The year’s most popular threat by banking associates wanting a pay rise is that they will leave for an investment bank. These are institutions that are desperate to get hold of them and will pay through the nose to secure lawyers as employees – or so the theory goes.
The past two months have put such claims to the test. Tremors in the credit markets have seen banking giants including UBS, Citi, Merrill Lynch and Lehman Brothers announce profit downgrades over the past few weeks ahead of their quarterly results.
