The Sisyphus bonus

Life as an investment banker has always had its drawbacks. Colleagues try to steal your business, senior managers expect obeisance, and clients put your ideas out to tender with competitors.

However, at least the not-so-chivalric code of the banker involved an elaborate ritual that culminated in a tangible reward in the shape of the annual bonus.

After a final late-year frenzy of self-promotion and veiled threats of departure to a rival firm, the banker would collect a bonus that was either in cash or a combination of cash and shares that had a reasonable prospect of rising in value. The annual bonus was at least a done deal, whichever way its components were structured.

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