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Career Prospects After working for Firms Like Tibra and Optiver
HoodTrader
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Forbes list from April 2007 (top of the bull market):
Kenneth D Lewis Bank of America 99.80m
James Dimon JPMorgan Chase 57.17m
Richard S Fuld Jr Lehman Bros Holdings 51.65m
James E Cayne Bear Stearns Cos 38.31m
Lloyd C Blankfein Goldman Sachs Group 37.05m
E Stanley O'Neal Merrill Lynch 36.24
These are the only ones over 30m in banking (and thats $) and I promise you none of these guys work on my floor.
I wonder though this guy who made 30m basically got paid as much as the CEO this year, is that a frequent occurence?
Kenneth D Lewis Bank of America 99.80m
James Dimon JPMorgan Chase 57.17m
Richard S Fuld Jr Lehman Bros Holdings 51.65m
James E Cayne Bear Stearns Cos 38.31m
Lloyd C Blankfein Goldman Sachs Group 37.05m
E Stanley O'Neal Merrill Lynch 36.24
These are the only ones over 30m in banking (and thats $) and I promise you none of these guys work on my floor.
I wonder though this guy who made 30m basically got paid as much as the CEO this year, is that a frequent occurence?
andanotherthing
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....publicly quoted companies are only required to publish remuneration for board members....which is why most top traders earnings stay under the radar even though they may be the top earners in the firm....
depends if you consider the sub-prime mortgage market collapsing as a frequent occurence. or indeed if you believe my rumour.
Especially when the rumour refers to 00's. Which would be 8 years ago.
Or this guy is just changing is story - claiming I misread it etc.
HoodTrader
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The subprime is not a frequent occurence, but there are many occurences where markets rise/fall very fast and there will always be some trader on the right side. So this makes a trader earning more than CEO a frequent occurence?
I agree that public companies only disclose CEO salaries, but remember internally the CEO will know who is getting paid what. Considering when things are going down the CEO will be the first to have his/her head on the block I am guessing they would want to get paid the most.
I agree that public companies only disclose CEO salaries, but remember internally the CEO will know who is getting paid what. Considering when things are going down the CEO will be the first to have his/her head on the block I am guessing they would want to get paid the most.
this makes a trader earning more than CEO a frequent occurence?
Yes.
Jenkins at Barcap. Hall at Citi etc.
The solo superstar who makes the mint. Not their own mint is ever in excess of hundreds of millions. Unless you believe gooseman.
HoodTrader
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I see, I honestly dont know myself how it works everywhere else. Here all I notice is that if the boss is making less than a trader. The trader gets paid well, but the boss still gets paid more. This is an actual scenario from one of the traders that I know at this place.
well it is definitely not the case that the CEO gets the most. take e.g. Joe Ackermann who wasn't even in the top 10 earners at DB over the last years. traders get a % pnl so their bonuses are somewhat uncapped...
Few traders get a genuine fixed % of P&L. Especially at the top end in the banks - it's a little more bit excessive and sets poor incentives relative to risk.
Someone called 'whateverman' had posted on this thread... and it contained a link to the following:
Optiver Australia Pty Ltd v Tibra Trading Pty Ltd [2008] FCAFC 133 (21 July 2008)
Which in a nutshell says that Tibra, which is founded and run by a bunch of ex-Optiver people, need to allow Optiver access to their systems/data/some such because it appears Tibra may have taken some sensitive software from Optiver.
whateverman questioned the... sensiblity of joining a firm that could be a hit in a big legal way.
But the post has mysteriously vanished?
Optiver Australia Pty Ltd v Tibra Trading Pty Ltd [2008] FCAFC 133 (21 July 2008)
Which in a nutshell says that Tibra, which is founded and run by a bunch of ex-Optiver people, need to allow Optiver access to their systems/data/some such because it appears Tibra may have taken some sensitive software from Optiver.
whateverman questioned the... sensiblity of joining a firm that could be a hit in a big legal way.
But the post has mysteriously vanished?
market manipulation. ouch. they could get really heavily penalised for this.
What does everyone think of this? $303mn was the fine for BP. I think as Optiver are much smaller the fine won't be that big but will be interesting to see!
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