Anyone here familiar with current pay level at HK IBD?
Hi all,
Hopefully anyone of you here will be familiar with current pay level at various HK IBDs.
It used to be US$60k + housing (for 1st year analyst) pretty much standard package across all ibanks in HK, but after crisis some banks (I heard is GS, MS, BAML (?)) cut housing and/or raise base, some banks raise base and cut bonus, so now it becomes much less obvious whether each house is on par with another and who is being most aggressive in getting good juniors. So appreciate if anyone has some color?
There was a salary rise in some banks i.e. Citi/MS back in Jun 09, and it is said that some others will rise in 2010 but not sure. Anyone has any idea on MS/GS/UBS/CS/JP's pay level in HK? Thanks a lot. Guess this topic has not been actively discussed before here.
According to what I know, Citi/MS/GS has been paying US$70k for base now in HK, Citi still has housing but not sure about MS/GS, seems they don't. No idea about JP/CS/UBS/BAML/DB.
All the banks pay 70k base + 10k sign on bonus
US banks do not pay housing - except Citi I believe.
HK pay structure like much of banking is based on total comp so you can get bonus + housing + base or just bonus + base ... it all adds up to a set TC number so if u get more housing you get les bonus
The banks that still pay this "housing" or prepaid-bonus pretty much are Barcap, UBS, CS, DB, Nomura, Stan Chart, BNP, and Citi
Hey Thanks a lot! Cool, seems I ask the right person!
I always think for 1st year they would be pretty much industry standard so compensation doesn't make too much difference among banks, seems right.
Seems to me you are very in the loop, so any idea about FY07 and FY08 bonues level? (roughly how mcuh % will a 1st year get?)
Thanks for your answers.
I think the pay levels are pretty standardized between HK and NY. The same goes for bonuses.
Base is same globally for mots of the banks ... HK gets more bonus than NY ... (there's more business recently in Asia)
Bonus is usually higher in HK, also tax is lower (17% vs 40%). If you are a US citizen, the first ~85k of foreign income is tax exempt (from US taxes)
I know a CS analyst who took home 170k first year... One of the associates I worked with claimed to be almost breaking 300K as a third year back at Merrill in HK a few years before, but that sounds a bitch farfetched.
300K as a third year analyst or third year associate? Because if its a 3rd year associate with 5-6 years of IB or 3 years IB + MBA, i would think he makes at least 300K no? why is that far fetched? I have heard of senior associates break 400K in banking during good years.
i can concur with ibhopeful but numbers not quite so high from the person i spoke with about this
Those high numbers might apply for FY07 but not any more for 09 now..... Any factual % number for 08? Just to use as a gauge....
I think he meant this guy is associate now but back when he was an analyst.
Is the housing bonus a one-time deal or recurring?
its not a bonus its a stipend - monthly recurring
Oh, thanks Gecko.
CS and UBS pays best by far btw - if you like the culture, its not a bad gig. Friend of mine is clearing 180k+ as a 2nd year
How generalized is this or just specific case? I can understand UBS pays well given their strong franchise in APAC especially ECM but CS only did pretty well in 09 and was no where in top 3-5 in the previous couple years, so not quite sure why CS will be paying the best.....at first I thought MS would be the one paying well but no idea.
Gecko, do you have any colleagues in Hong Kong hitting the low-end? If so do you know the numbers?
CS is understaffed that's why - you're working like 100-120 hour weeks no matter what group you're in
Low end in HK is still middle of the range in US haha
Salary is standard, 70K USD converted to HKD.
Used to have housing allowance (15K HKD per month), but many banks got rid of this because of the financial crisis and an effort to reduce expense. Some banks have resumed paying monthly housing allowance recently though.
IBD bonus in good years (05-07) is actually about 10% lower than that of NYC in general although there are some extremely well paid individuals as those mentioned above. Not sure about the number last year though. Also, because there are so many relationship hirings in HK, some junior analysts can get paid at an insane level if you can bring in business.
Hour is the worst though, 15-20 more hours per week than NYC office on average.
Ukon where do you work? ... i've never heard of hk bonuses being 10% less ... hours more depending on where you work.
No bank discontinued then resumed paying - they just rejiggered the total comp structure
I personally do not work in HK. I work in NYC. But I have close friends working at IBD of all BB in HK except for GS. Most of them in IBD - China team or Financial Institution team. I was told that their average hour was about midnight to 1am even last year.
As for the housing allowance, I just sent you a PM.
Any updates / clarification on comp structure at each of the BBs in HK?
bump
Want to hear something ridiculous:
BB in Middle East = 6 figure salary + bonus ( not taxed ) + pays for housing
= baller
Analyst position mind you
Just curious, how much is the difference in base salary (% wise) between the second tier banks compared to the BBs? E.g. HSBC, BNP Paribas, Stanchart, Caylon etc.
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