BofA Bonuses
Today feels like Christmas Eve, but your parents got laid off a few months ago and you’re not getting shit for Christmas.
How fucked are we tomorrow?
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It’s going to be disappointing
What level is your source.
I’ve heard from directors I’m close to, but we have gotten zero positive indication from our group head that it’ll be a good year. Our group head loves to tell us good news, so him being radio silent tells me it’s going to be bad.
It’s frustrating because if comp was just remotely near street I would stay.
Hear you
I get that it’s a volatile business. 2022 was a bad year, fee pool cut in half, etc
But as market recovered they never readjusted bonuses
2025 was 2nd largest fee pool ever behind 2021. If they don’t pay again this year it’s clear they never will and it’s the new norm.
Would be fair if we were some bucket shop, but the firm actually performs, which is really disheartening
What are you guys expecting? I'm hoping for anything more than $130k as an ASO2 -> ASO3. We were grinded hard in my group last year so I don't think that's unreasonable. It literally doesn't make sense to stay at BofA if the numbers suck again this year.
Last year EM bonuses for ASO1 were 75k. Getting a six figure bonus for ASO1/2 feels like it would require extraordinary performance
My guess is that most individuals arrive in the 60-95k range. With 30% stock over 75k it feels like a 70k bonus might be the best outcome..
Hope I’m wrong but I would be surprised if you got that
As a top bucket EE ASO3 last year I got barely over 100
jeez ok. so you're cool with staying at BofA?
I know an EE ASO3 last year that got $125 or so, but we only had one EE. I think the EE and EM buckets there's some flex depending on how many they give that rating to or how much group head likes you. ME and below is standardized from my understanding.
would highly recommend that everyone recruit out of bofa sooner than later if you plan to work in ib through your VP years. How many years of this low pay does it take for people to understand it is just the bofa way and will not change? It is not like the bank has anything else going for it. God awful leadership, loss of its best MDs, bloated rosters, terrible M&A deal flow relative to its platform.
BofA is poorly managed and the leadership team will always pay less than other firms. Get out as you will rarely if ever be surprised to the upside
Look at their Q4 release - IB fees were roughly flat YoY. Assuming a slightly smaller headcount from the RIFs… expect maybe a 5% increase from levels last year.
Agree with the guy above - if you want to stay in IB during your VP/D years… get the hell out of bofa. You miss out on hundreds of thousands of dollars, and WLB isn’t even that good in strong groups.
Seems they are arbitrarily blocking promotions to director too now since they still have not learned that firing poor performing directors and MDs is what sensible banks do.
What’s the move? If you’re ASO3 this year with easy track to VP promote, do you stay for the promotion and then jump ship to a good paying bank as a VP lateral? Do you leave now? Do you stay and become a pass through VP to tolerate it / milk the base comp? Comp delta at associate level has been a tough pill to swallow but the WLB helped. But the VP delta seems unpalatable
The best route would be you time the lateral so that you leave as soon as you hit VP1 and get the promotion at bofa. I would say lateralling as a young VP is harder but not that hard depending on the market. This is assuming you are not in that middle market group there.
Think answer depends on your deal experience. Would be shit to lateral as As3 and not get the promo because you're the new guy + no deals under your belt. Also, the better banks may ask you to take a year back as an associate, but don't think I've heard of any VP asked to take an extra year in a lateral situation.
I feel like leaving as an associate 2/3 gives you the most optionality. It’s hard as a VP because you’ve probably specialized in some capacity, there’s less options, and you need a few more stars to align for a good lateral.
A recruiter from MS reached out last week with the opening line "Given where BofA bonuses stand...", so wouldn't get my hopes up.
From several people in group, I have heard that EE and EM may get up to 10% bump from last year (so bonuses will still suck). MM groups are going to get close to $0.
I was lucky enough to have a few M&A deals closed this year, so will be using that to lateral. 1 public and 2 sellsides, which I think is enough for at least a Citi / Wells.
10% up from last year still puts bofa dead last in comp among all respectable firms heh
Interesting. I’m under the impression that since near 60% of associates are MM and all associates (AS1-AS3) got ranked against each other that there will be a lot of variance in the MM bucket.
You could be right in that there will be variance in the MM bucket, but afraid it’s going to be like $25 vs $45 here. All indications I’ve heard point to MM buckets being really fucking bad.
Im dumb but what is EE, EM, MM?
EE is top rank
EM next
MM next
With significant frustration last year some high performers were topped up with equity post initial bonus (very unusual) + the fact that quite a few, including strong performers, left last year, does make me think BofA must have gotten the message. I’m going a bit contrarian and assume for top couple buckets it won’t be top of street but at least more in line with market / where it should be.
even with the top off, people were still below street from what i heard lol thats how weak the initial bonuses were.
Del
koder has been talking a big game about trying to displace jp/ms/gs for top 2/3 - plus fees have been healthy and pipeline strong
would imagine/hope comp matches up...otherwise what r we doing
good luck all, may odds be in your favour
increasingly easier to tell that leadership is clueless on how to grow ib. i am convinced that an undergraduate business student would be able to make more sensible moves than bofa leadership. lose rainmakers by paying them low? continue to retain low performers? keep an armada of bottom bucket bankers to build a middle market practice? watch your top performers move to your direct competitors? swap ib leadership almost every year because everyone is clueless? ALL CHECKMARKS AT BANK OF AMERICA.
He’s been saying this since he took over in 2018 and pay has been consistently below market, and way below market the past couple years. They know what they are doing.
bump
Just leave. What are you guys waiting for. I left the first time they shafted me on pay. You can get hired at GS/MS/JPM/Evercore/Centerview/PWP etc if you try hard enough. I’ve seen my ex-BofA colleagues at the ASO/VP levels go to all of those banks and not just during the 2021 covid hiring spree.
Every year same post from BOA folks. If bonuses have sucked for four years and people are still hanging around, either the complaints are exaggerated, work-life balance is extremely good for the money, or BOA bankers just can’t lateral to other banks. Which is it?
people are leaving for sure with the top performers noticeably gone in all groups across the bank. the senior levels look rough. i think for juniors and midlevels it is a more rolling process where those who have been screwed for a few years finally learned their lesson and the newer bankers are hoping it is an aberration before they come to the same realization.
^ this, plus a lot of the people staying at the VP/D levels are internationals and have barriers to leave for a new firm.
In my old group there, the US employees who had deal reps are all gone. The only ones left are more junior associates who want reps
May be ancedotal but it seems like most public banks have been underpaying bonuses and then a mass exodus of top performers leave.
I’m at a MM Balance sheet bank, literally 50% of analysts have left within the last 6 months due to the summer bonus. Remaining ones are bottom/mid performers that are having to do AN3/AN4 stints since they aren’t being promoted.
Yes, think it's time to leave if numbers tomorrow suck. The hours last year were terrible post RIFs and people leaving. I stayed for the better hours but at this point, it makes sense to lateral to another bank.
I wonder how much better the hours actually are.
How have you guys not left already? Sounds like yall know bonus is gonna be terrible. At this point feels like ppl that are still there are going to stay there.
Bonuses starting to roll in....and they sound like rat shit.
Can you give number example?
how shit exactly
VP3 and my total comp number starts with a 4, again...ME...
ASO2
EM
$125k (70/30 split)
Still way off from other banks, but was expecting $100k given how shit last year was.
Feels like a great number
Let’s not normalize sub 350 as a normal associate 2 tc. That’s ridiculous especially at a bulge on a good year. Are you mental?
Got the same. EE got 175k ASO 2
Wow. Guess you only get near street if you’re EE these days. Not a fan of the spread between upper buckets
What group? Not what I’m hearing for other E/Ms
You hear less or more?
What were other groups giving? Better/worse? Thought it was more or less the same across coverage
VP1, EM, ~500 total, >30% stock, rofl this place sucks
This is not terrible....
Sorry but what's the breakdown between $ base and $ bonus?
VP base is $275k across all levels. So this is like $160k cash + $70k stock bonus
ME - 70k cash no equity, way below other banks
ASO2?
ASO1 bonus
Del
Here are rough numbers I've gathered for mid bucket (ME). Lot of folks not in office today due to weather. Let me know if I'm off anywhere, would appreciate any corrections. If you're in the upper buckets, add $30-$50 to your bonus, maybe an additional $70-100 at VP levels.
Have edited below based on additional data points, but please continue to correct me if wrong
As1: $70
As2: $80
As3: $90
VP1: Heard both $135 and $170, maybe triangulate to $150?
VP2: [removed until more data]
VP3: [removed]
This is not accurate.
Seconded; much lower
Can you give me numbers where I'm off? Happy to edit the comment.
Off for VPs. Even not top bucket (EM) made way more. Unless they totally screwed the MEs in the ME vs EM split then I think the numbers below might be more accurate for MMs
ASO2
ME
$95k (70/30 split for cash/stock)
ASO1 MM 55k
This is also not too bad
That’s pretty bad. Lol. That’s in stub associate range.
Made 45% more on analyst bonus
Not a data point but are bad bonuses at BofA the case across capital markets?
Anyone know if S&T / CB / ER are street level in terms of comp?
ASO3 M/E - 95k 70/30%
Are you ASO3 -> VP1 or ASO2 -> ASO3?
$525 all-in as VP1. Around 35% of bonus stock. Not top bucket but good performer. Ok with it but you guys think I should be mad?
Lol, if this is true, this is very much in line (if not higher if closer to mid bucket) vs. other bulge brackets.
$250k is street for middle bucket VP1
That's a good number for VP1. Be very happy
W be
Things arent looking too bad then...
i am pretty sure you are a bofa shill if you look at these numbers and think they look good. its bottom of the street.
ASO 1 EM
100k 70/30
Guys wtf am I gonna do with 30% stock - how is this good / street? It’s a 4 yr vest it may as well be 0.
I busted my absolute ass for only 70k cash? Is this delusional - I’m completely unsure what other ASO 1s are getting at top bucket
And any idea what ASO2 base goes to?
chin up little buddy. moynihan is going to gift you a few more dollars in bofa RSUs because you fall below their threshold of rtotal comp. Then you will have even more RSUs!
Mr moynihan please boss I’m tired no more retail bank shares
After that whole email chain fiasco I am disgusted I share my fate with these Charlotte nc imbeciles
I'd ask what your all in number translates to on a per-hour-worked basis, but even pre-tax, I don't think I want to know.
Can make a good guess based on the 79hrs I log every week into banker diary
Now tax that 70k cash and see what you're left with lol
isn't $70k cash basically $40k after taxes?
Why u rubbing it in bro
Crazy how ppl managing a bucees in the middle of nowhere texas probably have a higher post tax income.
outearned by a panda express manager 😭😭😭😭😭
Love when BofA bonuses come out because it sets the floor of what to expect at a normal bank
Absolute disgrace figures. ASOs need to get out of this stupid bank
When does the bonus hit bank account?
Likely mid feb
2/13
BofA people are cancer and they deserve their shit bonuses
Operations associate from Charlotte NC
investment banking actually, but have fun earning 30k bonuses a year for the next 2 years buddy! make sure to tell koder that you'd happily suck his nuts in the neutral gender washroom while he sips a red bull and takes a shit next time you see him at town hall :)
Heard some VP 1 Bonuses at MM ranking are around ~$50K
W T F
Hey guys, on the bright side, we're getting some RSUs from Moynihan!
Serious question - and I don’t mean this to be rude - but why are there so many associates, VPs, and Ds staying at BofA when you can almost certainly double your bonus at other shops? 2025 was a great year for IB, a great year for M&A, and a great year for BofA IB, so this is clearly the new normal for compensation there.
Also curious why this bank pays so poorly. They’re either still extremely bloated or koder is a cheapskate. Honestly, I’m kind of impressed they can pay people this badly and still finish #3 in total fees every year…
BofA doesnt pay badly for everyone. If you’re a top performer and the firm wants to keep you long term, you get paid. Full stop. I’m a director and was in the 900s. JPM and Citi both paid worse than BofA this year.
Perspectives will vary - presumably a director will be more ok with heavy RSU comp vs an asso looking to get out (and at jnr level it is atypical)
But congrats
🧢
Congrats buddy - u were like 1 out of 500 that got paid decent. and dont lie, jpm and citi did not pay worse. Also, enjoy your cliff vesting RSUs.
As a former BofA (or actually BAML) employee, will add
Real question, not trying to be a dick. Why should I just go to Raymond James, Cantor Fitzgerald, Mizuho, CIBC, etc? More pay, not quite elite boutique
alot of the bank's top industrials bankers did exactly that and went to MMs since they got paid like shit here.
If goal is to maximize near term pay - just go to an Evercore / Moelis.
CIBC, Mizuho type corp banking places are just that - corp banking. They’ll never be an investment bank - I’ve not seen it happen in over a decade.
Cantor / RayJ - they really deal with some scrappy questionable small deal mandates and anytime I’ve seen those deal teams - the mid / junior level are just bad. Seniors are questionable. To give you some relative terms - do you really want to mess around w $1mm sell side M&A fee w 20% success rate when a follow on w 2 day of internal work gets a bank $4mm?
I personally wouldn’t want to thug it out there if I am top 1/3 at BofA and feel pretty good about making director / not rockstar MD (otherwise try a legit boutique route). If you’ll get fired this summer - sure. As an associate / junior VP - just too early to do that.
There are a couple problems with this statement:
At the ASO and VP level, you can’t always tell who the top performing future MDs will be. Some of the most mediocre VPs turned into the best MDs. Paying 99% of people at this level peanuts has a significant adverse effect and you could lose a good future contributor.
BofA’s strategy is basically to pay the top 5% EE people something that resembles street, and screw everyone else. Just overhire juniors, underpay them and hope a few are stupid enough to stay and keep the machine running. I suppose it’s a strategy, but their stagnant/slightly falling market share suggests it’s not a good one. Where this strategy really hurts is in M&A where you need individual talent to win - sure you have a handful of top people who bring in M&A deals and get paid, but banks like GS and JP have much deeper rosters of M&A contributors because they have a smarter talent management framework. That’s also ignoring the fact that many top bankers at BofA don’t get paid what they perceive they are worth in the first place (ie Kevin Brunner)
Brunner example is a classic example of the current BoA strategy. Top banker capable of turning around the god awful tech group and then they screw him and now he is at a direct competitor taking all that knowledge and experience with him. And who did they replace him with? 3-4 journeyman bankers splitting the triple co-head title.
Don’t disagree w above at MD level - but not sure if it applies to associate / VP level. It does create a very narrow set of winners, but the ones who were outside looking in didn’t do much better elsewhere without some exceptions. At MD level - yes they basically lost most good people and just don’t have a great bench (although arguably is it any different than Barclays, Citi, CS, etc, who were their recruiting peers 10-20 years back, not GS, MS, JPM).
I had heard Brunner left because he was passed over for the co-head of IB role? They promoted Joo and Faiz in June last year and Brunner left in October or so. It wasn't due to underpayment from this bonus cycle, unless he was unhappy with last year's bonus, which is highly likely too.
Whether you stay in banking until MD or not… if you plan on staying VP/D years staying at BofA is moral failing. I lateraled to a less prestigious shop and made probably $300k more than if I would have stayed at BofA, in my VP years alone
BofA leadership is in trouble with investors over low returns and profitability. Moynihan's time is nearing its end at the bank. I literally hate all these boomers who cashed in millions of dollars at the heyday of I-banking pre-2008 but now pretending to be financially conservative. If you had paid such ludicrous figures in 1990s you'd get to find only homeless junkies willing to work for you.
Hard to lateral. For every 20 applications there are probably 1-2 spots out there right now...so you are forced to stay or leave with nothing lined up (tough in this market). BofA is good brand for your resume though in the interim despite the pay being atrocious
Ppl shouldn’t be filling out applications online if they actually want to make a move. They should be leveraging the vast network of ex-BofA bankers that are now at other banks. A lot of MDs and VCs have switched to other banks and can push your resume if you are actually a decent performer.
Or they should be leveraging their co-advisor m&a deal teams to switch to their bank instead or whatever team was on the buyside when they were on the sell side vice versa. Again, assuming you are a decent performer and took ownership of your deal workstreams and weren’t a “camera off” / “always on mute” type of person.
BofA Associate 1
Got 50% of base lol. Fuck this place.
Always enjoy reading these massive BofA bonus threads at the end of each year where everybody gets pwned.
This thread seems overwhelmingly focused on the IB side which obviously has its issues as plenty have noted. What about other parts of the firm? From what I've gathered from people in parts of Markets pay was fine if not above street for certain groups/people. Did everyone get crushed firmwide or do they just not care about IB?
What have you heard about markets? Any color on product / sales vs trading / junior vs senior etc?
Overall paid quite well on junior level. 75% of base
They don’t value IB.
From what I heard, Market indeed seems fine/ at least street
Anyone willing to share what MMs got? Curious if there was a range or just set number for each level.
Good time to recruit at BofA?
Only if you are considering an Analyst stint. For the rest, you are better off elsewhere
MM VPs got like $50k
Are London bonuses also around now? Any idea if they are equally disappointing? (Relative for London)
Correct me if I'm wrong but from what I gathered so far, some banks in London this year even pay higher than BofA NYC at this rate
I cannot stress this enough - if you’re an ASO, VP, or D at BofA, not EE rated (95% of you), and have the chance to lateral to another IB… take it 100% of the time. I’m writing this as a cautionary tale. Do NOT believe them when they tell you they pay market, that is undisputably not true and you’ll see that quickly if you look hard enough.
At BofA you literally miss out on hundreds of thousands of dollars relative to street if you stay… and I’m not just comparing to EBs. That could be your kid’s college fund, a big chunk of a home down payment, etc. Not chump change. They started screwing people with 2023 bonuses and haven’t stopped as the market has picked up. It’s been 3 years in a row of below market bonuses, how much more does it take. Yeah BofA has a good brand and decent deal flow relative to a lot of platforms, but at a certain point you need to start harvesting some actual money if you’re working these hours and giving your life to this profession.
Leadership is probably laughing at the fact they can screw people this badly and continue business as usual.
How bad were the MM bonuses? All this talk about EE when that's 1 person per class? Need to know what the 50% got. Also heard they lumped the associate classes together, so a first year is ranked against third.
I heard MM bonuses for VP were like 65 in C&R.
VP MMs got like 50-75k in the group I’m familiar with. So 50% of the VP class gets under 75k bonus.
MEs and EMs didn’t fare much better - most of them were in the mid to upper 400s (even senior VPs). And they’re in the top half of the class (just not the top 5%). IMO they’re the people who really need to leave - they get worked hard and are generally good performers getting the shaft
So the associates got $30-$40? That's literally less than stub
It’s really a shame that a bank with this strong of a brand and deal flow pays this badly. It’s puzzling how they are choosing to run their investment bank.
They made the right moves going from number 10 or whatever in 2017 to number 3 in 2021… but at that point they got a bit ahead of their skis growth wise and got high off their own hubris (over hiring, funneling their bums into EGRC and expecting to win), and it ended up hurting them a bit.
Citi and Wells are replicating the same playbook now, hopefully they learned something.
Agreed. I’m leaving and honestly have no hate towards the bank, but you can’t pay me sub 100k bonus. Is what it is
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