Word on Wall Street is there will be big bonuses in 2016
The bonus cycle is near again as we head towards the penultimate month on the year in 2015.
Word on Wall Street is there will be big bonuses in the Mergers and Acquisition teams in 2016 as 2015 was a good year for deal making. Bonus payments north or the $1 Million mark in the US for those with an MD in front of their title. These sizeable payments to us mere mortals would be like winning the lottery ticket Waaahooo! They expect on Wall Street that these numbers will be 50% up on last year.
How does this compare to the UK City market. Well... looking at some of the statistics coming out of the employment monitor by Morgan McKinley we see there has been a steady increase in the number of the jobs ( new vacancies) for 2015 compared to 2014, up 28% year on year. More staggering has been the increase on those looking for jobs up a whopping 60%.
Closer to home in recruitment, Morgan McKinley Projects and Change contact division are too seeing a positive shift in the number of successfully placed professionals up 40% compared to the numbers in 2014. Positive News !
How are our UK clients tracking ? There has been shuffling of the deck chairs in 2015. Barclays has appointed a new CEO Jes Staley who kicks of his career on the 1st December. While he hails from an Investment banking background I doubt there will be a radical shift in bonus payments in 2016. I am expecting a steady as she goes from the new chief as we head into the new year.
Looking across the street to Credit Suisse they too have seen the rise of a new comer Tidjane Thiam, who from a consulting background McKinsey and Co took the reins at the beginning of June. It will be interesting to see if there is a significant change in the strategic direction for 2016 with Tidjame at the helm. Statistics coming out of glassdoor regarding salaries and bonuses point to flat or slightly higher than 2014 bonus cycle at Credit Suisse.
Overall the market has been positive in pockets so those of you in the pocket will likely to see an uplift on 2015. In contrast some business units have been restructured and downsized so that points to a flat or static bonus number for 2016. Either way expect changes in some of the major players as the new heads put their stamp on proceedings. Watch this space!