It's getting tougher out there.
Banker pay is surprisingly low - that’s what financial professionals say.
Asked whether they earn more or less than they expected when they decided to pursue a finance career, 48% of respondents in the Bloomberg Markets Global Poll say compensation is less or much less than they had hoped for.
Just 14% say their pay exceeds expectations. A third say they earn about what they thought they would.
And that’s not the only worry, Bloomberg Markets magazine reports in its June issue.
The trend is clear. Goldman Sachs, for one, set aside $12.7 billion for compensation last year, or 36.8 percent of revenue. Since the company went public in 1999, the only lower number was 36 percent in 2009. The 2014 figure averages out to $373,265 per employee, down from $504,750 in 2007.
'They’re still making decent money, but it’s nothing like 2007', says Jeanne Branthover, head of the financial services division at Boyden Global Executive Search. 'It’s harder to get a big bonus because there are more metrics that come into play, including how well the whole firm does'.
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