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Very generous packages rumoured at Icap
9 June 2009By Sarah Butcher
COMMENTS
From my experience of IDB recruting, it is very much up the MD how or what he spends to recruit and attract people, it all comes out of his profit at the end of the day. So the more he spends, the less for him, but they can be flexible... Read all comments »Interdealer broker Icap is expanding its equities business, and headhunters say it's paying some particularly generous packages to do so.
According to one, Icap's offering a competitive base salary, plus a cash lump sum to new joiners in equity research and sales.
"Base for managing directors is capped at £125k, but they're also offering a cash sign-on to compensate people for any loss of bonus or vested stock," he says. "The only caveat is that people have to pay it back if they leave within six months of joining."
Icap's packages are in contrast to those on offer at other banks, where guaranteed bonuses are restricted by complex clauses stating that hurdles have to be reached before they're paid out. Most other banks are also paying sign-ons in stock that's not immediately accessible.
Icap declined to comment. However, another headhunter said not all Icap hires are recieving such generous offers: "Businesses are very siloed and different line managers have a different approach."
COMMENTS
Puzzled, Trading, Tue 09 Jun 09
Dear Sarah,
I'd be intrested to know what the employement situation in London in the City is at the moment and what it might look like in the future. What I mean is...is the City these days moving towards more markets based roles (i.e.sales & traders) and all the MO / BO that goes with it or more towards corporate finance jobs?
Which group is dominant in London today? Any idea? Would be helpful to know where to reposition!
IDBoy, Capital Markets, Tue 09 Jun 09
I would reiterate the final sentences...most departments would be very surprised to hear how generous the market perceives they are being !!
Where do you get this from Sarah..the know nothing recruiter brigade, i take it
WharfBoy, Equities, Tue 09 Jun 09
From my experience of IDB recruting, it is very much up the MD how or what he spends to recruit and attract people, it all comes out of his profit at the end of the day. So the more he spends, the less for him, but they can be flexible...
I suspect some in ICAP are more 'generous' than others..
Sarah, Editor, eFinancialCareers, HR & Recruitment, Tue 09 Jun 09
@Puzzled, we'll try and look at your question in the next week or so. Prompt us if we don't.
Add your comment »john w, Private Equity / Venture Capital, Tue 09 Jun 09
and lets not forget that Icap has one of the longest non-compete agreements therefore unless you arrive with a 'sandwich under your arm' you can expect to receive no more than your basic and be locked in for many many months even if they sack you you are still bound by non-compete clauses... beware of IDBs the cash is only good if you are already a producer
Add your comment »Douche, Investment Banking / M & A, Tue 09 Jun 09
@Puzzled?
out of what hole did you just crawl out?
Douchebag, Investment Banking / M & A, Tue 09 Jun 09
@Douche
Out of what hole did you just crawl?
broker, Equities, Wed 10 Jun 09
you should read betweem the line here...the reality is often not so attractive...
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