Banker pay in 2013 will reward substance over style

Investment banker pay is expected to shrink this year, but the outlook for the less glorified corporate banker looks more promising.

Investment banking has always had a certain allure. Helping a company launch a billion dollar initial public offering, funding a big acquisition or buyout, these are the things that graduates pondering a banking career dream about.

It is safe to assume that fewer dream of arranging letters of credit or managing a depositary receipt programme. Lately, however, investment bankers’ pay has been shrinking, while compensation for their less glorified peers corporate bankers is looking more...

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