A mixed picture on the bonus front from our Asset Management clients. Whilst the "cost of doing business" is going up, some firms have been better than others at managing their cost base and so being able to reward their high performers. Bankers, however, have not had a great year.
People on Wall Street react to a bonus in one of four ways, said Greg Lippmann, a former Deutsche Bank trader: happy, satisfied, dissatisfied or disgusted. Managers never want you happy, he told Michael Lewis, in The Big Short. But they also don’t want you so upset that you quit. “‘The sweet spot is somewhere between dissatisfied and disgusted.’”