Big banks have been trying to lower their compensation ratio, or the percentage of revenue they pay employees, but it's the smaller banks that are paying the highest percentages.
SNL Financial, a Virginia-based financial data research firm, said yesterday that the banks with the highest ratios for 2011 were Cowen Group, Raymond James, Evercore and Oppenheimer Holdings, according to Deal Journal.
Cowen Group's ratio was nearly 80%. Goldman Sachs and Morgan Stanley, by way of comparison, had ratios of 42% and 51% respectively.
Meanwhile, over in the hedge fund world, alpha investor John Paulson is spreading the wealth amongst his employees. His flagship fund, Advantage Plus, plunged 53% last year, and to prevent his workers from leaving, Paulson is putting his money where his mouth is.
CNBC reports Paulson will pay bonuses out of his own pocket if the firm is in the black for 2012, even though technically the firm shouldn't collect performance fees because of last year's performance.
New Focus (Bloomberg)
Canada-based TD Bank, which has been tearing through the U.S. on an expansion spree, said it would focus on business lending in Canada as a result of a slump in consumer lending.
Switching Places (Financial News)
The heads of Japan and Thailand for Citigroup will swap positions permanently after a scuffle with regulators. We hope Citigroup pays for the new language classes.
A New Gig (Deal Journal)
John Mack, former chief executive of Morgan Stanley, is joining private equity firm KKR as a senior adviser. He stepped down as chairman of MS at the end of last year.
Words of Wisdom (Here is the City)
A senior equity derivatives salesman talks about dealing with traders and clients on the job.
Piling Up (Forbes)
If you've shrugged off the mountains of paperwork on your desk, the flyers from the firm's Christmas party and the half-eaten banana from lunch, think again. Your colleagues are judging you.
Sneaking Around (Mergers & Inquisitions)
If you're interviewing for a job at another firm while currently employed, you need to prepare your plan of attack very carefully.
Buzz Around the Office
Look at me strangers! Look at me!
List of the Day: Beating Unemployment Bias
It can be hard to diffuse negative perceptions about the unemployed.
1. Fill the gaps on your resume with volunteering or taking a class.
2. Start your own business to show initiative.
3. Go to a job interview with plenty of ideas to make up for it.