A rumour swept the market this week that BofA/Merrill had decided to increase the base salaries of its staff now that bonuses have become political. This is a sensitive issue, but the move – which I’m led to believe will be confirmed in April – is not surprising. Other tier 1 banks, including UBS, have, apparently done the same. “My mate at Merrill says people are leaving to go to tier 2 and 3 banks that are looking to upgrade,” was the way one source explained it.
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