ICG bonuses reflect rocketing debt business
Goldman Sachs bankers may have earned an average of $521,000 last year, but it seems some mezzanine financiers are better paid still.
Intermediate Capital Group, a mezzanine finance provider, has just awarded its 80 City of London employees a joint bonus of 36m according to a report in The Evening Standard. This amounts to a comfortable 450,000 average.
The award followed a 72% increase in ICG's profits over the past year.
Guy Townsend, managing director of private equity focused search firm Walker Hamill, says the size of the payout isn't particularly unusual. "It's been a pretty phenomenal year for debt-based businesses. ICG's compensation reflects that."
