Brazilian banks are offering cash deals to recruit bankers from international firms that are under pressure to defer a larger proportion of total compensation. With Wall Street and European banks being driven to adopt longer-term compensation strategies, local banks have the advantage of being able to offer attractive, primarily cash-based salaries.
Managers at the international firms have reported increased attempts by Brazilian banks to recruit their staff in recent months and many have expressed concern that their inability to compete in cash reward structures will affect their ability to attract talent to their São Paulo operations and retain it.
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