How Much Am I Worth?: Fixed Income, Sales and Distribution, Large Bank

Financial News, October 10, 2002 | Go to article overview

How Much Am I Worth?: Fixed Income, Sales and Distribution, Large Bank


A panel of specialist headhunters give their assessment of typical London pay packages:

Fixed Income, sales and distribution, large financial institution: salary pound sterling100,000; bonus - 100-200%The popular image of the stressed investment bank employee - trapped in a pressure-cooker environment where fast product turnover often takes precedence over the quality of a deal - can be applied to a lot of positions; but none more so than fixed income sales and distribution.

According to Dominic Kennedy, head of fixed income at Napier Scott, the stereotypical employee in such postions at large institutions will have a degree and a solid career path through the front office ranks that will have provided a strong sales background from one product discipline or another.

'They'll be a straight, unemotional bunch of people accustomed to eating what they kill. In other words their bonuses will be largely dependant on what they've sold,' he says, adding that in a dry market this often means they will have to execute deals they would rather not have bothered with.

Recent indications of fixed income strength are mixed, with Goldman Sachs reporting a rise in revenues for the sector in its third quarter of 2002, but Lehman Brothers recording a fall.

Headhunters say the prospects for good sales people remain positive, especially for those with derivative/structured product skills as well as familiarity with more conventional vanilla products.

'A good sales person can still call his/her tune,' says Kennedy, noting that this remains one of the few arenas where packages have not been substantially cut back in the still ongoing round of banking job cuts.

Indeed certain fixed income folk are amongst the highest paid people in the City: Kennedy cites a range between pound sterling350,000 and pound sterling750,00 for top dogs, depending very much however on area of specialisation (the more derivative/ structured product, the better) and geographic focus. …

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