How bad do we think it's going to be. Currently at a BB in a coverage group and heard guesstimates from associates it will be around 50k top, 35 mid, 20 bottom. Shockingly low but sign of the times I guess. Anyone else have have guesses they want to throw out there?
Trending Content - Investment Banking Forum
| +329 | Return Rates For Interns Are Falling? | 139 | 5m |
| +148 | Article: Why UBS's Asian M&A bankers are thriving and UBS's American M&A bankers are not | 17 | 39m |
| +132 | Evercore > Goldman and I don’t think it’s particularly close anymore | 53 | 1m |
| +123 | I am a drunk MD AMA | 40 | 1d |
| +86 | UBS Offer Day | 30 | 16h |
| +66 | I hate Wells Fargo | 19 | 2h |
| +57 | An Outsider’s View of RX Banking Out of College | 6 | 6d |
| +51 | Santander IB? | 10 | 2d |
| +49 | No return offer - feeling like a failure is an understatement | 19 | 11h |
| +43 | WF Return offers | 28 | 1d |
Career Resources
MM coverage, we're hoping 50 (basing off of associate bonus %).
BofA EGRC?
35k pre tax is criminal…
Wait till another 20% of juniors get fired and we’ll see if you pop off this comment in the office to seniors
You think we have another wave of layoffs? Seems to me like most firings at this point are to cut the low hanging fruit.
Ok hardo
Guessing $45k mid for first years but there’s no lower bound… if deal volume is truly down 40% this year, from an already down year in 2022, we should all be afraid. This is a large discount to what my MM paid last year to analyst 1s.
Second year M&A analysts across the street might make less money than they did as first years if this shit keeps up or gets any worse.
Was generally happy with bonus numbers last year but yeah wouldn't be surprised if this year all-in is about the same as last year.
Same comp, but now a 2nd year?
I hope you’re right but I think $45k is optimistic. That’s almost what some firms paid associates this year.
50 is my expectation. Happy to be pleasantly surprised.
Any guesses how EBs will be for An1?
interested
35k would be rough but it is what it is
Top Bucket: Fruit Basket
Middle Bucket: Bag of Chips
Bottom Bucket: Pay back your meal stipends
Bump
Remember that your comp is being viewed now as a total number due to the base raises in the past two years rather than your bonus being a significant % of your pay. 50K might feel low but combined with that 110-120k base, banks are viewing you as a total comp package deal rather than paying a large bonus - especially in this market. Best of luck..
You’re completely right but this is a load of shit. All those raises did was adjust for the last few years of inflation. The fact that management thinks a group of bankers can’t figure this out is just insulting. Not to mention what that inflation has done to asset values and thus fees.
Not a fan of it either, but it's not like deal fees are growing with inflation....
Dont get too down on a bad year or two as a junior
If you plan on being in this for the long haul, you want to hit those good years when you are midlevel or higher when the comp is more material
On the flip side, theres probably some MDs out there getting near zero bonus this/last year
Cost of living is absurd these days....
My all in of 130k in the mid 2010s went a-lot further as a first year analyst compared to whatever is being paid out now.
It’s going to be terrible. What are people going to do, quit? There’s hundreds of qualified laid off bankers looking for jobs right now and going to be even more of those in the future I’m sure. The reason bonuses went bananas in 2021 was to retain and attract talent - it’s back to being a banks market now, and there’s no reason for a bank to pay up. It sucks but it’s the truth.
Look at some of the MMs with winter numbers - WB for example, which is known as a “well paying” bank gave absolute shit bonuses.
I’m hoping for everyone’s sake that I’m wrong here, but I really would have low expectations - I think we’re back in the “not being fired is you’re bonus” type of environment
Just a shit time to be a banker I guess
Geeze have fun being poor. Maybe shouldnt have joined a BB. Are you even human?
Expecting 50-75 for an1. Our deal flow is down vs last year but better than 2020
It’s good to be in a December bonus… I got 100% a few months back..
Edit: sorry I thought it was AS1
Did your bank not have a slowed down H2 2022?
Yes but somehow the A2A all had 90-100% bonus (stub bonus)
Tbh I don’t know about you guys but in my group we’re overwhelmed by dealflow at the moment
I’m expecting much lower. Your guesstimated figured are very close to 2022 actuals at BBs. 2022 bonuses, depending on your bank’s FY calendar, would have accounted for half / much of good earnings from ~2H 2021. This year, the covered earnings period would be all pretty bad.
Really hope analyst bonuses aren’t hit as hard as associates were. IB associate is a filler position at best, value destructive at worst. MDs bring in deals, analysts do all the execution, associates… ask for subjective changes to make themselves feel better? I understand associate and VP pay getting destroyed in down years, but the people producing 100% of the work output should get paid.
Lol.
Every single one of the first year analysts I worked with were not capable of delivering a good product without review. For some, it got so bad that when I was unavailable my ED went into XLS himself to do the work.
Analyst do the work but Associate make it acceptable work. Also, idk what life you’re on but in my group Associates are also getting into PPT/XLS
Also when you start, if you’re an AN1 good luck doing a merger or LBO model or operating model without guidance. You just have no clue.
1st year here confirming I am indeed retarded and can't turn comments without there being a fuckup in them.
What bank has associates doing none of the work? Tell me I want to work there
If I’m getting chump change, expect me to act as a chump. Not going to try hard if my tech friends working 2 hours a day have higher bonus than me.
Someone, please provide insight on Gugg's comp this year. So many analysts at the firm and not much data point from WSO afaik lmao
Bump - has anyone else heard any sort of guidance from their banks?
Hearing Canaccord announced this week. Any clue on where they landed?
my BB is deciding bonuses in June. that's crazy that it's coming up so soon.
Worst part about bonuses are that it’s not group dependent… couple groups at my bank working 30-40hrs and those guys will make the same as us who grind 80+
Exactly this is the worst. Your group experienced 20% revenue growth, and you worked 80-100 hours a week, and had 3 closed M&A deals? Oh great then fuck you, you get the same shit bonus as analyst B whose group is down 50%, who worked 40 hours a week, and closed nothing.
Even better - worked in the most busy group and the group was the harshest in giving analyst ratings for bonus buckets so the analysts working 50 hours got paid more.
are you at a BB?
Anyone know what MS bonuses were like last cycle? Top and mid specifically.
bump
I think bonuses will be same as last year. Call me crazy, but many of these banks want to retain analysts. they just need to cut underperforming seniors
Lord I wish I had your optimism...
Looking at inflation, getting the same bonus as last year is a bargain for most of these banks
My brother this is the first time in years that I’ve heard of banks cutting first year analysts
Its happened pre-covid
Heard RBC gave out some dog shit bonuses
Analysts haven't been given anything yet for this cycle...
My brother in Christ I hope I’m wrong bc numbers I heard are truly atrocious
At CS. My first year (last July) was $55k - mid. I’d think with everything going on, $30k is the number I’d be happy with, especially given my ASO’s numbers were over 50% less than what the prior year was.
Weren't associates at CS getting like 20k bonuses this year?
Lmaooo you be trippin, I’ll be happy with 5k and a kite to go fly from CS
In a BB group that has recently gotten very sweaty (hired a ton of of new MDs while keeping AN/AS numbers flat). General sentiment is that there will be a mass analyst exodus if bonuses aren't strong. Could just be analysts talking a big game, but I'd personally be hard-pressed to stay if I'm told anything less than $60k.
not that I don't support analysts getting paid properly, but wouldn't people be forced to stay until they can go to buyside?
Analyst 2s with offers will leave to buyside
Other Analyst 2s shown the door, low to no bonus
Analyst 1s with offers would have to stay until they can exit to buyside
Analyst 1s without offers may need to keep looking for jobs before quitting
got it, wasn't sure if the comment originally meant people were burnt out enough to quit without something lined up
RX group, if I dont clear 200 im leaving
.
Anyone have Macquarie numbers?
They were very bad.
Bad compared to last year, or bad compared to this year's other banks? Can you give me any ballpark data points? Any idea what an Analyst 1 bonus was? Sorry, just really nervous as an incoming, thanks!
AN2 in NYC, got 100% (mid-bucket). In the investing arm of maccap tho, the advisory folks probably got killed.
Thanks for the data point, and congrats! Praying advisory wasn't too different...
Dang 100% bonus for AN2 at Macquarie just restored my will to live.
Given recent salary bumps, what would analysts in a normal year expect to receive?
What do capital markets bonuses look like?
Last year bonus for me was 120 MM top bucket. Hoping to get about 50% of that but will keep you update
Were you an An2 last year?
bump
Any analysts actually get numbers yet?
When does CS announce?
Last year it was sometime mid-July
Are bonus numbers you discuss here pre-tax?
Yes
Repellat et at expedita et numquam ab. Accusamus sit a aliquid magnam animi facere.
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...
Adipisci quia ullam qui qui ratione. Cupiditate eos eum dolorum aliquam assumenda. Rem quidem nihil sit voluptatem similique inventore. Deserunt eos aut ipsa assumenda. Ducimus omnis deleniti in minima at tempore nostrum. Et sapiente sed non unde quae. Blanditiis harum esse autem mollitia doloremque.
Distinctio rerum commodi harum dicta aut et asperiores. Laudantium consequatur corrupti aut et officiis qui. Ut eos molestiae eos ipsam. Quaerat mollitia quam mollitia tenetur beatae.
Libero illo earum qui voluptas dolor. Officia vitae tenetur velit laboriosam. Ab inventore voluptas voluptatem odio qui hic est. Ea voluptatem adipisci excepturi dolor est veniam pariatur quis.
Aut quisquam quia temporibus rerum quibusdam natus. Et ullam nesciunt labore quasi. Laboriosam exercitationem ex itaque quod aliquid vitae. Laboriosam nihil cumque quia dolores rerum voluptas at. Beatae molestiae debitis quia corrupti. Non saepe nulla reiciendis ut totam aspernatur atque.
Quod qui ut aperiam. Et assumenda impedit architecto suscipit. Dolores consequatur sit sit debitis voluptas incidunt sunt. Quia odio aut non consectetur in vel. Occaecati possimus et quis quo ullam culpa quo.
Inventore distinctio inventore veniam. Id nesciunt voluptate qui et voluptatum laborum harum.
Laboriosam ut doloremque quis nisi necessitatibus nisi repellendus. Voluptatem nihil aut consectetur est eaque repellendus. Non unde veniam quasi consequatur vitae quia voluptatem sed. Eligendi est et aut ipsam est odio. Iusto doloremque asperiores voluptate recusandae. In hic necessitatibus in sunt velit ex delectus. Sed culpa ut voluptatem fugit quisquam eum non.
Ipsum voluptatum sapiente inventore nemo. Voluptas in deserunt ipsa. Iure quos ut aliquid non ut.
Consectetur nisi ut accusantium voluptatem non. Est tenetur aut debitis eaque at omnis.
Perspiciatis repellendus at laborum nisi nihil. Consequatur dolorem iure similique blanditiis. Quisquam ratione ut tempora omnis nobis. Corrupti sit porro maxime nisi.