Senior bond traders averaged $1.3M in 2017 Cash of the titans

Last year was a good one for Wall Street bond traders — just don’t ask them about it.

Senior bond traders at major banks made an average of $1.3 million in total compensation last year — up 21 percent from 2016 — but 75 percent thought that they were paid unfairly, according to a draft survey by headhunting company Options Group.

The total pay, about half of which is deferred in stock and cash for top earners, came despite a relatively peaceful year on the bond markets.

“Last year, credit performed better than other global markets divisions,” Mike Karp, chief executive at Options Group, told The Post. “Given the reduced pool of talent, banks need to retain their key employees and providing fair pay levels is an important step to reduce turnover.”

While the average managing director took home more than a million dollars in total comp, the heads of the desks can easily make as much as $4 million in their total pay, according to one Wall Street insider.

While bond trading may be Wall Street’s most storied profession — immortalized in books like Michael Lewis’ “Liar’s Poker,” disappointment in pay is nothing new.

Last year’s survey from Options Group noted that only 33 percent of hedge fund traders who sold bonds, currencies, and commodities in 2016 were satisfied with their total pay.

Overall, 2018 is expected to be a good year for almost everyone on Wall Street.

Base salaries for this year have already risen for most across banks, smaller “bou- tique” firms, broker-dealers, regional banks, private wealth managers and consultants.

Broker-dealers, who are likely to profit off the recent volatility in trading, saw their base salary rise by 23 percent for 2018, the survey said.

Only those who switched jobs to work at “boutique” firms, where salaries are of- ten lower but bonuses can be much higher, saw their base salaries fall — by 19 percent, the survey said.

While this year’s report doesn’t break out the numbers in the same way, 38 percent of managing director bond traders at hedge funds were happy with their pay, which averaged $1.1 million.

Options Group also asked respondents for the f irst time about cryptocurrencies, and about half of those surveyed in North America said they had no interest in the virtual currencies, according to the report.

About 30 percent of respondents, however, said they were already either buying or trading, or were exploring plans to do so, according to the report.

But half of respondents under 25 said they were already participating or exploring plans, according to the survey.

“Crypto, AI, machine learning and data science are the jobs of the future. The younger generation is naturally gravitating toward these fields,” Karp said.