Raising the stakes for compensation.
Firms including Barclays and Deutsche Bank have been seeking to regain trading share by poaching personnel from American rivals, according to recruiters. For traders and salespeople who haven’t seen raises in years, the move can be profitable: European banks are offering pay packages as much as 30% higher and guaranteed bonuses in some cases, according to Mike Karp, chief executive officer of New York-based recruiter Options Group.
“The Europeans have realized that while they’ve been cutting costs and being a bit frugal in their behavior, they’ve been losing business to the U.S. banks and now they’re playing catch-up,” said Jason Kennedy, CEO of Kennedy Group in London, which hires for banks and hedge funds.
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