Bankers with bad bonuses are finding better paying jobs elsewhere
One measure of a healthy banking hiring market is the extent to which people who were displeased with last year's bonuses can find new jobs elsewhere.
On this measure, 2023 isn't entirely unhealthy. People who've left both Berenberg and Credit Suisse, neither of which paid great bonuses for 2022, are resurfacing at organisations with a reputation for...generosity.
One of those new employers is Millennium, the hedge fund where average pay for non-partners was £903k ($1.1m) per head in London in 2021. Another is Evercore, which paid an average of $801k globally last year.
Millennium's recent hires include Johnny Smith, a former TMT sales guy at Berenberg, who has just joined in London as a senior anayst.
Evercore's new London hires include Divashen Kandan, a former VP from Credit Suisse's EMEA industrials team. Kandan joins Evercore's global chemicals advisory platform.
There's no guarantee that either Smith or Kandan will receive those amounts, but still - their new employers appear generally more remunerative than their old ones.
Sources say Smith isn't the only exit from Berenberg after bonuses were cut to almost nothing. Tom Baker, James Tennant, Charlie Rider, and Adriann Yanoshik are also understood to have left the equity research and sales team.
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