Truist Pay Raise?

I know Analysts were bumped to base 87.5/92.5/97.5 earlier and I think associates received something as well. Either way, looks like all banks are now bumping to or beyond 100k base for AN1. Wondering if we’ll see any more bumps for analysts?
 

I know they are mainly outside of NYC in Atlanta instead, but current bases for NYC are especially now under market. Even Atlanta is getting pricey and don’t really think we should be this under the market on base. Just at least get close to matching everyone else now. Heard that bonuses were very good this year but no direct confirmation other than on here? Any rumors out there?

 

Obviously per person and either way there’s no way you’re getting even 1300 where you need to be in Buckhead. We should really be seeing some base movement here I’d think with the market moving up

 

Highly unlikely they budge any further. Truist is historically cheap and is highly focused on hitting merger cost savings targets. Can confirm high bonuses, but I’m sure they were either just a bit higher or in line with street this year. They would rather do one time large bonuses because they can adjust that as non-recurring.

Truist has always lagged the street, so wouldn’t expect much change there. Also a few other banks are still in that wheelhouse, so I don’t think they are way off market for a middle market bank focused in the south.

TLDR; there has been 0 talk and 0 rumors, and it feels highly unlikely

 

god damn you are probably right but hopefully there is something coming along. HW and WF in the south are at 105k and even damn Macquarie of all places are 100k

sick of this shit always being a step behind and getting fucked always just give us something 

 

If it's any solace, banks who stepped up salary will likely make concessions with bonuses (ie bonuses will be lower as a % of salary with the bumps as opposed to without the bumps). So I'd definitely keep ears peeled for how all-in comp shakes out next year. If both salary and bonus increase for banks who raised salaries then yeah, jump. But if bonuses were effectively lower and yours are higher as a % of base, consider that as well. Obviously as an analyst a higher salary is nice but just food for thought before you get too ticked off

 

Yeah this sounds right. It’s tough because one of the messages they really push is that they’re rapidly growing their presence in NYC and are more frequently competing with/winning mandates from BBs. IMO it will be hard to bring in the talent to do so if they consistently have the reputation of paying below street

 

87.5k/92.5k an1 and an2 is an absolute joke in NYC now. No way they get to where they want pulling that and they surely are aware.

 

Shit man you really think there’s no hope? I feel like it’s maybe a bit of delay since they just did the first mini-increase and need to do it all over again. Or am I being delusional in my thoughts. Are you a new AN1 or been here?

 

Yeah lol. I guess it’s never enough.

To be fair, I think the 100k+ bonuses (that was A2-A3, not A1) are market level this year. I have seen multiple reports of similar bonuses. Truist just pays a bit earlier than most (end of June).

 

Saw on the benchmarking mega-thread that Truist is planning to match BBs. Anyone know if this has any credibility?

 

Saw that comment as well. Looking to get any thoughts or sources here.

 

You could get a pretty good place in buckhead around $1,600 and nice 1BRs will be $2,000/month.

But I definitely wouldn’t wanna live by myself after undergrad. Would be way too lonely plus you can get super nice 2BR apartments in Buckhead and Midtown for like $2,800-$3,000 total. Not a bad price per person considering how nice some of these places are

 

Honestly think they will bump it very soon. The fact that I can't name a single bank besides us that's under 95k (most of which are above 100k now) is very telling. I've asked numerous people and no one can find any other reputable bank that is still at this base and this includes the southern banks as well. They have to be aware at this point no way around it. Hang tight we should be hearing something or else there will be a mass exodus soon. 

 

Should be hearing something any day now. This can’t go on for long.

 

Oh look, we now have a handful of banks pushing it even farther now to 120k / 130k AN1/AN2 and here we still are.

I can be patient, but being fucking embarrassed at this rate is not something I will stand. Either drop the hours and workload or fucking pay us. I give one week from today as my limit. 

 
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They are going to have to bump for both PR sake and retention sake. The fact that 3rd years at Truist are making below 1st years at the majority of banks and at all of Truist competitors is obvious justification for a bump to 100-110k starting and then increments of 5-10k on up. Or all the analysts will start looking elsewhere because to lateraling and quickly making an extra 15-25k is a no-brainer.

 

Precisely. The difference is not simply 10k here or there now. We are talking 20,000 plus differences. After three years in banking, you’re base barely breaks 100k atm.

 

Truist has 10 layers of management and none of them have their finger on the pulse of salary trends. No other explanation for the delay and no indication so far that they’re even talking/thinking about this. An 87.5 base can’t hold. If they got in a zoom and saw what other banks are paying, analyst raises would be announced next day.

 

You first year ANs need to push something for now while you still have so much free time in training. Us second year guys are getting fucking crushed at the moment and I’d wager half of us aren’t even aware nor have any sanity or energy since everyone is so swamped already. Especially the case if you are a first year AN headed for NYC because you will not fucking save a single penny frankly and that’s not an over exaggeration unless you managed to grab one of those crappy 2 bedrooms with a roommate for like 3500. Costs have shot way up.

 

Genuinely curious, how far does 87.5 go? Is the difference between 87.5 and 100 that noticeable?

 

Here’s another day. Like I said I can be a little patient but my limit remains Tuesday of next week. Can’t believe I put my trust into these people thus far. I’m a rational individual but if still silence or no rumors on that day there will be consequences. Mass exodus will come.

 

Here’s another day. We won’t be silent. Have some respect for yourselves. 

 

Any Friday treat for us? That’s fine if not. I also don’t have to login this weekend then. I’ll respond to my emails on Monday like every other job out there. How about that you cheap asses? 

 

Felt good to not check that email this weekend. First free weekend in a long time. So freeing when you know there’s so many great alternatives now out there. Let’s see that Monday morning email confirming the raises. I have hope and I feel it. If so I’m back on the grind happily for most certain no more complaints out of me.

 

Valid point. Not the one slinging MS. Current 87.5k vs 100k market rate is much, much worse than the old 80k vs 85k market rate. I'm sure you can empathize. Especially now that Atlanta is flooded with Truist competitors.

I feel that. Used to be STRH was the only game in town for ATL - they’ll wake tf up when an entire analyst class laterals to other ATL shops or interns from UGA, etc. start declining offers

 

Went to a MD that I work a lot with and ask about this. He told me that I was already getting paid a bunch compared to the rest of undergraduate coming out of college. In short, I should be grateful for the job and not complain about $15k difference. I should work on getting better at the job and the pay will come. So, who’s down to hand in their resignation together? We also hire some credit guy from TD bank as associate on my team, wtf is happening to this firm.

 

Go ahead and talk to your staffer or at the very least your other new analysts in your class. You all have a lot of free time now and the first week or so. Now is your chance, because it’s fallen on deaf ears over in mine.

 

I appreciate you going ahead and asking. We need more of that. Shame on that MD so very out of touch. This hurts the brand a lot. What do people think of now when they hear Truist, “hey, that’s that one bank underpaying the fuck out of it’s analysts right?” 

 

Can anyone confirm that Truist actually did not raise? If you read the comments, a lot of people are claiming their bank raised based on intern return offers. A lot of these banks have not actually raised yet, and the raises won’t go in effect until 2022.

Does anyone know if intern offers said $87.5k for sure?

Anyway I agree Truist is playing with fire. More than the $10-$15k extra, I’m worried about getting bottom of the barrel talent which makes good analysts have to pick up the slack. There’s already been anecdotal evidence that the newer junior talent is under-experienced.

 

Yes 100% confirmed there has been no change there’s nothing unclear there. Imagine out of all the banks out there you happen to land on the one currently paying the least.

As for your comment on new analysts. Yes if you continue to pay less (even if it’s made up for in bonuses but that’s not reflected in offer letters) you will end up seeing the bank become a far back up or safety option for people. 

I still think it’s inevitable that they go 100/105/110 at the minimum. Simply not sustainable with this model unless they cut the hours and market themselves as a “lifestyle” bank. 

 

KeyBanc just raised to 105k first year. That is the nail in the coffin. Truist is officially embarrassing by all standards. EB, BB, MM, doesn’t matter. Truist is way below market.

 

Don’t forget the several individuals in here who were seriously trying to argue that Truist has always “been below street” on this magnitude and then brought in ATL cost of living as point. Right, 20k behind Cleveland Ohio and Raymond James Florida has always been the norm. I’m about 99% convinced those were burner accounts for higher ups at the Truist I swear to god that’s the only logical explanation for someone reaching that hard. 

 

Yes, I interned at a relatively little-known MM and even my return offer was 100k.

 

I did awhile ago no response. If others could try it might help. I know I’ve been doing a lot of predictions, but I genuinely feel this week has to be the week we hear something. I know I’ve been a disappointment in this regard, but the thread has gained serious traction now and those at other banks are talking about us. I can confirm that firsthand from two friends at different banks. 

 

Hope you get the comp champ but according to 2 friends I have that've worked there, STRH / Truist has always underpayed. According to them, up until this year the average bonus for analyst 1s was under $35K. I'd recommend you look to lateral if you want to get paid. You'll work harder but you'll work on better deals and get a better experience

 

They're either waiting until the end of the fiscal quarter to make the bump for accounting purposes — or their justifying the discount in pay due to the fact that most of its IBD sits in Atlanta, which is much lower cost of living than NY.

But nevertheless, they do have around 150 employees in the NY office so can’t really justify that as a firmwide reason.

Fwiw, I remember seeing probs like 12 different threads about Goldman not raising pay when the other BB’s and EB’s were for the longest time. Took GS like 6 weeks later to finally raise pay but it happened. Could very well be the same shit with Truist. If all other MMs have raised pay, Truist will quite literally be forced to by EoY without losing talent.

 

They really think they’re going to get away with this...

I will foolishly hope you are correct. There is nothing left inside me to feel

 

If I were a truist analyst I'd be lateraling ASAP. The lateral market is hot and there's just no reason to be underpaid to work street hours with douchebags with no deal flow or exit ops. Make no mistake, by intentionally underpaying you, truist is telling you that it thinks you're sub par talent who's only redeeming quality is that you don't cost them much to employ. They are also telling you that they think you're a scrub who can't get a better job anywhere else and have no better alternative than to take their shitty compensation. Leave ASAP, your employer is telling you they literally don't value you at all.

 

More likely they’re still upset that they had to raise pay at all, since, after all, everyone is in the LCOL southeast, they have better WLB due to southeastern style, and their MM focus.

Oh. Wait. Except they’re trying to compete in the big leagues post-merger, have people spread in offices across the country, and work their people like the BB they’d like to become.

 

Who ever knew we would get to this point...plain embarrassing. Nothing more to say to it. Cut the work and hours and stress and I will most gladly take a paycut along with giving back part of my bonus. Otherwise? Bad news for the firm.

 

I’ve given up. It’s a lack of care towards juniors at this point. I’ve been clear in saying I’m more than willing to compromise with regards to giving back a part of bonus and base comp remaining the same in exchange for less deal activity and better WLB. Otherwise if we are expected to work just as much as our competitors it should be the same pay. I don’t think any magic email will come tomorrow, but I can hope indeed.

 

Agreed, not sure what the hell everyone else is doing just okay with being shafted like this. My only theory is that others are not getting as crushed as me don’t care enough.

 

No idea at this stage. Was almost certain we’d see something by now, but no. This is baffling.

 

Am an analyst not an intern. I don't think a single person has made the point about dealflow / top-line business impacting this amount. I agree with points about what it suggests in terms of talent, but maybe no the big FU people are saying. There was a recent bump from 80 to 87.5 Believe me this is still a bummer but banks are constrained by revenue factors, and like we said COL. That being said, if some of those banks above like MUFG and Mizuho are paying 100k+ base than something is up. It does look like they are I just checked. And the point about inner management and being out of touch seem right. Time for a raise to ~100k, or at least ~95. Definitely see some lag by top firms like PJ Solomon on pay. And I think the lateral moves are common and logical.

 

See your point, but vast majority of IB is in ATL, and there aren't adjustments across the country as in other banks for COL, so one size fits all. And yes, true about the record revenue, but there was the earlier pay raise. All banks are having record years. 

 

What are you talking about? COL has nothing to do with this why does it continue to be brought up. I can name a dozen banks right off the back of my hand that have the same base across all regions. In fact, it’s like that literally everywhere nowadays. There are also other southern based banks that do not even have a NYC office like Truist does yet they are still paying 110k base like HW. You add on banks like MUFG and Mizuho and it’s simply insult to injury. There is no justification.

 

You pretty much ignored that point completely. Where the majority of an analyst class sits absolutely affects pay since it is a flat rate regardless of COL, so if a substantial majority live in X, the pay across the country will be weighted towards COL in X. And the deals done are different than that of HW despite shared southern presence. HW does almost exclusively M&A work for a good range of MM firms, with a heavy sponsor contingency, I believe. MUFG and Mizuho do not have offices in these lower COL places but do work on similar deals to Truist I would think. That should explain your differences. That being said, a raise does seem likely, even if it's not all the way up. 

 

Hey fuck you I’m still here. I’ve lost my sanity at this point and hate myself so just leave us alone okay

 

Dude was really going through it and hitting levels of cringe

 

Any word on the numbers or when the numbers will be revealed? Jan 1 is some time from now...

 

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