Discover your dream Career
For Recruiters
Revenues and PnL are not indicators of the size of your bonus.

Jefferies' awkward lesson for everyone expecting a giant pay rise

There are some big benefits to working for Jefferies when it comes to bonuses. - Unlike other large banks, you'll be paid entirely in cash, with the downside that you'll have to pay some or all of it back when you leave. However, headhunters say candidates are still keen to work for Jefferies - not just for the cash, but for the bank's reputation for linking pay very strongly to PnL.

Today's full year results from Jefferies suggest this latter relationship might be weaker than supposed. Profits at Jefferies increased by 118% last year compared to 2020. And pay per head? That was up 7.5%.

The discrepancy is informative for anyone supposing that just because they had a great year in terms of revenues and profits in 2021, they will see a comparable uplift in pay - especially at banks where pay tracks both of those things less closely.

This doesn't mean that Jefferies pays badly. Average compensation per head for the bank's 5,556 employees last year was $639k, up from $595k in 2020. That shouldn't be something to complain about, but might be a chance to rethink any expectations that bonuses will rise in relation to the bottom line.

Download our full salary and bonus survey here. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by Nathan Bingle on Unsplash

author-card-avatar
AUTHORSarah Butcher Global Editor
  • pb
    pbug56
    13 January 2022

    One would expect that how you performed should have some influence on your pay.

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Capstone Investment Advisors (UK) LLP
2023 Investment Graduate Rotation Program
Capstone Investment Advisors (UK) LLP
London, United Kingdom
Metis Search
Private Funds Group Analyst
Metis Search
London, United Kingdom
Tikehau Investment Management - Stages
Internship - Special Opportunities – London
Tikehau Investment Management - Stages
London, United Kingdom
William Blake Group
Associate, Investor Relations (Private Markets)
William Blake Group
London, United Kingdom