Top Banker Pay Dips Below $1 Million in Asia as Bonuses Fade
- About 20% of Asia MDs at Morgan Stanley, UBS got no bonus
- Pay for managing directors falls to $700,000 on China woes
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Pay for most senior investment bankers at Wall Street firms in Asia dropped to the lowest level in almost two decades, according to people familiar with the matter, as a dearth of deals in China and Hong Kong hammered the industry.
Total compensation for many senior bankers in Asia ex-Japan fell to $700,000 to $800,000, well below the $1 million or more they have typically earned since the turn of the millennium, the people said, asking not to be identified discussing private matters. At least 20% of managing directors at banks, including Morgan Stanley and UBS Group AG, received no bonuses last year, the people said.