2017 2018 Global Financial Markets Overview ... Research & Analytics ‐ Risk Management Operations...
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Overview & Compensation Report 2017 2018 Global Financial Markets
Transcript of 2017 2018 Global Financial Markets Overview ... Research & Analytics ‐ Risk Management Operations...
Overview & Compensation Report2017 2018 Global Financial Markets
COMPENSATION DATA ANALYSIS METHODOLOGY
Estimates in this report represent the total compensation to be paid to employees at global financial services institutions. Total compensation is defined as base salary plus cash and non‐cash bonuses awarded for 2017. Compensation offered at industry‐leading, mid‐sized banks and specialty firms was also taken into consideration. Our estimates represent expected annual pay packages for the top 25% of professionals in their respective roles or specialties, and they exclude the top 1% of compensation ranges. Unless otherwise noted, estimates are in US dollars.
Forecasts incorporate general market conditions from January 1, 2017 to October 31, 2017. This report provides an in‐depth analysis of data gathered through information obtained from employees, market participants, consultants, clients, and other stakeholders, and offers forward‐looking compensation projections by product and geographical region. Percentage changes in compensation are based on employees’ expectations and Options Group’s perspectives on current compensation and hiring trends.
The Options Group 2017|2018 Global Financial Markets Overview and Compensation Report is the culmination of 12 months of work by over 190 global consultants and research professionals. It is intended to help our clients make informed, market‐based compensation decisions for 2018, and develop their human resource management plans and policies for 2018. OGiQ captured information on global business performance, key talent moves, recruitment trends, and compensation practices through its extensive and global database of over 600,000 industry professionals, interviews with senior executives across the industry, and various other data sources.
Options Group is able to provide thorough assessments of expected compensation for 2017 by product, asset class, and region. As the year draws to an end and institutions begin the process of allocating bonus pools and 2018 budgets, hiring managers and business unit heads may use these forecasts as a guide to employee compensation expectations.
The compensation data compiled by OGiQ in connection with this report was provided by employees and other stakeholders on an anonymous and voluntary basis. OGiQ does not maintain, disclose or have access to compensation information with respect to individually‐identifiable survey participants. OGiQ is not an employer or recruitment firm, and OGiQ does not make or participate in making any hiring, referral, or placement decisions with respect to any particular employee or candidate for employment.
DISCLAIMER
© 2017 Options Group. Any unauthorized use, duplication, sale, or redistribution of this compensation report or its content (“Report”), including, but not limited to, redistribution of the Report by electronic mail, posting of the Report online, and/or providing to a third party a link to the Report, is strictly prohibited, except with the prior written permission of Options Group. This Report is intended for reference purposes only. All compensation tables include estimated total pay levels for 2017 and include both base salary and bonus. We believe that the information contained in this Report is dependable, having been procured from primary and secondary sources through October 31, 2017. This information is provided on an "as is" basis. Options Group does not guarantee its accuracy, completeness, or fitness for a particular purpose, and nothing in this Report may be construed as a representation of such a guarantee. In the event that market conditions change subsequent to this date, Options Group claims no responsibility for the accuracy of this information. This Report is a single source of data in the overall analysis of compensation structures and the opinions presented herein are subject to change without notice. Options Group does not accept any responsibility for liabilities arising from the use of this Report or any of its content.
CHIEF EXECUTIVE OFFICER Michael Karp New York [email protected]
PRESIDENT Bob Reed New York [email protected]
CHIEF GROWTH OFFICER Richard Stein New York [email protected]
Carlos Mejia New York [email protected]
Simon Satanovsky New York [email protected]
Meri Miller New York [email protected]
Push Patel New York [email protected]
David Korn London [email protected]
Raveen Shah London [email protected]
Vinicius Bolotnicki São Paulo [email protected]
SENIOR ADVISOR Robert Flohr New York [email protected]
Andrew Bernstein Partner [email protected]
Harjeev Bhalla Partner [email protected]
Alan Blum Partner [email protected]
Ismail Daftani Partner [email protected]
SÃO PAULO
BOGOTÁ
David Korn Managing Partner [email protected]
Raveen Shah Managing Partner [email protected]
Graham Smith Partner [email protected]
Paul Tapp Partner [email protected]
ZÜRICH Simi Schaerer Executive Director [email protected]
FRANKFURT Diana Herpel Executive Director [email protected]
AMSTERDAM Christopher Cann Executive Director [email protected]
DUBAI Will Hauxwell Director [email protected]
SINGAPORE Tyler Jackson Executive Director [email protected]
MUMBAI Anil Sharma Executive Director [email protected]
Matt Pecheur Partner [email protected]
Niall Macdonald Partner [email protected]
Russell Kopp Partner [email protected]
TOKYO Noriko Hasumi Partner [email protected]
SYDNEY Adam Gillibrand Partner [email protected]
Managing Partner [email protected]
HONG KONG
MANAGING PARTNERS
NEW YORK
LONDON
Vinicius Bolotnicki
Table of Contents OVERVIEW ..................................................................................................................................................... 6 FICC Commodities ......................................................................................................................................................... 18 Credit .................................................................................................................................................................... 25 Rates ..................................................................................................................................................................... 32 Securitized Products ............................................................................................................................................. 39 Foreign Exchange .................................................................................................................................................. 43 Emerging Markets ................................................................................................................................................. 50 EQUITIES Cash Equities ......................................................................................................................................................... 56 Equity Derivatives ................................................................................................................................................. 63 Cross Asset ............................................................................................................................................................ 70 Prime Finance ....................................................................................................................................................... 73 INVESTMENT BANKING ................................................................................................................................ 80 QUANT, RISK & ANALYTICS Quantitative Research & Analytics ....................................................................................................................... 89 Electronic Markets ................................................................................................................................................ 94 Risk Management ................................................................................................................................................. 99 Information Technology ..................................................................................................................................... 105 Data Science ........................................................................................................................................................ 110 PRIVATE WEALTH MANAGEMENT .............................................................................................................. 114 HEDGE FUNDS ............................................................................................................................................ 124 REGIONAL OVERVIEWS Asia ...................................................................................................................................................................... 135 Australia .............................................................................................................................................................. 140 Brazil ................................................................................................................................................................... 144 EMEA ................................................................................................................................................................... 152 India .................................................................................................................................................................... 157 Japan ................................................................................................................................................................... 162
OVERVIEW
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US EMEA ASIA* JAPAN BRAZIL INDIA AUSTRALIA
Commodi es† ❷ ❸ ❸ ‐ ❸ ‐ ❹Credit ❸ ❷ ❶ ❷ ❸ ❸ ❸Rates ❸ ❷ ❷ ❸ ❷ ❷ ❸Foreign Exchange ❸ ❷ ❸ ❹ ❸ ❷ ❸Securitized Products ❸ ❹ ‐ ‐ ❸ ‐ ❸Emerging Markets ❸ ❷ ‐ ‐ ‐ ‐ ‐
Cash Equities ❹ ❸ ❺ ❺ ❷ ❸ ❸Equity Derivatives ❷ ❸ ❸ ❹ ❷ ❹ ❸Prime Services ❸ ❹ ❸ ❹ ❷ ‐ ‐
Investment Banking ❸ ❸ ❸† ❸ ❶ ❷ ❷Private Wealth Management ❷ ❷ ❸ ‐ ❶ ❶ ❶Information Technology ❶ ❷** ❸ ‐ ❶ ❶ ❷Electronic Markets ❷ ❷ ❸ ❸ ‐ ❶ ❸Quant Research & Analytics ❷ ❸ ❷ ❷ ‐ ❷ ❸Risk Management ❸ ❷ ❸ ❸ ❷ ❸ ❷Operations ❹ ❹ ‐ ❸ ❸ ❷ ‐
US EMEA ASIA* JAPAN BRAZIL INDIA AUSTRALIA
Investment ❸ ❷ ❸ ❸ ❷ ❹ ❷Quant/Systematic Trading ❶ ❷ ❶ ❸ ‐ ❶ ❸Distribution ❸ ❷ ❸ ❸ ❷ ❸ ❶Operations ❸ ❷ ❸ ❸ ❸ ❹ ‐
Information Technology ❷ ❷ ❶ ❸ ❸ ❷ ‐
Risk Management ❸ ❷ ❸ ❸ ❷ ❸ ❷* Asia = Hong Kong and Singapore** Germany† NE Asia is a 3, SE Asia is a 2
SELL‐SIDE ‐ BANKS, BROKER‐DEALERS & BOUTIQUES
BUY‐SIDE ‐ HEDGE FUNDS, ASSET MANAGERS, PRIVATE EQUITY, & PROPRIETARY TRADING FIRMS
2018 GLOBAL HIRING ACTIVITY FORECAST ‐ BY REGION
❶ = High Activity ❷ = Moderate Activity ❸ = Mostly Replacement Hires
❹ = No Activity ❺ = Headcount Reductions Likely
OVERVIEW
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OVERVIEW
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OVERVIEW
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FICC ‐ Rates
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EQUITIES ‐ Cash Equities
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INVESTMENT BANKING
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KEY TRENDS
• Senior bankers not fluent in Mandarin were most vulnerable for redundancies.
• North Asian healthcare, FIG, and technology are the most active sectors.
• Average change in total compensation to switch firms is around 20%, with very few receiving guarantees.
REGIONAL OVERVIEWS ‐ Brazil
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