2020 Analyst Bonuses
I am an analyst at a BB. We get numbers in July and checks in August (hoping we get anything at all). Haven’t heard anything from the firm yet, and i feel it is insensitive to ask. Without calling out banks, have any of you guys had any communication on analyst bonuses and what might be expected?
bump
I've heard from friends still at EBs that it's going to be down on average - top bucket may remain the same but lower bottom bucket, with a greater dispersion than previous years. Too early to be certain the exact magnitude.
Spoke to my MD a few weeks ago, he said analysts should be expecting lower but not zero bonuses.
Agreed. Average bonuses probably down across the board except maybe in groups like restructuring at LAZ/HL/MOE/PJT/PWP/DUC and other boutiques
Correct. Depends on how your group comps. Expect 2020 to be less than great.
Capital markets groups have been having the best 2 months in a decade - I have no inside knowledge on how management is viewing this at BB American banks but in Healthcare I've seen no dropoff in our group revenues. In other words, will be PO'd if they cut August bonuses, especially after MD/D/VP/Assoc's all just got their full freight bonuses
agree - group is on pace for best year ever. mine specifically, but also our entire broker dealer is blowing it out. hopefully the bonus to be on par with last year but who knows.
I think a lot of cap market activity got pulled forward. IG DCM volume to april 2020 matched volume to November 2019. So management could model that and a bad 2021 in for bonuses and stiff a ton of people. Happening to some of the international banks with weird bonus cycles.
BB here - my coverage group's revenue is higher compared to this point last year and it's not even halfway through 2020. We're anticipating a slightly wider dispersion, with bottom significantly lower but top around the same as last year (~65k).
Heard rumors about firms pushing analyst bonuses paid out this summer - anyone hearing the same?
BB here, nope
anyone heard anything around 0 bonuses at top BBs??
H1 is going to be the strongest of last 5 years (mainly for BB with Balance sheet) but rumour is that H2 will be down ~40%y/y
quite a lot of rumours around no bonuses being paid this year...
Bump - numbers should start to come out soon at a few places
Have heard a few top EB will be paying as high as ever ($210k+ all in)
Rationale being analysts worked harder than ever this past year and earned their last 12 months compensation. Many EBs indirect marketing pitch to college students rely upon high comp (compared to BB). Analyst expense is trivial anyways and this will be a way for a few EBs to "get ahead." 2021 IB analyst comp may be affected though, depending on how COVID plays out
how do you think DCM bonuses will be affected?
IG? DCM had a record breaking quarter, but DCM is a desk at full service banks generally. They're not known for excessively deviating from other groups in terms of their stance on discretionary pay. IE, DCM might've killed it but don't expect to get a huge bonus while other groups are substantially down.
I don't know - not going to pretend like I do.
Even though they're busier than ever, my guess would be there it'll be in-line, or maybe just relatively higher than other BB groups. Agree with the post above me^
this is extremely false. banks have little incentive because most analysts don’t decide banks based on pay. otherwise everyone would go for Centerview if they could (which they don’t)
_
“Extremely false” lol. Assume you’re either a high school / college student or are very out of touch in this area
Therefore, a few elite boutiques are VERY much incentivized to pay (relatively cheap) analysts well, otherwise the virtuous cycle starts unraveling. Comp numbers will inevitably leak externally and the street will know who takes care of their own and who doesn’t. Not to mention it’ll hurt internal culture/morale. Would be penny wise, pound foolish.
about 45-55k
Maybe for first years, but second year analysts are usually $60-70k. No clue with COVID...
Also wondering.
Bump
at what point in the year are bonuses decided (in terms of months / weeks before payout?)
also, what period does management look at to determine payout (bonuses usually paid in summer)?
Speaking from a BB analyst perspective, rankings are locked in by the time you're given your review (in June). Reviews / Rankings are requested from associates / seniors for the analysts in April / May.
At my former firm, for analysts reviews are given in June, comp is communicated in July, and then paid out mid-August.
Firstly, thank you for this input. I had my discussion back in May/June about how I’m doing, but haven’t had any further talks. Will I get another conversation about actual Comp figure and then paid, or will it be at once? First year BB.
Bump. Any numbers?
Bump. Any numbers?
At a BB. Top bucket seems down 10% to 20% YoY.
Any numbers for EB?
Heard Moelis paid pretty decent bonuses? Not sure how true though. At a BB and we haven't heard anything yet.
I work at a BB, my bonus was $60k. Pretty sure I was top bucket but we are not given our specific positioning.
1st year ANL BB $50k
1st year at an EB - 80k bonus, not bad but was expecting 95k+
man I really need to switch to EB haha
Real question - Why you don’t most BB associates and VPs switch over to EBs? Comp difference may be $100k/year
For 1st year that sounds good - wonder if the same goes for other boutiques like JEF, GHL, HL, PWP
1st Year at EB – 85k bonus, top bucket. Buckets were down 10k – 15k.
LAZ
Were bonuses across buckets similar between NY, SF, and Chicago? was curious if they adjusted for COL or not
Pretty solid!
CMBS - does anybody know how bonus and raise might be structured being that my review is always/sometimes/rarely/never format.
interested as well - update us
Friend at a mid sized BB got ~$50k as a first year analyst
A1 at BB: $70k for top
Top bucket at my MM: $65k
Ironically zero deals completed
Mind sharing the MM? Or comparable MM's
An1 at an EB $95K Base $80K Bonus - Top Bucket
In line with our group's comp from last year
Damn I really need to move to the US. First year analysts getting double my bonus as a third year BB analyst in London.
You should mostly consider your bank/ranking. Sounds like bottom bucket to me
sf
anybody have any insight on always/sometimes/rarely/never reviews??
AN1 - Top Bucket - RX Boutique - $75K
$175k all in comp: 85 base + 15 sign on + 75 bonus
Groups outside of RX got terrible bonuses; the top bucket was $35k, so it could have been worse... Still annoying when PJT / CVP / EVR folks are making $30k+ more and get the coolest deals
So top bucket first year M&A analysts at your shop got $120k all-in (excl signing bonus)? Yikes..
bro u are an analyst 1 making 175. Who cares about the other firms, you do you
Any numbers for other boutiques like JEF, GHL, HL, PWP?
Analyst 2 BB
$90 Base
$125 Bonus (top bucket)
Yo what??? I need a job here
Anyone have info on GS Classic analyst bonuses?
AN1 - BB CapMarkets - NY
85 base 65 bonus 10 signing 160 all-in
Product groups doing pretty well this year obvs
U.S. BB? Any idea if this is up significantly yoy for An1 or is this in line with previous years?
US, in line
AN2 - EB NYC, 105k top bucket, down ~15% from a second year's bonus last year
A1 at an EB and I got $170k for the year (base+bonus). I'm in an M&A group and my peers in Rx got $5k more on their bonuses
Unsure what our range was, but they did not lower the upper end of the comp at all from what it seems
A2 at BB in NYC 95k base 75k bonus (not quite top bucket)
Got A to A offer with 125k base
Good year, but am I the only one who thinks it's criminal that you would be at 125k base vs. the standard 150k base for incoming associates? Or does your bank have 3rd year analysts and this is just a special program?
I definitely don't disagree with you on that. At my bank MBA associates come in at 150k base and are ranked a year ahead of the A to A promotes, so that's why it's 125k. I realize that's a nonsense policy especially when you consider the relative productivity between new MBA associates and A to A promotes but that's a topic for another day...
Bump
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