2018 /2019 Commercial/Corporate Banking Bonuses
I haven't seen too many posts on what bonuses and salaries are like nowadays since the 2017 thread. Curious to see if the pay bump at that associate-level affected Corp Bank or Comm Banking?
Here are the numbers standing since the last update:
Corporate Banking :
A1: $85k + ~$45k
A2: $90k + ~$55k
A3: $95k + ~$65k
Aso 1: $140k + ~$80k-$100k
60-70 hours/week on average. Summers are more around 50; heavy deal flow around 80. Some weekends. NYC
Maybe easier to keep the same format like the 18/19 IB thread.
Title: (As / VP / D / MD and year being paid on)
Rank: (Top / Mid / Bottom)
Bank type: (BB / EB / MM)
$:
% Cash:
Posting under throwaway for anonymity.
Title: As1 - Commercial Banking (Relationship Management)
Base: $110K Bonus: $40K Hours: 40-45 with a few days of travel per month. Never more than 45 hrs. Bank: Top 10 Commercial Bank
NYC. Can’t complain but I feel like my base might be a little low.
That's solid given hours. Congrats!
Revisiting this and I definitely think my comp is low.
What makes you say that now?
Title: An1 (Corporate Banking) Rank: Mid Bank type: Canadian 5 $: 20k (80k base) % Cash: 100%
Out of curiosity, any idea what base and bonus looks like for Associates? I just started at a Big 5 as an Analyst in Corp Banking.
First year associate is base of 100k bonus of 40-60k. Hopefully the base will get pumped up a bit in the coming years like the US banks have already done
Is your salary for the US office of a Canadian 5 or for a Canadian office? Specifically, I'm wondering if BMO Capital Markets US office first-year analyst would pay similar to what you listed ($80k salary plus $20k bonus).
Canadian office. Not familiar with pay structure for the US offices
BMO Chicago is $70k base
Commercial Banking
Title: Associate Rank: top Bank type: Large MM regional, $100bn+ assets Base+Bonus: $77.5k Years exp: 3.75 years Hours: 40
Should be getting a nice bump in base within the next few weeks. Hoping for a solid $5-7k addition to base.
Note that this is in a tier 3 city... I live comfortably and save plenty.
Should this be interpreted as a $77.5k base with 100% bonus for $155k all-in? Or $77.5k = base + bonus?
77.5 is all in
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Midwest?
yes
That's depressing
To each their own. My definition of depressing is working 80-100 hours a week being someone’s legit slave & having no life
I work at a Tier 1 BB in S&T from my colleagues in Corporate Banking typically A1 bonus is between 10 - 40% of base with a base salary of 80-85K.
Can someone elaborate on what corporate banking means? Is that corporate m&a or development/strategy or just fp&a? I keep seeing the title being thrown around with multiple meanings.
Generally relationship management for large corporate clients, with a focus on the credit aspect (key part of balance sheet banking is being part of the client’s credit facility). They may or may not get involved with IB origination depending on the bank.
https://www.wallstreetoasis.com/forums/why-corporate-banking-instead-of…
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Our numbers get released in two weeks. Waiting with bated breath
Title: As1 - Corporate Banking (Real Estate)
Base: $70K Bonus: $30K (all cash) Hours: Usually 45-50 hours. Occasionally 60 hours once a month. Bank: MM Location: Midwest
Title: As -1 (Commercial Banking - Rel mgmt.)
Rank: Top
Bank Type: Top CB
$75k ~15% ($86ish all in) Hours: Never >45 hours. Probably average under 40 if you take out lunch breaks
Tier 17 city
Anecdotally, it seems that the pay in commercial banking starts relatively low and ramps up quickly around the 4-5 year mark. At the VP level I expect to make $120+50% and $150+70-150% at the SVP level. For point of reference, on my path the VP level would be a junior relationship manager and SVP is a full fledged relationship manager.
Just out of curiosity, how do you classify cities into tiers? By cost of living im assuming, right? What cities are tier 2-3?
It's highly subjective. From what I gather, tier 1 is usually NYC, SF, Chicago. Tier 2 is Charlotte, Atlanta, and cities along that size. Tier 3 is everything else. I say tier 17 because I've grown to hate my city and am counting down the days until I move.
What does BAML/JPM/WF pay first year Commercial Banking Associates? Not Corporate..
I started at one of those shops and my first year Analyst pay was $65K + $9K bonus, second year Analyst pay was $70K + $11K. Tier 2 city. Analyst pay started at $75K in NYC I believe. Curious to know what kind of salary bump you got once you moved up to Associate
Title: As2 - Corporate Banking (Credit Management)
Base: $125K Bonus: $40K (all cash) Hours: Usually 40-50 hours. Occasionally 60 hours once a month. Bank: International Bank Location: NYC
Thanks for sharing..I’m convinced my $110K base is below market.
Apologies, correction. It's actually for As2. I was around $110K at As1.
However, noticed that you're on the RM side, and I have seen higher bonuses.
Title: An1 - Corporate Banking (Credit Management) Rank: Mid Base: $75K Bonus: $8K (all cash) - stub started in July. Hours: 40 Bank: Top 10 CB Location: Tier 1 City
Title: As1 - Commercial Banking (Relationship Management) Rank: Top Base: $90K Bonus: $30K (all cash) Hours: 40 Bank: Top 10 CB Location: Tier 3 City
Anyone have insight on CB rankings? Trying to get a rough idea of what people mean when they say "Top 10 CB" vs. "Top 3". Thanks
Top 10 CB in terms of total assets
Thanks!
Bank Size: $20-$50b assets Title: VP- Commercial Banking (RM) / 5-7 years experience Base: $110k Bonus: $10k Hours: 35-50 Location: Tier 2 — I’m constantly wondering whether the move to Corp Banking is worth it. In my current path, I’m about two years away from $150k base + $25k bonus with continued flexible hours. Commercial Banking salaries ramp up quickly (I was $96k base a year ago), but bonuses are always light. Salaries stall out until you’re a regional manager, which requires about 15 years experience. On the BB Corp Banking side, salaries jump $20k every year as an assoc until you hit the VP promote and then you start hitting $300k-$500k all in. Clearly it’s a more lucrative path, but requires 60-70 work weeks, which is painful once you start a family.
How many years of exp.?
Dude, you have to move to a bigger bank. As an RM, your bonus should be a lot higher. Think about it, if the client is the source of money/profit for the bank, you are the closest to the source of money. Without you, there would be no client.
How does your bank define "commercial banking"?
You should NOT be working close to 60-70 hours a week as an associate or above in Corporate Banking. Analysts average no more than 60 hours a week.
Also, VPs in Corp. Banking max out at the ~$350k range in the top groups.
As a data point, I can confirm that senior associate comp in my group (CIB) is in the $300K+ range while VP comp is within the band that you've stated. Personally I think that associate is a sweet spot in CB in terms of pay to hours. Once you're a VP nearing director promote, you're routinely hitting 60-70 hours when you factor in the constant travel. I've had VP's working in the office with me until 1-2AM when we're on a fire drill. I'm sure this isn't new info to you, but hopefully it helps you decide.
I find it very hard to believe this... You're either inflating your hours or your group is highly inefficient.
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Anyone have any insights on JPM Corporate Client Banking and Specialized Industries (CCBSI)?
bump
What do you want to know?
Is anyone familiar with the salary progression at PNC, STRH, BB&T? For analysts
Title: An2 (1st full year after 2017 stub year) Rank: top Bank type: non-bb Base+Bonus: $63k +$18k Hours: 45-60 Location: Tier 2 city (Phila. / Atl. / Boston)
As2 (i think) Rank: mid Base: 140k Bonus: 50k Hours: 60-70 Loc: NYC Large European Bank
As2 Rank: Top Base: 125k Bonus: 75k Hours: 70 (50 to 60 hours in the summer) Loc: NYC Large Canadian bank
Note that when I say it's a top tier bank, I'm referring to the specific group within corporate banking that I fall under. Most banks would put my group under structured finance or even leveraged finance, but Canadian banks tend to group us within corporate banking (since that's how it's grouped in Canada, which is a much smaller market). However, to compensate, they pay us a little more in the bonus than the other corporate banking groups would receive.
What was your comp year one?
That is my year 1 comp - I'm now a year 2 associate. Base salary was 125 in year 1 and 2.
Bump
Question for those is commercial or corporate banking.
If I were to work in commercial banking for my 1st year after Undergrad, would it be viable to move into Corporate Banking the year after? In my opinion it seems like a pretty easy transition but I wanted to see what everyone else has to say.
Hello,
It is possible - I've seen people do it by looking at their LinkedIn work experiences, but this is rare. Typical time from commercial banking to corporate banking is about 5-7 years if you just move up the ladder (1 year training, 2-3 years regular commercial, 1-2 years senior commercial). The best way to do it is to lateral from commercial in one Big 5 bank to Corporate in another Big 5 bank.
It also helps if you have the CFA to show that you're smart enough to do corporate banking work versus commercial banking work.
Hope that helps - feel free to PM for more info.
Definitely possible. After finishing my undergrad I did a commercial banking associate training program and instead of being placed permanently in one of the groups I made the jump into corporate banking
As1 Rank: mid Base: 140k Bonus: 40k Hours: 50-60 Loc: NYC
I've seen base go up lately as of 2019 as result of IB' switching to 150K from 125K for new Associates; anyone reach 150K for CIB?
Rm middle market 100 to 200 billion asset bank Tier 1 city 150 base 150 bonus
Recently started FT.
A1 Rank: Canadian 5 Base: 90k Bonus: N/A Hours: ~60 Loc: NYC
Does this mean you don't get a bonus or is your bonus amount not known yet? Specifically, do you know if BMO Capital Markets would pay a similar rate?
BMO pays below market. I believe 70k base as A1 in Chicago - not sure about NYC.
Got an offer (that I’m going to decline) from an international bank (BNP/Mizuho/MUFG/SocGen) on the credit side. Corporate Banking credit.
Title: AS2 Base: $120K Bonus: $35K (target) Loc: NYC
That's low for NYC. Seen commercial bankers get paid similarly at that level in NYC for relationship mgmt. Must be BNP or SocGen
Out of curiousity, what level does a jr relationship manager equate to?
2nd Year Analyst BB City: Tier 3...or maybe lower. Base: $68K Bonus: 15% (~$10) Hours: 40-50max
Associate, Corp Banking at MM, SF, $115K + 40% all cash
Time to start another one of these.
Let's get the 2020 ball rolling:
Title: An2 (Corporate Banking) Rank: Mid/Top Bank type: Canadian 5 $: 35K % Cash: 100%
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Don't have a data point to share, but as someone who's recently become interested in comm/corp banking, really hoping we can get some others to share as well.
Title: An2 - Corporate Banking
Base: $90K Bonus: $35K Hours: 50 - 70 (Could be more or less depending on the week)
Bank: BB Location: Southwest
bump
bump
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Below. I know WF comp starts at $60K and 10% target for tier 3 type city in commercial banking.
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Any other data points?
Financial analyst 1? Like a first year Commercial Banking analyst? At those shops (regardless of city) they should be making $65K base minimum.
Bonus target is also low unless that’s stub.
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