2011 was good to some. 2011 was really, really good to bankers in Brazil. According to Businessweek, Brazilian bankers had an average salary increase of twenty-five percent in 2011. This statistic seems particularly remarkable—and painful—when seen next to the average American banker’s change in salary: a loss of twenty-seven percent.
The Brazilian economy in general is doing remarkably well, and so perhaps the bankers’ boom should come as no surprise. Overall, it seems to be an issue of economics: Brazilian bankers defected to the competition, and it paid off.