The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

The implications for senior public-sector workers are significant – with total gross savings to the country’s public-sector wage bill estimated to be around $4 billion by the incoming administration.

“All the investment banks are being flooded by resumes from people working in the government and the central bank – people can’t live on these salaries,” says one investment banker in Mexico City.

It is not just the reduction in salaries that has seen a rush to join the investment banks.

“They are also going to get rid of drivers, work cell phones, first-class travel and medical benefits, he says, adding incredulously: “Senior public-sector workers are going to need to start using the public health system.”

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree