By Michael Mosley
At the start of 2010 it was claimed (once again) that this would be the ‘year of the boutique’. When this failed to materialise, the Bulge Bracket Banks once more held aloft the mystical figures that saw off these up-start challengers, ‘the rainmakers’.
The rainmakers have for sometime been the defining feature of the Bulge Bracket Banks with their ability to bring work to the M&A team, their ability to make or break a bank’s year and some say their ability to walk on water.
But nothing lasts forever and the Bulge Bracket Banks have stopped asking themselves a simple question. A question every firm should ask themselves about revenue generating staff - what if they left? The answer…5%.