HFT firm Virtu Financial raised pay again despite 68% two-year profit plummet
The past two years have been difficult ones for high frequency trading firm Virtu Financial. In 2022 net income fell 43% and newly released financial results revealed that in 2023... they fell a further 43%. Despite all this, compensation isn't just surviving, its thriving.
Virtu Financial's net income in 2023 was $263.9m, down from $468.3m the year before and $827.2m in 2021. Salaries, on the other hand, have risen both years. Compensation expenses were $394m. That's not only more than both 2022 and 2021, it's even higher than 2020's $393.5m payout.
Virtu doesn't release employee headcount figures, however, so it's hard to tell whether these raises were driven by an increase in pay to existing employees, or an increase in headcount, or both.
The catch comes, however, in share based compensation. This fell 4.9% from 2022 to 2023. Considering that Virtu stock has also fallen 17% since January 8th, that's more of a blow.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
