Asset managers might be closing the pay gap on investment banks, but when it comes to the remuneration of the head honcho, there’s no contest.
The best paid CEO on Wall Street is Mario Gabelli, the boss of GAMCO Investors, who received $88.5m last year. Stephen Schwarzman, CEO of the Blackstone Group, was second with $88.5m, according to new rankings from SNL Financial.
By comparison, investment banking CEOs have been left short-changed. James Gorman at Morgan Stanley got a mere $23.7m, while Lloyd Blankfein was a close second with $22.1m. Overall, asset management CEOs were paid more than any other sector in the financial services industry.
With such figures being bandied about, perhaps the pay of new analysts in investment banking seems tiny, even if it outstrips any other industry when it comes to starting salaries.
Morgan Stanley and Goldman Sachs are once again topping the table, according to figures release by pay benchmarking website Emolument.com, with £71k ($111k) total comp, but they’re on a par with Deutsche Bank and UBS, with Credit Suisse a close second.
But if the prospect of a guaranteed income is more tempting than a bonus payment, there are other options. Deutsche Bank pays the highest salary at £56k ($87.3k), but HSBC, UBS and Credit Suisse all pay £55k ($85.8k) and Citigroup – near the bottom of the pile on total comp – pays a £53k base, suggest figures.
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