2015 Analyst Salary Bump Megathread

Let's try to keep a running list going as people go through full-time recruiting and even starting for internships next year. The following list is just from people I know personally. Feel free to expand in the comments.

Confirmed pay jump:
Goldman
Credit Suisse
Wells Fargo
Morgan Stanley
Lazard
Perella Weinberg
JPM
Citi
UBS
Deutsche Bank
Houlihan Lokey
Barclays
Macquarie

"In talks"
Evercore

Confirmed NOT upping pay:
Greenhill
Stifel

Unverified/no consensus:
BAML

Also, if anyone has any info on if the salary increase for a particular bank is just IBD, IBD + S&T, IBD + S&T + ER, etc. that'd be very helpful.

Edit:
MS confirmed
BAML unconfirmed
JPM and Citi moved to the doghouse
Eurobanks (except you CS, we love you) moved to doghouse
JPM, Citi, Lazard, PWP, UBS added
Barclays moved to no consensus
DB made the move (finally)
Barclays confirmed

 
new_analyst1:

MS is confirmed upping to 85. Not sure where you got your info from.

One of their SAs a couple weeks ago told me HR made it clear to them all that MS wouldn't be following the other banks with analyst pay. Then MS confirmed it and made a statement that they were bumping Associate and VP pay, but not analyst pay. I guess they eventually caved with the analysts though? When did that happen and what's your source?

 

Just FYI it went like this:

MS upped Associate and VP Pay but not analysts Some banks responded by upping Associate and VP pay (inc. GS) GS had to take the lead back so they then upped analyst pay Some banks responded by upping Analyst pay (inc. MS)

Like other posters mentioned though, pretty safe bet all BBs will follow. EBs already had higher bases so not sure how that could play out.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 
Anonymoose:

Could someone please comment on whether this is just for IBD or for other analysts as well?

I'm doing S&T at one of the banks you have listed under "in talks" and one of my buddies is starting FT S&T right now and he thinks we will definitely get the raise but I would like some other insights.

This is hard for me to know since I know very few people in S&T, but I know BAML did it for both S&T and IBD, and I'm imagining most others did as well to prevent the classic IBD-S&T animosity. Your friend is definitely SOL though if he just started full-time. No bank is retroactively upping those guys' pay to my knowledge - it's for the next year's class.

 
user39:
Anonymoose:

Could someone please comment on whether this is just for IBD or for other analysts as well?

I'm doing S&T at one of the banks you have listed under "in talks" and one of my buddies is starting FT S&T right now and he thinks we will definitely get the raise but I would like some other insights.

This is hard for me to know since I know very few people in S&T, but I know BAML did it for both S&T and IBD, and I'm imagining most others did as well to prevent the classic IBD-S&T animosity. Your friend is definitely SOL though if he just started full-time. No bank is retroactively upping those guys' pay to my knowledge - it's for the next year's class.

Does this include corporate bankers and the corporate underwriting team (credit risk)?

 
TNA:

Dude, every bank is going to follow suit. Pay at the junior level is largely similar. Any bank that doesn't follow suit will see a massive drain of talent.

You might be happy putting your faith in the "is going to" gods, but I for one prefer to trust the "already has" doctrine when considering my options for full-time.

 
user39:
TNA:

Dude, every bank is going to follow suit. Pay at the junior level is largely similar. Any bank that doesn't follow suit will see a massive drain of talent.

You might be happy putting your faith in the "is going to" gods, but I for one prefer to trust the "already has" doctrine when considering my options for full-time.

Look, no offense, but If you're so short sighted and know so little about this industry that you'd make a decision because of a 15K difference in first year salary (not even total comp, just salary) my guess is you aren't going to have many options for full-time.

 
Best Response
user39:
TNA:

Dude, every bank is going to follow suit. Pay at the junior level is largely similar. Any bank that doesn't follow suit will see a massive drain of talent.

You might be happy putting your faith in the "is going to" gods, but I for one prefer to trust the "already has" doctrine when considering my options for full-time.

This sounded so nerdy / finance douchey I couldn't help but laugh.
 
user39:
TNA:

Dude, every bank is going to follow suit. Pay at the junior level is largely similar. Any bank that doesn't follow suit will see a massive drain of talent.

You might be happy putting your faith in the "is going to" gods, but I for one prefer to trust the "already has" doctrine when considering my options for full-time.

motherfucking douchebag

 

I have heard that JPM, BAML, Barclays, and Citi have NOT offered the 2015 analyst class 85k in their offer letters. Multiple friends in the 2015 analyst class going to GS, WF, MS, and CS have confirmed 85k in their offer letters.

If anyone can confirm (the offer letter states 85k) from the banks that have not confirmed (not put 85k in the offer letter), please post.

 
Luxe:

I have heard that JPM, BAML, Barclays, and Citi have NOT offered the 2015 analyst class 85k in their offer letters. Multiple friends in the 2015 analyst class going to GS, WF, MS, and CS have confirmed 85k in their offer letters.

If anyone can confirm (the offer letter states 85k) from the banks that have not confirmed (not put 85k in the offer letter), please post.

BAML actually has bumped up the pay to 85k. As of Friday, UBS has bumped the pay to 85k as well. The only BB's that haven't bumped as of yet are JPM, Barclays, Citi and DB

 

Is there anyway you can use this to negotiate? (ie: offer from MS but prefer group at JPM). My initial guess is no, but is worth a try?

Robert Clayton Dean: What is happening? Brill: I blew up the building. Robert Clayton Dean: Why? Brill: Because you made a phone call.
 
TheTwoHacker:

Do you guys think this will have an effect on post-mba associates also?

I mean this should ripple to consulting and tech also right? They compete for the same talent these days

Banks made this move to lure top candidates away from consulting & tech. It'll be interesting to see consulting & tech's response. It could potentially be a vicious circle.

Robert Clayton Dean: What is happening? Brill: I blew up the building. Robert Clayton Dean: Why? Brill: Because you made a phone call.
 
Going Concern:

For those of you who aren't aware, GSM is one of the SB's (superior boutiques). They do advisory for all of the other investment banks, so they get fees on fees. It's very lucrative. Unfortunately their NY office is only analysts and a few LFJ's (large floppy johnsons), everyone else works out of Bangalore.

I had heard they were opening a new office in Botswana but that may have been a rumor. Also heard bonus pools were 250/300/350k.

"When you stop striving for perfection, you might as well be dead."
 
<span class=keyword_link><a href=/resources/skills/finance/going-concern>Going Concern</a></span>:

Piper Jaffries is at 95k. Confirmed.

Heard GS TMT analysts left to join Piper.

Robert Clayton Dean: What is happening? Brill: I blew up the building. Robert Clayton Dean: Why? Brill: Because you made a phone call.
 
FiveDollars:
oLookAbear:

do these base raises mean bonuses are reduced?

This is an interesting question. Anyone who knows?

I doubt there are many people who know that are on this website. Most have probably heard their managers say it isn't coming out of bonuses but I'll believe it when I see it. Relatively down year, wouldn't be surprised to see some justify lower bonuses with higher salaries, but that will come down to the top BB banks. Whatever they do, as we've seen with this, will determine how the rest of the street reacts.

That said, I'd rather have the higher salary with a lower bonus but it'll be interesting to see what happens with people leaving now. Less incentive to stay for the bonus if it isn't as big.

 

There's no confirmation Stifel will not increase pay. Rumor has it they will follow suit. They've made a bunch of acquisitions recently and are trying to re-brand as a "premier" middle market firm. Premier middle market firms pay street

 

What does this mean for current analysts? Does it cascade across current 1st, 2nd and 3rd years at some point?

Also does anyone see this going beyond S&T and IBD? As far as I know, most BB's pay Ops ~55k and MO(risk, finance, etc.) ~65k. Does that mean that middle and back office positions will have a 30k/20k discount to IBD and S&T?

 
Macro1:

Can anyone confirm if this applies to associates and VPs and if it's also a 20-25% bump?

Me and my fellow, soon to be, BB IB associates will be at $125k salary come next year. I'm pretty sure this is bumped up from last year. I remember the second year MBA guys say they were closer to $100k last year.

I don't know about VPs.

 
watwatd:

Looks like no MM pay bump

I'll be looking to lateral if not. Why would I be satisfied being a 2nd year analyst with the same skill set as analysts at other firms being paid less than an incoming 1st year analyst who has little to no skill set? It would even make more sense to move to a pay-bumped firm as an Analyst-1 (i.e. take a year back for the $85 vs. $80) then it would to stay on as a 2nd year with no bump. I also know that I'm personally loyal to the $$ and that there may be other reasons 2nd year analysts stay put come next summer. Just my thoughts.
 

"The Premier Middle Market Investment Bank" is what they're trying to re-brand themselves as according to friends of mine. Given all of their recent acquisitions, it would most certainly be a step back not to bump pay. No "Premier" firm will pay below street.

 

Any perspective on the London offices? I have a contract in front of me which still pays the regular GBP45k. Any rumours or knowledge of potential pay bumps? Is it ok to ask the company directly whether they plan to bump pay or shouldn't you do that as long as you haven't signed anything? Thanks guys.

 
therealweinstein:

Any CONFIRMED word on the middle market (both BB-esque and pure MM) banks?
Can anyone in the know please provide some insight?

Wells Fargo
Jefferies
RBC Capital Markets
Harris Williams
Houlihan Lokey
William Blair
Piper Jaffray
Stifel
Lincoln International
Baird
Duff & Phelps

Thanks!

Look at my previous post a couple above yours. Piper confirmed.
 

Do we have anyone in London that has been upped?

US guys, you shouldn't worry. If 1-2 banks raise, all will follow just a matter of time. I am just worried that none in London has been upped.

The surest way to make a monkey of a man is to quote him.
 

Whats the content of your confirmation? I am currently employed at a BB in London and so far none has even mentioned the pay rise, not to mention that we haven't received any updated contracts nor the fact that incoming analysts still have 45k on their offers.

The surest way to make a monkey of a man is to quote him.
 

Effective January 1st 2015 for my BB. Though we won't see it reflected on paycheck until Feb 15th pay day (15/30 pay cycle). I heard Feb 15 will be higher than the rest as it will compensate you for the missed Jan 15 & Jan 30 pay day.

Also, heard structure will be 85/95/105k. 2nd years will see their pay go up.

Anyone have any clue how this will affect bonus? Thanks!

 

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