The past dramas of ‘comp days’ have given way to more sanitised procedures
The writer is a former global head of equity capital markets at Bank of America and is now a managing director at Seda Experts In the TV show Seinfeld, the Costanza family celebrates a secular year-end holiday called Festivus, featuring quirky traditions like the “Airing of Grievances” and the “Feats of Strength”. For investment bankers, their equivalent arrives between mid-January and mid-February, when they are told their total compensation for the previous year.
By the time January rolls around, performance reviews hint at the outcome, rumours of the comp pool’s year-on-year change circulate, and leaks outpace senior management’s efforts to contain them. Team leaders, meanwhile, manage expectations. Of course, bankers still lobby, scheme and grovel before comp day, dutifully filling out online self-evaluations and inflating their achievements.
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