Company Benefits
Anyone ready for an adult conversation?
Do most Banks offer similar benefit compensation--such as health care, 401-k matching,life insurance, paid unused vacation time, etc.? How much, if at all, did this factor into your choosing your place of employment?
I am in London now, potential offer in NYC ( IBD Ass. lateral) and the benefits certainly vary from where I am. Is there a large difference in US Banks?
Cheers for your input.
oh come off it
Meant as sarcasm....who the hell wants to think about this rubbish--but it sure makes a differnce in total package compensation.
Thanks Mis Ind. Sounds like your bennies are not that great--meds sent by post--never heard of such a thing.
Will have to do research and take a closer look at what is offered.
I am what do you need help with. Take it nice and slow.
I loathe my bank's benefits, and it might have made a difference in my choice had I known beforehand. No 401(k) matching at my level, measly life insurance, and a prescription medication plan that involves mostly mail order and STILL costs $30 a pop.
My advice is to do your research.
How do I find out what my company offers?
when you show up
After you get an offer, ask to see their benefits package. Most places will show their cards as they are trying to sell you on their bank, so if you see certain key points are missing, ask about them and go from there.
most of the banks' 401k matching is pretty similar. usually in the 5% range is matched. there may also be a pension of some sort. be advised if you move the US you're going to lose vacation days...you may lose 10+ days a year in fact.
Yeah, guess it was a feel good moment to be offered a position.
Quite honestly, it would be like taking a few steps back. Live to work or work to live.
I've worked on a couple retirement projects at work with respect to employee benefits of IBanks (BenchMark Consulting for an MM firm) - basically, the more prestigious the bank, the worse the retirement benefits.
Par for the course, as the primary purpose for retirement plans is to improve employee retention, which doesn't appear to be the #1 priority for IBanks.
My firm is at the top of every ranking and provides excellent benefits: 5% of salary contributed to retirement account, defined benefit pension plan, and everything else you would expect in terms of various types of insurances. I'm not so convinced that benefits are negatively correlated to prestige.
When you say 5% of "salary" contributed to a retirement account, does that include bonus or no?
Base, or Base+Bonus?
Is the DB plan closed to new entrants (most are)? If not, Cash Balance, Career Average, or High-5?
Maiden, where do you work? defined benefit pension plan? I may have to hop ship!
Then my bank must be extremely prestigious. Sigh.
BB analyst benefits? (Originally Posted: 07/10/2015)
Hello, what benefits does a BB analyst in London or New York typically have? Health, dental, lunch?
And if you have a company phone, who pays the bill? One last question, from which point on do you get a company car, if you do at all? (MD, partner, vs...)
I'm asking because I work at a non-US and non-UK location at a top BB. We have different benefits here. Thanks!
Health, Dental, 401k, matching contribution up to x% are benefits.
Cab home past 9/10 PM, seamless dinner up to 25 bucks, etc. are perks.
$30 dinners these days..at least on the west coast
So the firm does not pay for lunch and morning commute? That's pretty standard where I live.
Company redeems morning commute - monthly metro pass @ nyc
My morning commute is tax deductible but not reimbursed. No lunch unless buyside.
Benefits - How are they like at top-tier banks? (Originally Posted: 11/10/2006)
What are benefits usually like at top-tier banks? Also, which banks are known to dish out the most perks (car service, meal allowances, gym memberships, etc.)?
Benefits in finance have very little to do with Prestige.
I work at a tiny (read: unknown) REIT and my benefits are preposterous. All meals paid for, 100% free health insurance for myself and all dependents, non-covered items like co-pays can be expensed, free parking, 20 days of vacation for entry-level, trips to Vail and other places, 401k contributions, 100% tuition reimbursement, blah blah blah.
Cash comp sucks though, so I guess everything is a trade-off.
Top notch medical, dental, 401k, etc.
Meal allowances are usually $20-25 for dinner and more for weekends (doesn't keep pace with inflation, unfortunately).
Car service home is not a "perk"...it's recompense for keeping you there until midnight or worse. You also typically get reimbursed for cabs to/from the office, etc.
If you travel, you stay in nice hotels and get a pretty generous travel meal allowance (maybe $75 a day or so...or basically limitless if you're eating with the client).
Some banks have gyms in the building; otherwise you can usually get a corporate discount at the local gyms (I go to NY Sports Club and get like 10% off the usual rate).
I think most banks are pretty consistent across the board with this stuff...Goldman may give a slightly higher meal allowance from what I've heard, but in fact, most guys have been really aiming at cutting costs in the past couple of years. Big article in WSJ a while back about Jamie Dimon's efforts to that effect when he took over JPMorgan.
Do BB banks offer pension plans (defined benefits or contribution) or profit sharing? Also, whats the 401k company match like?
Your 401k is a defined contribution plan (by definition)...defined benefit schemes have ruined many an-otherwise-solvent retirement system (e.g. social security, airlines, auto manufacturers, etc.).
My company started matching 100% after the first year, and then the matched portion vests 25/25/25/25 over 4 years thereafter. So essentially you have to be at the company for a minimum of 5 years to benefit fully from the match.
I also got some company stock after last bonus season (not much--maybe $500 worth). The stock portion becomes a much greater piece of your comp package as you become more senior. For junior people, it's almost entirely cash.
Benefits - How the benefit packages vary? (Originally Posted: 06/30/2006)
Does anyone know how the benefit packages vary across the industry? Are they all similar? Do a few banks stand out? What type of 401k matching program should I expect?
Hmm. If you subtract out all of those perks (minus one or two of the meals) from a banker's salary, you're probably sitting only slightly lower in cash comp. that's kickass! you should definitely stick around there.
might vary slightly from firm to firm, but everyone gets medical, dental, life, and vision. as for the 401k, i get 100% match up to 6% of my salary.
Defined Benefits (Originally Posted: 05/31/2012)
So.... we all know that the 401(k) our companies are matching are highly unlikely to give us a comfortable retirement.
Is there any company, finance in particular, still providing defined benefits to new hires as of now?
Heard that BoA stopped in 2011, not sure about Citi... any idea?
anyone work at the BB with medical staff and pharmacy on site? What are your thoughts on how good those services are?
Defined benefits is and always has been a fucking terrible idea. Defined contributions are where it should be.
BB Healthcare/Retirements Benefits? (Originally Posted: 02/22/2011)
Hey guys,
Just noticed something. Do analysts get retirement / health-care benefits from their BB? Nothing is mentioned in the contract...
Is it weird to ask HR about this? Specifically want to inquire about 401k options and health insurance. At what point are these details given to incoming analysts?
thanks
they still match what you contribute to your 401k one-to-one, right?
Not at all. That's their job.
You can absolutely ask them for the info though my experience with HR folks was always underwhelming. If you know an Analyst at the bank in question, then my guess would be that they will be able to give you a more realistic perspective.
My guess is that 401k options are fairly standard. Some sort of match up to 5%+ of you pre-tax contributions. Depending on the bank, your match will either be allocated based on your investment choices, or in company stock. Word of advice - diversify away from your employee stock. I still remember seeing people lose 60% of their 401k on week and their job the next.
I'd be surprised to see any other retirement plans. When I started as an Analyst a few years ago, I managed to sneak into the pension program, but that was frozen to new entrants right after I joined.
depends on the banks some banks dont match
It is never base+bonus. They pay us that way to reduce benefit costs.
Usual vesting period is one year or more.
I know of four banks that use Base+Bonus on their retirement benefits. IIRC, none are BB firms, however.
Details on my earlier post:
1) This is for an Associate job in London 2) Retirement package is composed of 2 parts: i) a defined benefit plan (ie a pension) and ii) what is called a personal pension plan, basically like a 401k. The firm contributes 5% of your comp up to around 100k pounds ($200k) regardless of whether or not you contribute anything to it. You can choose to make additional contributions to the plan as well, in which case these are tax deductible (like 401k contributions in the US). The big difference is that in the UK you can contribute up to 215k pounds per year pre tax to this type of plan.
Gotcha - Does your bank have an NYC office? I failed to attach the proper scope to my earlier statement (that I had looked at US based plans only).
5% gimme is damn nice, and practically unheard of these days. That it's on top of a DB plan makes me start to drool (is it Cash Balance, Career Average, or Final Average Pay, if you don't mind?
Details on my earlier post:
1) This is for an Associate job in London 2) Retirement package is composed of 2 parts: i) a defined benefit plan (ie a pension) and ii) what is called a personal pension plan, basically like a 401k. The firm contributes 5% of your comp up to around 100k pounds ($200k) regardless of whether or not you contribute anything to it. You can choose to make additional contributions to the plan as well, in which case these are tax deductible (like 401k contributions in the US). The big difference is that in the UK you can contribute up to 215k pounds per year pre tax to this type of plan.
Package is at a US BB in London. The US retirement package is generous as well, though structured differently and I don't have the details. I can't remember what the DB is based on, I think the highest few years or last few year of your time with the firm. The salary which is taken into consideration for the DB calculation is capped around GBP 100k pa.
Qui qui rerum aut soluta hic enim nulla. Aut distinctio molestiae ratione nemo corporis sed id. Qui velit quibusdam facilis alias.
Suscipit et amet quos facere aut doloribus est. Quas sunt cupiditate nisi nam sit voluptatibus.
Laboriosam porro excepturi est facilis omnis nostrum. Enim dolorem libero asperiores rerum dolores voluptatem. Nihil dolor omnis molestiae non repellendus ducimus et. Deserunt aliquid suscipit repellat sequi et iste.
Delectus facere maiores consequatur. Ex possimus quos distinctio est deserunt esse magnam. Saepe officia qui nemo eos omnis. Ipsa quo et hic accusamus. Pariatur non similique et iusto dolore autem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Fuga et fuga omnis harum expedita voluptatem quia quis. Rerum impedit inventore ad. Voluptatibus omnis eligendi magnam veniam et id est. Repellat deleniti nam sequi dolore provident. Totam vero aut reprehenderit quidem enim neque. Modi est omnis est magni impedit. Veniam aut veritatis molestiae laboriosam.
Soluta sed qui modi molestiae. Repellat totam et occaecati quia voluptatem. Aut laudantium dolor ut id autem. In dolorum mollitia voluptas illum nesciunt dicta. Fugit quis quo earum est excepturi harum repellat.
Deleniti aut voluptatem qui totam voluptatem ullam. Eveniet sint fugiat incidunt error ut rerum quia. Minus quo cumque non qui velit esse iusto. Quisquam nihil sint excepturi optio. Voluptate amet eos autem autem ducimus culpa saepe. Aut animi recusandae qui debitis eos.
Non minus sunt consequatur necessitatibus. Eum a quia doloribus provident commodi. Voluptatem voluptas et mollitia et doloremque.
Rerum ea mollitia consectetur cumque eum ullam. Officia natus nobis sit est sed error voluptatem. Dolor aut repellendus facilis est consequatur.