How’s year two P4P? Traders happy? TDP candidates looking forward to trading? Global book leads jet setting across the globe instead of trading?
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@kgw you can receive no / little upfront cash in a good year, too!
@kgw cash + stock yes (but vesting period not even close to industry standard)
@kes thought they changed the scheme a few years ago so there are cash and stocks components? Or can you receive no/little upfront cash in a bad year?
Xom trading arm is the joke of the industry. Trade shops purposely trade with us a at very minor discount because there is no credit risk. So they give us a deal to make us feel good
Nobody getting paid again. Culture is toxic as can be. External hires learn quickly that they work for Exxon hacks and have to justify their industry knowledge relentlessly knowing their boss /VP will never understand. Externals come in and see the analytics platform looks like it was assembled by an intern (no real balances or trade ideas). At that point they all come to realization they will have to do everything themselves in which case the might as well go to a fund/merchant trader.
The cost structure is bloated - enablement headcount, expensive Exxon-lifer book leads, hundreds of fundamentals analysts.
TDP “graduates” are approaching but trading seats are being taken by up mediocre pre-TDP traders that haven’t been able to secure a more lucrative role elsewhere. Expecting bonuses this year to be a not-so-subtle “move on”.
Average pay in industry for a US natural gas trader is 800k. XOM will not pay that, so it will lose their good traders. I think average pay for an oil trader is over 600k.
curious this as well
How are the global book leads - know most of them aren’t/weren’t traders before. Are they good as managers then?
We have been losing many of the experience traders; just like everyone else ExxonMobil says they pay for performance but wants to be average pay for the best performance