Here is a guaranteed way to get paid well if you work on Wall Street. Find a best friend at a competing bank or hedge fund and take opposite sides of the same large bet. In one year’s time one of you will have a huge profit and get paid well. The other person will have lost and perhaps be fired.
NEW YORK (Reuters) - Bonuses at Wall Street firms will rise 15 percent this year despite ongoing pressure from investors, regulators and politicians about compensation levels, according to compensation-consulting firm Johnson Associates Inc.
Royal Bank of Canada and National Bank of Canada led the 7.5% surge in bonus awards among the country’s lenders this year, bucking a global trend of pay cuts on Wall Street and in London.
Royal Bank, Canada’s biggest by assets, and National, the sixth-largest lender, boosted variable compensation by 11% in the year ended Oct. 31, the biggest increases among the country’s main banks. Canadian Imperial Bank of Commerce was the only one among the group to pare its bonus pool, trimming 2% from last year’s allocation.