Virtu pay in 2022 nearly as high as 2020, with a catch
Virtu, the high frequency trading firm, released its results today. Last year wasn't great for business. It was sort of great for employees.
Virtu's total revenues decreased 15.9% in 2022, with a 29.5% year-on-year decrease in the fourth quarter. Net income was hit the hardest however, falling over 43% from 2021s total.
Nonetheless, compensation was up. Virtu spent $390.9m on paying its people last year, a 3.9% increase on 2021, and only slightly less than its bumper $393.5m payout in 2020. Needless to say, individual compensation is likely to be highly differentiated. On levels.fyi, the average total compensation reported by Virtu software engineers in 2022 was $251k each.
The pay story at Virtu isn't straightforward, though. While cash compensation barely rose last year, share based compensation, which was 17.2% of the total, was up over 20%. In 2021, share based compensation accounted for 14.8% of the total.
If you work for Virtu, therefore, the implication is that you'd better like your pay deferred.
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