Bankers in London, the hub for securities firms in Europe, are bracing for lower bonuses compared with New York counterparts as earnings from the region plummet and pressure to tighten compensation mounts.
John Brady, co-head of MF Global Inc.’s Chicago office, was having a vodka cocktail at the Ritz- Carlton in Naples, Florida, overlooking the Gulf of Mexico, on the day his company reported its largest-ever quarterly loss.
BTIG LLC, the broker-dealer that’s grown from five employees to more than 400 since 2002, hired Dan Castro , the former top-ranked head of asset-backed research at Merrill Lynch & Co. to be a strategist as the New York-based firm expands its fixed-income business.
JPMorgan Chase & Co. was the top payer among investment banks last year, awarding its senior employees a fifth more than Goldman Sachs Group Inc., according to a report that also highlights a growing divide between firms based in the U.S. and Europe.
U.S. hedge funds Pine River Capital Management LP, Millennium Management LLC and SAC Capital Advisors LLC are taking advantage of the struggle of European startup funds to grab their pick of the region’s traders.