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Banking

Energy traders see biggest bonus increases on the street

The cost of retaining commodities traders is rising faster than comparable costs in any other area on the street, according to a new financial markets compensation report published by executive search and strategic consulting firm Options Group. “Energy has been a very neglected business for a long time, especially the area of energy derivatives,” says the group’s co-founder, Michael Karp. “Now lots of banks are trying to recruit in this area and commodities traders’ compensation packages should be up 30% from last year. It’s been difficult to find skilled energy traders for a couple of years but now the market’s getting tougher on a daily basis.”

According to Options Group, a global head of commodities trading can expect to take home $6 million to $8 million in total compensation by the time they get their 2005 bonuses. Some industry sources say the top houses pay out a lot more than this. Nevertheless, recruiting further down the food chain is also expensive. Options Group believes that commodities traders at the vice-president level also stand to make total payout of $700,000 to $800,000 at a top-tier bank this year.

Getting hold of people with the right experience is equally tough.

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