In these days of scanty bonuses and minimal hiring, the likelihood of moving jobs and doubling your compensation is small. Tom Hayes, the RBS, UBS and Citigroup trader, is a reminder that such things used to happen - once.
The Wall Street Journal reported today that when Hayes moved from UBS to Citigroup in 2009, he did so because Citigroup offered to increase his pay from $2m to $5m (meaning the headhunter who estimated Hayes' pay at $4m was impressively accurate). Citi wooed Hayes in a, "swanky bar in Tokyo," said the Wall Street Journal. Hayes was, "showered with praise," and his new Citigroup colleagues were told that Hayes was a "star" and that their business would shift into derivatives trading to take advantage of his talent.
Needless to say, Citi's expensive employee didn't work out too well. Hayes joined Citi in December 2009. In early September 2010, Citi fired him two weeks before his wedding after he was found to be making inappropriate requests about Libor submissions. Hayes, whose nickname was reportedly "Rain Main" due to his social obtuseness and dubious dress sense, was said to be flabbergasted.
Mark Carney, incoming governor of the Bank of England, said he needs an £874k pay package to maintain his living standards. (The Times)
Barclays’ bonus pool has been cut 30%. (Financial News)
RBC Capital has hired a loan trader from Macquarie. (Bloomberg)
Deutsche Bank has dispensed with between 10 and 12 natural gas and oil traders in London. (Bloomberg)
After acquiring Collins Stewert, Canaccord Financial says it plans to continue acquiring firms in the UK. (City Am)
Stephen Hester has suffered enough. (MoneyistheWay)