“We’re entering the year-end process of compensation reviews. I think it’s an open discussion during the year of how businesses and how individuals perform and now we’re just trying to execute on the balance that we all try and strike between being responsible and being competitive. I think people get it. I think industry compensation is down this year because the performance in the industry is down. So I think they get it…I think if we weren’t treating [top producers] fairly we would look at it objectively and try and get to the underlying causes, but I think everyone has a decision to make about what industry they want to work in or what firm they want to work for… Not everyone wants to be in this industry. But I’ll give you a statistic that is important. Last year, we had applications from 107,000 kids at university, of which we had positions for 1,500. So there’s still a lot of people who want to come into the financial services industry.” [Bloomberg TV]

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Comments (74)

  1. Posted by IgnorantBastards | January 26, 2012 at 2:54 PM

    is being obnoxious despite the crappy year all the financials had the new NKI for a bank CEO?

  2. Posted by Anon | January 26, 2012 at 1:57 PM

    Then Obama should be able to fill Timmy's spot no problem.

  3. Posted by Beaker | January 26, 2012 at 1:58 PM

    Oh yea Bob? I only have the phone number of one Jennifer Diamond whom I have many positions for.

    - 2nd year Analyst

  4. Posted by S.I. Weill | January 26, 2012 at 1:59 PM

    No, that's the OKI.

  5. Posted by Mexi_Cant | January 26, 2012 at 1:59 PM

    106,999…my ex-girlfriend sent my application as a prank.

  6. Posted by Alt_EST | January 26, 2012 at 2:00 PM

    I think people get it…I think they know they are absolutely not beautiful and unique snowflakes. I think people understand that they are, in every respect, completely interchangeable and replaceable. I think they know, deep down, that there is always going to be someone younger, hungrier, and cheaper. I believe that there are people who don't really want to be here, doing this nonsense 15, 16 hours a day, but stick around for that remote possibility of us compensating them appropriately. But I also think there are people who truly love this industry, and absolutely belong here. I guess we'll just have to see who wants it more.

  7. Posted by Guesty | January 26, 2012 at 2:00 PM

    Do you see this Gorman? Is it that f*cking hard to be just a little bit subtle?

  8. Posted by B2b MD | January 26, 2012 at 2:00 PM

    Same speach I give to all the gals who want into the porn industry, but follow with…"so get on your knees"

    -Ron Jeremy

  9. Posted by Guestest | January 26, 2012 at 2:04 PM

    For uniformity I'd suggest beginning the last two sentences also with "I think".

  10. Posted by L. Blankfein | January 26, 2012 at 2:07 PM

    Bob, call me when you reach 1MM kids.

  11. Posted by spreadingawareness | January 26, 2012 at 2:08 PM

    I'd take your job for a hundredth of half of what you make and twice the amount of abuse.

    -Foxconn MD

  12. Posted by Warburg Dinkus | January 26, 2012 at 2:09 PM

    Fuck you, Bob.

  13. Posted by Guesteeculos | January 26, 2012 at 2:11 PM

    Amen

    - The Dartmouth Greek Council

  14. Posted by guest | January 26, 2012 at 2:17 PM

    107,000 idiots! I had one interview out of b-school and I get paid in stock that actually appreciates in value

    -1st yr Caterpillar Inc analyst

  15. Posted by Back Crab Moussaka | January 26, 2012 at 2:27 PM

    From yesterday's staff meeting:

    "Despite the fact that broker X chose to relocate to Dewey, Chatham, and Howe, we were able to retain 75% of his clients, so thanks to all those who helped out on that."

    Same sort of veiled threat.

  16. Posted by Guest | January 26, 2012 at 2:49 PM

    You also live in Peoria.

  17. Posted by Guest | January 26, 2012 at 3:01 PM

    Tear ..slow clap….wipes eye with one hand

  18. Posted by J. Sandusky | January 26, 2012 at 3:01 PM

    LLoyd, call me when you touch 1MM kids.

  19. Posted by Barc client | January 26, 2012 at 3:08 PM

    If what Bob says is true, and I have no reason to doubt it, can he explain why for the past 5 years has my sales coverage has been the same incoherent doofus? If there are 100K better folks out there, I guess I and the rest of this person's client list are just going to have to take it personally!

  20. Posted by Guest | January 26, 2012 at 3:14 PM

    Moline, thankyouverymuch.

  21. Posted by Guest | January 26, 2012 at 3:15 PM

    Is he counting the ones with the cover letters that start, To Whom it May Concern at <Company Name>?

  22. Posted by FKApmco | January 26, 2012 at 3:20 PM

    Non-hostile joke about the Ex. That's excellent progress, Mexi.

  23. Posted by Guest | January 26, 2012 at 3:27 PM

    Yeaaah but you're reading Dealbreaker so you and I both know your heart's still over on this side of things.

  24. Posted by BrotherLehman | January 26, 2012 at 3:28 PM

    Bob,

    what an astute observation. Oh, and look: one of my racehorses has probably taken a dump somewhere and the stableboy's on lunch break. Since I can fire your arse with the snap of a finger, be a good chap and fly out here with a pail and shovel and clean that mess up, will you?

    Cheers,
    Hamad bin Khalifa al Thani
    Emir of Qatar

  25. Posted by Real Talk | January 26, 2012 at 3:35 PM

    I mean he's right though. The kids that come in from target programs are bitch-ass, milquetoasts. They saw that $0 and still woke up at 5 a.m. and took their asses to work.

  26. Posted by noname | January 26, 2012 at 3:41 PM

    107k only?

  27. Posted by Guest | January 26, 2012 at 4:18 PM

    Tug and hug. Bravo.

  28. Posted by Guest | January 26, 2012 at 4:25 PM

    By my calculation that means getting a job at Barclays automatically puts you in the 1.4% Sign me up!

    -UBS Quant

  29. Posted by Yes, I rounded | January 26, 2012 at 4:26 PM

    1,500 to the 107,000:

    "We are the 1%. Suck it."

  30. Posted by Mexi_Cant | January 26, 2012 at 4:45 PM

    Thanks. I'm really trying, It's a process.

  31. Posted by THEBro | January 26, 2012 at 5:38 PM

    Christ you two need to bang and just get it over with

  32. Posted by FinneganKristiansen | January 26, 2012 at 7:12 PM

    Wait… is he talking about janitor positions? Are these inner city kids with poor work ethic applying?

  33. Posted by Joe | January 26, 2012 at 11:00 PM

    hollow point to base of his skull in order…

  34. Posted by HFguy | January 27, 2012 at 4:25 AM

    But I’ll give you a statistic that is important. Last year, we had applications from 107,000 kids at university

    - Hey Bob D, I'll give you some statictics, 50% of the time when these kids are fucking without a condom, they are making new kids. So they aren't kids.

  35. Posted by HRguy | January 27, 2012 at 7:15 AM

    "50% of the time when these kids are fucking without a condom, they are making new kids. So they aren't kids"

    Hired!

    - UBS HR/Science Quant

  36. Posted by UBS HR | January 27, 2012 at 7:32 AM

    What does MM mean?

  37. Posted by Mexi_Cant | January 27, 2012 at 9:24 AM

    You might be right, but I can't be sure.

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