How bankers make money with no bonus
March 29, 2012 § Leave a comment
Pilkington walked in to the office with a new Rado, Gucci suit and car. He’s got a wad of notes stuffed into his wallet. This guy’s an equity flow trader. Where does he GET his money? His bonus is probably less than we get in a day.
How does he do it? Swiss brokers. Pilkington’s got an intimate relationship with someone called Robin at X brokers in Lucerne, Bern, Basel (somewhere, he won’t tell me). The guy trades a lot. He will put 40% of volume through one broker. Robin’s set up an offshore account in Bermuda.
So when Robin gets his commission at the end of the year, he splits it with Pilkington. The little weasel is making more money than he did before bonuses were shrivelled away.
I called my friend Mike (at JP) today. He said he’s been doing it for years. As are most guys on the desk here. Guess who’s been left out?! Yep….
But I suppose I have a conscience, don’t I?