Latin Finance - July 2008 - (Page 19)

compensation survey Brazil M&A Compensation AVERAGE Base Analyst 1st Year 2nd Year 3rd Year 1st Year 2nd Year 3rd Year $40,000-$50,000 $45,000-$55,000 $55,000-$65,000 $70,000 $75,000-$85,000 $90,000-$100,000 $125,000 $150,000 $200,000 Bonus $50,000-$60,000 $60,000-$70,000 $65,000-$80,000 $60,000-$80,000 $80,000-$100,000 $110,000-$130,000 $200,000-$275,000 $400,000-$500,000 $600,000-$800,000 PREDICTED COMPENSATION RANGE From To $60,000 $70,000 $90,000 $105,000 $110,000 $165,000 $250,000 $400,000 $800,000 $120,000 $130,000 $140,000 $160,000 $210,000 $285,000 $450,000 $700,000 $1m Associate VP Director MD Source: Options Group Intelligence Unit Brazil DCM Compensation AVERAGE 1st Year 2nd Year 3rd Year 1st Year 2nd Year 3rd Year Base $30,000-$35,000 $35,000-$40,000 $40,000-$50,000 $50,000-$60,000 $60,000-$80,000 $80,000-$100,000 $100,000-$125,000 $125,000-$150,000 $150,000-$200,000 Bonus $35,000-$45,000 $45,000-$55,000 $55,000-$70,000 $65,000-$80,000 $80,000-$100,000 $90,000-$120,000 $250,000-$350,000 $400,000-$650,000 $1.0m-$1.2m PREDICTED COMPENSATION RANGE From To $50,000 $110,000 $60,000 $125,000 $80,000 $130,000 $100,000 $150,000 $110,000 $200,000 $170,000 $250,000 $300,000 $550,000 $500,000 $850,000 $1m $2m Analyst Associate VP Director MD Source: Options Group Intelligence Unit quarter of 2008. Headhunters estimate that Merrill spent at least $40 million on acquiring a new Brazil team, which by attacking dominant players Credit Suisse and UBS astutely weakened both. The four institutions face off against US rivals Goldman Sachs and Lehman Brothers, as well as European houses like RBS, which is looking to capitalize on its acquisition of Santander’s assets. Goldman is building from its FX and interest rate platform, adding mortgages, commodities and credit sales and trading, aiming to forge a full service investment bank, offering the same in São Paulo as it does in New York or London. Morgan Stanley meanwhile recently appointed LatAm investment banking head Charlie Stewart and named Chris Harland, one of the firm’s most senior bankers and a member of the exclusive operating committee, regional head of LatAm. Finally, Lehman continues to enhance operations despite trouble at the global level. It opened an office in São Paulo last year, starting with a fixed-income presence. The US bank Poached: Aoude jumps ship to Itaú tapped Alex Maya, formerly of Morgan Stanley, and veteran banker Winston Fritsch to lead the new office. Locally, the foreign shops are up against Bradesco BBI, which became operational as a separate unit in 2007 and plans to open an office this year in Dubai or Singapore to expand distribution capabilities. Unibanco has been slower off the mark, and Itaú remains the dominant force. Itaú blazes a trail for locals and has hired aggressively. It poached Deutsche Bank’s office head Alexandre Aoude, as well as a team of senior executives from the German house. Deutsche is reportedly trying to hire to maintain a credible platform in Brazil, and is heard to be still on the lookout for a Brazil CEO. Despite continued robust demand, salary inflation appears capped. “Last year was the big increase. This year we saw some reduction, especially because July/August 2008 LATINFINANCE 19

Table of Contents Feed for the Digital Edition of Latin Finance - July 2008

Latin Finance - July 2008 Contents Investment Banking Outlook Compensation Survey Colombia Investment Banking Borrowers vs. Investors Banorte Profile Braskem Financing Strategy Brazil Hydro Finance Peru Port Privatization Panama Money Flows Argentina Local Markets Guide to Banking Technology Who Said That?

Latin Finance - July 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.