Much has been written about bonuses and compensation at associate and VP level. Less has been said about the state of salaries at upper echelons of investment banks. What ought you be earning if you're a senior front office role?
The answer, broadly, seems to be anything from £200-£300k.
However, if you're a 'senior MD' with important executive responsibilities, headhunters say your salary should be more in the region of £400k.
Goldman has reduced its London salaries by 40% or more. According to one head of recruitment at a rival bank, its London salaries are now capped at £250k. However, headhunters put it at more £280k.
Some members of the investment banking management team at RBS are allegedly on salaries of £400k, while the average MD-level salary at the bank is said to be more like £250k. Similarly, at UBS some MDs are said to be on £375k, although most are on £280-290k.
There were rumours last year of potential salary reductions at both Deutsche and BarCap. But this doesn't seem to have happened - yet.