I know of two BB banks that pay their summers overtime at the rate of ($60,000 base/2080 hours)*1.5 which works out to be about $43 an hour or something for every hour over 40. As a result of this, some summer analysts make 35k - 40k in 10 weeks. I believe that one of the banks only does it at one office and the other did it for all of their summers in the US. Anyone ele heard of this?
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Yes, CS in SF did this last summer (not sure about other locations), and I believe DB also did this (one kid 2 years back made over 45K).
CS LA and CS SF payed that last summer. Not sure who else.
BofA did it for sales and trading kids who couldn't rack up as much overtime as the bankers
did DB and CS's NY offices do the same?
DB NY did not pay time and a half overtime last summer... they did pay that the summer before... not sure about CS NY....
CS NY pays 1/2 time overtime (that is, 0.5 times your base hourly rate). At about 95 hours a week that makes for approx. 25k pre-tax (including relocation payment) for the full 10 weeks.
Or so I hear, several of the banks are being forced to either rewrite the terms of the position or shell out the 1.5x overtime; I think it has something to do with recent labor laws, where positions labeled by a certain name must be paid like temp employees - which means, mandatory 1.5x overtime for hours over 40 per week. I think that might have been why BofA NY started paying theirs 1.5x a few weeks after the summer actually started (i.e. it wasn't a play to get better talent during recruiting season, and they're not stupid enough to think they have to pay extra once they've already got the talent they've got)
What are Goldman, Lehman, and Morgan Stanley paying their kids??
MS pays a flat $15k (including relocation) Goldman paid 0.5x overtime in IBD this summer. There is another thread about this somewhere.
Highly doubt Goldman paid overtime in IBD. Didn't hear about it from anyone I knew at GS>
I doubted it too but I heard it from kids who worked there
My package for next year FT includes OT based on a 60k base.
Granted, I won't be in IBD, but still...
One of my friends interned at GS ops last summer. She told me only operations SA are making 1/2 OT. Those in IBD & S&T get none.
someone mentioned another thread , i did a search for it and couldnt find it - but if anyone of you know what it was called and could post it i'd appreciate it! thanks
my friend in GS controllers got paid overtime but was told that noone else was because "for accounting type jobs they are competing with the big four who pay major overtime for SA's". In most front office positions you get a prorated 60k base with a 2k relocation bonus at GS, MS, etc.
...i wouldn't count on banks shelling out tons of cash for summer analysts this year.
and, why would SA's get overtime while people working FT don't?
...idk why its keeps posting...disregard
^^summer analysts are seasonal...non-exempt...
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