2015-2016 salary & bonus discussion

Let's talk about the 2015 - 2016 year bonus. Please list the firm, level, salary, bonus using the following format:

JPM, S&T, A0, 150k base, 175k bonus (75% cash, 25% stock)

investment banking pay 2016

Feb 1st update: Here is a compilation of the salary & bonus #'s thus far (pulled from comments).

  • Citi, A1,150k base, Mid Bucket 100k bonus (80% cash, 20% stock)
  • Citi, A1, 150k base, Top Bucket 130 bonus (80% cash, 20% stock)
  • Credit Suisse (CS), IBD, A1, 85k base, stub 25K (100% cash)
  • CS, IBD, A2, 90k base, Top Bucket 67.5k bonus (100% cash)
  • CS, IBD, A2, 90k base, Mid Bucket 50-55k bonus (100% cash)
  • CS, IBD, A3, 95k base, Top Bucket 85k bonus (100% cash)
  • CS, IDB, AO 0, 125k base, 35k flat bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Top Bucket 110-115k bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Mid Bucket 97k bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Bottom Bucket 75k-90k (100% cash)
  • CS, IDB, AO 2, 175k base, Mid Bucket 125 (100% cash)
  • CS, IDB, AO 3, 200k base, Mid Bucket 160k (100% cash)
  • CS, IDB, AO 3, 200k base, Mid Bucket 190-200k (100% cash)
  • CS, S&T, A1, 85k base
  • CS, S&T, A2, 90k base
  • CS, S&T, A3, 95k base
  • CS, S&T, AO 1, 120k base
  • CS, S&T, AO 2, 140k base
  • CS, S&T, AO 3, 160k base
  • CS, VP, Start at 200k base
  • Mixed Banks, IBD, AO 1, 225k-275k total comp
  • Mixed Banks, IBD, AO 2, 325k-400k total comp
  • Mixed Banks, IBD, AO 3, 350k-430k total comp
  • Mixed Banks, IBD, VP 1, 375k-515k total comp
  • Mixed Banks, IBD, VP 2, 450k-575k total comp
  • Mixed Banks, IBD, VP 3, 500k-650k total comp

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Comments (177)

Jan 19, 2016 - 7:13pm
AndyLouis, what's your opinion? Comment below:

just added to frontpage, should get some more attention

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Jan 19, 2016 - 10:20pm
ThirdCoastBorn, what's your opinion? Comment below:

(At least) Citi, Jefferies, JPM, MS and RBC have communicated numbers. BAML and GS are this week. Not sure about others.

The numbers I have heard sound good. The bonuses maybe down a bit but more than offset by the higher salaries. Always have to look at total comp. If that 175k bonus for an A1 is true that is really strong - even on the old salary scale. Though 25% stock is really high for a junior person.

Jan 20, 2016 - 3:01pm
existor, what's your opinion? Comment below:

Are raises this year expected among BBs? At base or bonus level?

Jan 21, 2016 - 7:21am
nyc_monkey_credit, what's your opinion? Comment below:

That's 120-150k all in as a 2nd year analyst (exactly 1.5 years out of undergrad).

Your 1st "year" analyst role is just 6 months (July to December) which is why you get a stub of 25.

Jan 21, 2016 - 7:23am
nyc_monkey_credit, what's your opinion? Comment below:

My post refers to Sales and Trading (Securities Division) analysts only. I would expect Investment Banking analysts to get a bonus of 70-100k as opposed to the 30-60k I mentioned above.

Jan 21, 2016 - 8:15pm
Puss, what's your opinion? Comment below:

Is 1st-year AN base now $85k?! Nice 30-60 for 2nd year seems a little low... I thought M&A did better last year. Just out of curiosity, what are the numbers like for S&T analysts?

Jan 22, 2016 - 5:40pm
AllDay_028, what's your opinion? Comment below:
RupertPupkin:

See @nyc_monkey_credit post two above yours nitwit.

Analysts bonus numbers are low but how does YoY all-in compare? Can't remember if the BB base bump to $85k happened one or two years ago.

It happened one year ago. People are mostly mad because they expected all in comp to go up, it didn't. People like to look at their base and bonuses as distinct numbers, but they aren't, the total package is what the firms are bench marking too.
Jan 21, 2016 - 11:03pm
silvermoon137, what's your opinion? Comment below:

Using GS 1st / 2nd year analyst (Bonus is now on CYE cycle) as a proxy

Back then when bonus were July Year End, first year analysts on avg. were getting 70K + 60K, 2nd year were getting 80K + 75K . so the average is ~$142.5k (call if $140k).

It's pretty much safe to say that street compensation for Analysts are going down ~15-20k this year. Personally I think this is largely due to the fact that the focus on retention has moved from the ANL to the ASOs. Too many attractive opportunities for ANLs out there. ASO comps all in generally appeared to be flat / up 5-10k from prior years.

Jan 22, 2016 - 4:12pm
Monkey of Wall Street, what's your opinion? Comment below:

According to Dealbreaker, some MS analysts walked out after their bonuses missed their expectations. Maybe MS will start a mass analyst exodus this year lol

Jan 24, 2016 - 7:55pm
Puss, what's your opinion? Comment below:
hic217:

According to Dealbreaker, some MS analysts walked out after their bonuses missed their expectations. Maybe MS will start a mass analyst exodus this year lol

I didn't work out but sure will in a few months' time!! I'm AN3 but am really miffed.

Jan 22, 2016 - 6:18pm
scottsmithsonian, what's your opinion? Comment below:

What does A0, A1, etc mean?

Array
Feb 5, 2016 - 4:08pm
Premia, what's your opinion? Comment below:
SharpeShooter:

I believe AO1 stands for first year associate and A1 for for first year analyst (AO0 stub half year for associate). Not sure what is up with the very high figures for A1 Citi-perhaps this should be AO..not exactly sure on the latter

Lots of people were using AX for associate
Array
  • 1
Jan 23, 2016 - 10:31am
AllDay_028, what's your opinion? Comment below:
rpc:

I see the comments about total comp being flat for analysts and don't think that looks to be the case. Top bucket last year at my MM IB for AN1 was $150k and $170k for AN2. While analysts aren't expecting $80K & $90K bonuses, flat comp would indicate $65K and $75K for the top band.

People are conflating stub year with first year and second year.
Jan 24, 2016 - 7:39pm
existor, what's your opinion? Comment below:

wuut? That's roughly 110k pounds. No way an analyst in a BB in London receives that much. NYC is different or WF is different?

Jan 25, 2016 - 10:55pm
Creamofthecrop, what's your opinion? Comment below:

Don't believe this, numbers don't come out until Feb. 20th at WF

Jan 26, 2016 - 11:30am
ironlawofoligarchy, what's your opinion? Comment below:

CS telling everyone in the US numbers today, Europe/London next week.

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 

Best Response
Jan 27, 2016 - 2:53pm
silvermoon137, what's your opinion? Comment below:

CS IBD (all cash)

ANL Stub – 25K Flat ANL 1/2 – Top: 67.5k, Mid: 50-55k, ANL2/3 – Top: ~85K

ASO 0 – 35k Flat ASO1 – Top: 110-115K, Mid: 97k, Bot: 75k - 90k (outlier at 60K) ASO2 – Mid: 125k ASO3 – Top: 190-200k, Mid: 160k

Salaries below for the benefit of those who are interested

ANL 1: 85K ANL 2: 90K ANL 3: 95k

ASO 0: 125k ASO 1: 150k ASO 2: 175k ASO 3: 200k

Apr 11, 2016 - 3:28pm
Dogthevaluehunter, what's your opinion? Comment below:

From what I understand the stub gets paid in january, however my confusion is what you mean by "ANL 1/2 xxk." Does that mean that the rest of the bonus get paid in july/august after you have been there for a year? Or do you get the stub in january and then get the full first year bonus in july/august? Will be starting FT this summer so am trying to figure this stuff out before I start and not have to ask the HR people.

Jan 28, 2016 - 10:46am
ironlawofoligarchy, what's your opinion? Comment below:

These are roughly the base salary bands at CS, for both IBD and S&T. Discretionary (Bonus) varies from group to group. For S&T, overall bonus pool was down with regional comp varying as APAC desks seems to have come out the best with European desks following and the US comp being "abysmal".

IBD
ANL 1: 85K ANL 2: 90K ANL 3: 95k

ASO 0: 125k ASO 1: 150k ASO 2: 175k ASO 3: 200k

S&T ANL 1: 85K ANL 2: 90K ANL 3: 95k

ASO 1: 120k ASO 2: 140k ASO 3: 160k

VP: Start at 200k (up from 175k)

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 

  • 2
Jan 28, 2016 - 12:23pm
FluffyIsKewl, what's your opinion? Comment below:

@ironlawofoligarchy do you know why associate s&t base is much lower than ibd? Is that just for CS or everywhere

Jan 28, 2016 - 1:09pm
ironlawofoligarchy, what's your opinion? Comment below:

I believe CS may underpay vs. the Street in that regard. If you think about it, IBD retention is much harder vs S&T and hence why banks are more likely to pay IBD juniors more.

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 

  • 1
Jan 29, 2016 - 10:59am
DoddFrank, what's your opinion? Comment below:

VP1: $200 base, $290 bonus.

Array
Jan 29, 2016 - 11:29am
D. Gonsalves Salazar, what's your opinion? Comment below:

That base is not correct for VP1. Why do people post incorrect data here?

Jan 29, 2016 - 4:20pm
DoddFrank, what's your opinion? Comment below:

As a VP1, I can confirm my own base, thank you. Did you think about the possibility that not every bank has the same comp structure?

Array
  • 1
  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Jan 29, 2016 - 2:21pm
Anonymous Monkey, what's your opinion? Comment below:

If you're an actual VP just post your comp on here - no need to speculate on your bucket ...

I feel like all of these posts are from non-VPs posting what they heard. Also just post the total comp. Base + bonus please.

Also when you say VP1 I assume you don't mean the new VP promotes because $490 all in for an AS 3 is ludicrous.

The numbers I know of (this is a rough range mixing buckets and banks) - total comp

AS 1 - $225k - $275k AS 2 - $325k - $400k AS 3 - $350k - $430k VP 1 - $375k - $515k VP 2 - $450k - $575k VP 3 - $500k - $650k

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Jan 31, 2016 - 11:18pm
Anonymous Monkey, what's your opinion? Comment below:

I think my numbers are pretty accurate but they're all from BB. These were all numbers on sheets I've seen. The upper ranges I would say were achieved but not that common. There were people that were topped up above top so they may be higher than what you expect.

As for banks, it's primarily 2-3 banks

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Jan 31, 2016 - 11:19pm
Anonymous Monkey, what's your opinion? Comment below:

base doesn't even matter - just think total comp. No banks think in # of months for bonuses anymore

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Feb 2, 2016 - 9:08am
Anonymous Monkey, what's your opinion? Comment below:

ED and MDs have no ranges. Their pay can go above or below (i.e., a donut)

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Feb 2, 2016 - 9:09am
Anonymous Monkey, what's your opinion? Comment below:

Or are you asking about base? MD base varies. GS pays MDs like 350 and partners 500? (I forget) or maybe its 500k and 750k for partners

Some banks have no uptick in base from VP to ED, some banks have 50k (250 -> 300k)

Feb 2, 2016 - 10:20pm
throwaway826951, what's your opinion? Comment below:
DebunkingMyths:

Or are you asking about base? MD base varies. GS pays MDs like 350 and partners 500? (I forget) or maybe its 500k and 750k for partners

Some banks have no uptick in base from VP to ED, some banks have 50k (250 -> 300k)

Historically, GS MDs have had a base salary of 500k and partners have had a whopping 900k base salary. This was definitely the case a few years ago, but am unsure if it has since been raised/lowered considering the changes in salary taking place at other levels.

Feb 2, 2016 - 9:51am
LiamNeeson, what's your opinion? Comment below:

I believe the UK has a 100% of base cap, not sure to what extent this is applicable to US banks located in London.

Feb 3, 2016 - 1:34pm
ironlawofoligarchy, what's your opinion? Comment below:

Assume 0-25k

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Feb 2, 2016 - 11:13pm
Anonymous Monkey, what's your opinion? Comment below:

He's right GS MD is 500k. I just had my numbers jumbled up. I thought it was 500k as I mentioned in my post. My source is I just asked one

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Feb 4, 2016 - 12:37am
Anonymous Monkey, what's your opinion? Comment below:

150k is all in. You guys need to stop talking base and bonus. It's all in comp. Banks run on compensation ratios and they back out what each person gets. Come bonus time its your total comp - base = what you get.

In the era of whining juniors and slower growth, banks have given people higher bases to smooth out cash flows for people but all in comp is same and frankly compensation ratios have been declining

Feb 4, 2016 - 7:12am
AllDay_028, what's your opinion? Comment below:
DebunkingMyths:

150k is all in. You guys need to stop talking base and bonus. It's all in comp. Banks run on compensation ratios and they back out what each person gets. Come bonus time its your total comp - base = what you get.

In the era of whining juniors and slower growth, banks have given people higher bases to smooth out cash flows for people but all in comp is same and frankly compensation ratios have been declining

Listen, you are absolutely right that firms benchmark to a total comp number. But the split matters, because one is discretionary and the other isn't. Time and again you hear about a firm going south and junior bankers getting pinched. Or we have another recession and they revise their total comp numbers down. In the worst of times a 0 dollar bonus does happen at some firms. So base vs bonus matters and a higher base is always better. And that doesn't even take into account the time value of money and all that.
  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Feb 9, 2016 - 5:07am
Anonymous Monkey, what's your opinion? Comment below:

Not really. Frankly in the worst of times (and I have been through the financial crisis) I can tell you total comp at the bank has been on a flat or upward trajectory

You miss the point because banks manage to a comp ratio between call it 30-50 pct. in the worst of years, no junior will be "pinched" and discretionary is not really discretionary for juniors. Banks typically lob off the top. No business head says if we pay all our analysts 30k less each we will make budget - the cost of retraining that analyst is 80k a year

And I can show you 2004 to now comp at bb for an 1 through as3 have not really hurt that much where the bonus base split made a lick of difference

The only issue is now you hear people complaining that "I only got 6 months not like 1 year plus like before"

Feb 4, 2016 - 2:12pm
rgwen, what's your opinion? Comment below:

Maybe a stupid question, but do experienced hires generally fall into the same pay structures as we're discussing here? For example, if you're picked up as an A3 or an AO1 as a post-MBA guy, but didn't come in from the SA route or FT recruiting right out of the program, would these numbers still apply? Additionally would you still expect a signing bonus on par with other MBAs or that ship sailed?

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Feb 24, 2016 - 2:49am
Anonymous Monkey, what's your opinion? Comment below:

Are all these figures for FO positions in NYC only?

Mar 4, 2016 - 1:43pm
rgwen, what's your opinion? Comment below:

Appears to be a ton of information on BB IBD, but how about S&T numbers. Appears I'll be making less than my counterparts, but wondering how much less. Is the problem that it's just more variable or that this forum doesn't really represent that population?

  • 3
Apr 11, 2016 - 6:19pm
Here'sJohnny, what's your opinion? Comment below:

Why do these numbers differ so much from the below: http://www.businessinsider.com/wall-street-pay-at-tier-1-and-tier-2-banks-2015-9

Apr 11, 2016 - 9:30pm
bigblue3908, what's your opinion? Comment below:

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Jul 5, 2016 - 7:06pm
Polo74000, what's your opinion? Comment below:

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Nov 2, 2016 - 11:57am
OzilSanchez, what's your opinion? Comment below:

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Jan 14, 2017 - 11:05pm
Laker Legend, what's your opinion? Comment below:

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Jan 15, 2017 - 12:55am
KB_123, what's your opinion? Comment below:

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Apr 18, 2017 - 2:40pm
SalamanderStrategy, what's your opinion? Comment below:

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