Bankers Work For Free

Times Online quotes a senior director at a leading investment bank as saying: 'In the present environment where there are far fewer deals, the fight for league-table positions has become the dominant trend in British mergers and acquisitions.'

There is a growing trend on deals that the secondary adviser is not paid, but undertakes the work simply for the profile. Indeed, it is now not uncommon for several banks to work unpaid on a deal in order to be mentioned on the tombstone.

Another banker quoted by Times Online said that 'people often trade a sensible fee for getting their name in lights.'

Investment bankers are increasingly having to work on a success basis only and the days of charging out on a time basis are long gone.

With a recovery still thought to be a long way off in the merger and acquisitions markets, more lay-offs are expected.