BofA raises junior banker base salaries by at least 10%.
US:
Analysts up 10,000
Associates up 25,000
VPs up 25,000.
They said other offices will increase in similar ratios (i.e. at least 10%). Effective May 1st.
Apr 08, 2021Apr 08, 2021
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Comments (142)
What are the chances other leading banks up their base by 10k?
Come on man.
Back when Associate base was increased by MS from $125k to $150k, majority of banks upped their standard comp. I believe every BB went up to $150k, some EBs upped base past $150k, others stayed put at $150k
So BofA would be paying 175, 200, 225 for ASO1, 2, and 3 now?
Do you know how long it took for other banks to adjust? Starting at a Non-Bofa bank soon
Is this just their IB?
I believe all of GCIB
How do you know this? does this apply for the incoming class?
Yes. Specifically mentioned would apply to 2021 class. Effective May 1st.
Is CB included in this as well
All GCIB analysts assocs and vps were on the call so yes probs.
Time for other BBs to step up or else the lateral market gonna be lit
Do people actually lateral for extra $10-25k?
$10k per year is material if you stay in banking for several years.
S&T too?
What about Europe? 50k GBP is the base in Europe, how much in continental Europe? 65, 70, 75k EUR?
Per the Bloomberg article it said 10% increase in other regions as well.
Only GCIB, which S&T does not fall under
At the analyst level assuming then new base comp is now:
Analyst 1 - 95k
Analyst 2- 105k
This correct?
Will this be met with lower bonuses to keep comp flat?
100%
FUCK U BOFAAAAAAAAAAAAAAAAAAAAAAAAAA
honestly, this is just keeping in line with inflation
10k pre tax isn't a big deal sure but when theyre paying higher than their entire peer set of bb's it's significant information
I'll take the 7k... that's a new sub :)
Can anyone provide advise on how to get a 2022 BofA FT offer?
I can't take any more MS please, it was just a joke
Get an SA 2021 gig =)
Only a matter of time before all other banks match, especially EBs. Good news.
Time to move back into banking
If I ever meet one of the GS 13 I will immediately offer oral sex.
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If the 475 produce similar results...the offer stands.
Good to see you'll be living up to your name.
What are the odds that any of the main BBs, MMs, and EBs don't follow through as well by this summer?
Will incoming summer analysts see their prorated salaries bumped up?
second year associate with 200k base...damn
Any chance this will actually lead to an increase in comp or will bonuses just drop by the same amount
I prefer a higher base anyways
more guaranteed comp
Facts
Are they keeping the 150k base as a stub associate? Then an increase to 175k ~6 months later? Or are they having people start at 175k and keep them there for 1.5 years?
Yes curious to know as well
BofA sent an email to incoming FT saying they're getting the raise too.
Class of '23 and I'm stoked about the money I've seen thrown around in the last month
but at what cost?
Who cares? I'm already planning on selling my analyst years to the banks
Have any other BBs announced an increase as well? Heard a rumor that MS/JPM had made a similar announcement internally a few days back.
Work at one of those two and haven't heard anything as of yet, fingers crossed
Nothing from JPM other than "be on the lookout for a townhall soon"
wya Citi/Barcap?
Seriously... can't claim to play with the other BBs if can't even match pay
Going to be a sizable drop off in terms of recruiting preferences for the non-GS/MS/JPM BBs that can't match pay.
Already emailed the head of our group with this info.
Blair also giving one off bonus. Looks like it's one or the other. Only CS has done both. But tbh anything would be fuckin nice besides that email with new work guidelines
Shitti Citi won't do shit
Yup.
Is the base salary bump coming for CS comparable to this?
Given the VP base pay freeze at JPM earlier this year (which they reinstated), I would have little hope for a similar move there
Do firms really think brand name will continue to be a selling point despite getting paid at/below market comp?
GS believes so
bofa gave some associates $10,000 bonuses so they must think so
They ended up reverting on that policy (unfreeze the VP base salary raise)
What did the associate and vp level pay become?
Side note, did BAML drug test you guys ?
So no increase for S&T?
Does this apply to GCM groups, too?
BofA the best BB unlike sweatshop GS and MS
spoke to seniors and they seem to think be optimistic of the near term future (hiring more + slowdown in deal flow). What they don't know is that half the analysts and associates within the group are in the midst of interviews (with multiple confirmed offers already) ready to yeet the fuck out of here. The disconnect is real my dudes.
has traditional PE recruited started? i.e. what would've been the case in august 2020? all i get is lateral op emails
Wya DB?
Has there been any indication as to whether all-in comp is going up by $10K/$25K, or they are just shifting from bonus to base? If the latter, this may the best BAML marketing campaign of all time, which ends up costing them nothing...
That's what MS did back in 2015, wouldn't surprise me if it's the same deal here
Not sure why you would be upset about more guaranteed money vs. variable ..??
Not upset, per se, but the PR buzz gives the sense that BAML is now paying more all-in than the other peer BBs. If all they are doing is transferring from bonus to base, it's not really newsworthy. Sure the certainty and time value of money is preferable in the base salary, but is that really enough to warrant all the positive press BAML is getting? I don't think so, personally. The WFH bonus should be an increase to all-in comp.
the thing is how would you know though
Exactly. It's the perfect scam!
Even if this is the case, you get taxed considerably less on salary than bonus
Not true. It just gets withheld higher and you should be able to adjust this.
Lol
Both are AGI at the end of the day bro and get taxed at the same rate
Imagine working in finance and being this financially illiterate
This is for all of GCIB or only IB?
someone above mentioned that they sent an email to incoming ft but seeing as I didn't get one, assuming it's only for IB?
.
does anyone know when they are sending new FT contracts for the incoming class of 2021? They said in the email in the upcoming weeks, but was wondering if anyone had info
Did you get the singing bonus for FT yet?
I haven't received mine.
A friend of mine got her contract for an incoming FT position in S&T in London about one month ago.
How much exactly is the FT signing bonus at BofA (S&T / IB). I have heard that this amount is paid with the first salary.
Confirmed in Europe:
+10k for analysts and +20k for asso
USD, EUR or GBP?
S&T too?
IB AN1s in London got bumped up PS7.5k. Not sure where the 10k figure came from...
This is in EUR for continental Europe offices
Has anyone received any onboarding information? Still waiting on it but assuming it will be first week of may as the salary is changing then. Anyone have info?
Have not received onboarding yet.
Have not received anything regarding Onboarding yet
Not doing much for the BofA industrials associates who got $10,000 bonuses this year
is this cap? 10k bonuses no way that would be brutal bruh
No it was year-end comp
false info...........
Happened in Industrials
Can confirm multiple Associate 2's in BofA Industrials given $10k year end bonuses with no indication the bank wanted them to leave. Wild...
were these individuals outliers? Assuming bottom bucket, but did everyone else in bottom also receive 10k
Wow .. really. Was this every single ASO 2? Strange since I am at another BofA group and don't think this was the case for our assos
Are they still giving signing bonuses to those starting FT this summer?
anyone receive bonus yet
No, not yet. I'm guessing Friday maybe?
lets hope so heard by the end of this week
Per Litquidity IG RBC is saying 10k for analysts and 20k for associates. Can't tell if its a spot bonus or a base salary increase.
also from lit - seems like gugg analyst and assoc salaries going up too
Gugg...that's clutch...hopefully now we hear from EVR/MOE/LAZ/PJT
Gugg 100k base for first year analysts wow
Base salary confirm
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