group, a New York-based executive-search firm. Another survey, by compensation consultants Johnson Associates Inc., puts the bonus increase at 10% to 15%.
Wall Street can afford the raise because revenues and profits have soared. Net revenue, or revenue after interest expenses, rose 34% in the first nine months at the top five securities firms by revenue -- Goldman Sachs Group Inc., Merrill Lynch & Co., Morgan Stanley, Lehman Brothers Holdings Inc. and Bear Stearns Cos.
Although Wall Street has traditionally paid out 50% of net revenue in compensation costs, in recent years that percentage has slipped as some firms have sought to keep a lid on such costs. Despite the sharp rise in net revenue, the bonus-increase pace won't change much from 2005, Options Group Chief Executive Michael Karp predicts; in that year, net revenue rose 18% at the top five firms.
"Wall Street's had a very good year, better than people expected," says Alan Johnson, managing director of Johnson Associates. One reason, he said, was that the mortgage-securities market, which had been expected to swoon if real-estate prices declined sharply, held up surprisingly well.
As bonus season shifts into high gear during the next two months, the "biggest winners" will be investment bankers who work on corporate mergers and private-equity buyouts, Mr. Karp says.
Other winners include Wall Street professionals who work in prime brokerage -- catering to hedge funds -- and those who traffic in exotic instruments such as stock derivatives and structured credit, Mr. Karp says. With hedge funds continuing to flourish, aside from blowups such Amaranth Advisors LLC, a hedge-fund firm that had $6 billion in losses on energy trades in September, "the prime-brokerage wave is showing no signs of slowing down," the Options Group report said.
The bonuses set at year end constitute most of the compensation of top traders and bankers, who typically earn a base salary of $100,000 to $250,000. Except for a select few with guarantees, most Wall Street employees learn what their bonuses will be in November through January, depending on when their firm's fiscal year ends.
For senior bankers with the title of managing director, this will translate into an average pay range of $2.2 million to $3.8 million, according to the Options Group report. For entry-level analysts fresh out of college, it means $130,000 to $150,000.
Geographically, bonuses will rise the most in Asia, followed by Europe and the Americas, the Options Group report says. Demand is particularly strong for talent in the "Bric" emerging-market nations: Brazil, Russia, India and China, Mr. Karp said.
Within the bond divisions at big firms, the greatest increases will come in commodities and structured finance, with the smallest gains in mortgage securities, investment-grade bonds and convertible bonds. Within stock divisions, winners will be in equity derivatives and prime brokerage.
However, one area that has slowed since the Amaranth debacle has been energy trading. "We saw a real drop in demand for energy-trading personnel after Amaranth," says Mr. Karp.
In the U.S. securities business, this year's pretax profits are expected to rise 45% to $25.6 billion, the highest level since the peak bubble year of 2000, when they reached $31.6 billion, according to data from the Securities Industry and Financial Markets Association. In that year, not surprisingly, big bonuses were more concentrated in the technology area, Mr. Karp says.
One reason Wall Street employees can't expect bonuses to rise as much as revenues is that the number of employees has increased. In the first nine months of 2006, the number of employees at Goldman, Merrill, Morgan Stanley, Lehman and Bear rose 5% to 173,200, as the firms have sought to expand.
For example, Morgan Stanley last week announced three separate investments in hedge funds. And Merrill Lynch recently bought a specialty investment-banking firm, Petrie Parkman & Co., to ramp up its energy-banking effort.
After overexpanding during the bubble, and then slashing in the years 2001-2003, Wall Street has "been slow to hire back, they've been more careful" during the current upturn, Mr. Johnson said. But now "they're hiring again," he said. "They realize that the bench is not as deep as it needs to be."
作者：Xiaomaomao 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 华尔街的投资银行家，交易员们今年预期收入多少？ -- Xiaomaomao - (5184 Byte) 2006-11-08 周三, 10:01 (3342 reads) - 赞一个 -- 曾经有一条鱼/ - (6 Byte) 2006-11-08 周三, 13:05 (637 reads)
- 谢谢分享 -- tahiti - (22 Byte) 2006-11-08 周三, 11:55 (580 reads)
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