What we do (and don't) know about pay in
investment banking and asset management 

Held on Monday, March 14, 2016

With support from Kemp Little


  • William Wright (founder and managing director, New Financial)

  • Tom Gosling (partner, PwC)

  • Cliff Weight (director, MM&K)

  • Marian Bloodworth (partner, Kemp Little)



Surprisingly, we don’t really know much about pay at investment banks and asset managers. Disclosure is patchy and inconsistent, and only a handful disclose information on fixed pay, bonus pools or deferrals. But it is an important issue – not least because it acts as a lightning rod for critics of the industry and because it is intimately wrapped up in the broader issue of the City’s international competitiveness.

In addition, we are learning more all the time. Indeed, New Financial – a new(ish) think-tank that ‘promotes the role, growth and reform of capital markets’ – has just published a fascinating study entitled ‘Taking stock on pay: 10 things we know (and don’t know) about pay at investment banks and asset managers’.

The author is William Wright, founder and MD of New Financial, who came to the world of think-tanks following a very successful career as a journalist. He was a member of the launch team at Financial News in 1996, and was subsequently the editor from 2004 to 2011. What he has done is pull together the information that is available, looking beyond the headline numbers. I am delighted that he has agreed to walk us through his report.

I am also delighted that we have three distinguished respondents to kick off what I am sure will be a lively discussion.

  • Cliff Weight has three decades of experience as a remuneration consultant, latterly as a director at MM&K. He is also a member of the Advisory Board of the High Pay Centre and of the editorial board of the Executive Compensation Briefing. He is also the author of the Directors’ Remuneration Handbook.

  • Tom Gosling is a partner at PwC’s London office, where he leads the Reward & Employment practice, specialising in advising remuneration committees of larger companies in the UK and overseas. Prior to joining PwC in 2006, he was a research fellow in the Department of Applied Mathematics and Theoretical Physics at Cambridge.

  • Marian Bloodworth is a partner in the employment team at Kemp Little, where she advises international banks and investment managers (among others) on employment-related legal risks (including bonus disputes, executive terminations and potentially unlawful team moves).