According to Bloomberg, banks are considering freezing the pay of junior bankers. As bankers progress through the ranks of analyst, associate, and vice presidents an annual increase has been the norm. Credit Suisse (CSGN) is supposedly the first to test against the norm. Others are watching to see if Goldman (GS) and JP Morgan Chase (JPM) will follow.
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Fuck this shit
I hope the buyside doesn't follow suit... they tend to benchmark their pay scales to the big banks, but they don't have the issues the big banks have (bad balance sheets, increased regulation, etc...)
Seems like the hedge fund route is beginning to look more and more attractive...
^^^ Hedge funds and PE take their cues from the banks. Next, fees will be coming down, too. Everybody in finance is seeing less pay. This is consistent with the 25 years following 1929.
Rusty Honda, anyone?
Sounds like this is at the associate and VP level though. Just IBD and no S&T as well
What exactly is considered a junior banker? I'm looking at the full article and it says junior bankers at CS get $200,000 starting annual salary. So, a junior banker is a VP and up? Are analysts and associates chopped liver?
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