Amlo’s pay cuts spark ‘flood’ of IB applicants

President-elect cuts pay, uses new level as public-sector ceiling; BNP Paribas expanding in Mexico.

Andrés Manuel López Obrador

Investment bankers in Mexico say they have been flooded with CVs since the victory of Andrés Manuel López Obrador (Amlo) in the country’s presidential election in July.

One of Amlo’s campaign promises was to reduce the salary paid to Mexico’s president and prohibit any other public official from earning more than that level: just Ps108,000 ($5,650) net of tax per month, equivalent to a 60% reduction to the salary of outgoing president Enrique Pena Nieto.

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