After a record breaking year, bonus season is upon us.
Wanted to get a thread going to share what banks are paying so we can see which banks are low balling the juniors.
If you guys got your numbers, please disclose in the following fashion:
- Bank (Specific Bank Disclosure Encouraged)
- Group (Coverage, Product, etc)
- Position (Analyst 1, Analyst 2, Associate 1, etc)
- Rating (Top, Mid, Bottom)
- Bonus Amount (For BB let us know how much of that is stock)
Look forward to hearing from all of you!
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Just got my number so I'll kick it off.
- Citi
- Coverage
- Associate 1 (not stub)
- Mid bucket
- 115 (25% stock, brings me down to a 86k cash bonus)
Record breaking year, and got the same median bonus as prior years...
Are you serious?! That's an insult.
Why are juniors getting stock…
I’m surprised too
jesus
jesus
wow that is awful lol, I know 2nd yr analysts getting more at other mid-tier BBs
That’s right. Second year analyst 130-150k bonus
ew lol
Yikes….what city?
Woah, isn't that ~66% of base? (assuming $175 base)
- Location: NYC
- Base Salary: 175k (but during the call they said our salary 160k pro rated for the year)
A buddy of mine same class / group got 90, but is walking away with more cash in pocket since he doesn't get stock...
300k total comp is bad now?
jesus
What is vesting on stock?
As an associate 1 (not stub) at a bad BB last year, mid bucket I got 110k all cash (off my 150k base). Thought that was sort of low, but whatever, my bank sort of sucks....
thats not unheard of, some bbs sort of give weak median bonuses compared to the EBs
Been hearing bad numbers for Citi
Surely this CB not IB right?
What’s your base?
Rip
Is your base salary at least increasing to $200K?
lol what bank doesn’t increase AS2 pay to $200k? Some pay a flat $200k across all 3 years which is different
CS after a record breaking year in the bank's history, 6 ASO1s I know got $50k-$70k thanks to Archegos and all the other scandals. Not to mention 2020 bonus was also dog shit. Thank god I left
Got any other CS datapoints from other levels?
I thought most banks do summer for bonuses
For analysts
ohh thanks for the clarification
BB S&T (I mean everyone knows what bank is communicating today but whatever)
VP2 - 200 + 130
Very good performance ratings
Not happy
MS?
S&T comp just seems like trash these days. VPs are what, 175-200k base and 75k-175k bonus? Might as well jump to a fund or switch into tech.
I mean full disclosure, none of my post-analyst roles in S&T have been directly P&L link. I was a FO quant and now do what I would basically refer to as FO quant risk, which is basically a risk management type thing that sits within the business itself, not independent risk. So actual traders' comp I'm sure is probably higher than mine, and there have (or were at least last year) trolls around posting bogus low S&T comp.
There has been a range thrown around recently of 300-500k for VP in S&T, maybe adjust that down 15% since it was such a shit year and you are looking at 255-425? So yeah, I mean I guess 175-225 base + 80-200 bonus. I'm sure very high performers can break this range and I think the low end is pretty uncommon, 255 for a VP would be really bad.
I am tempted to jump to a fund and/or back into a direct risk taking role (might be harder than I think to get but I would at least have a legitimate chance). But on the flip side I work like 8-5:15 M-Th, 8-4 F and have a good amount of autonomy and respect within my team and am concerned that leaving that even for an extra 100-200k might be a stupid decision.
Thanks for sharing this. Would love to know your thoughts on how difficult it is to jump from a VP in MO (BB Treasury) to a FO (S&T) role if you have an MBA?
Honestly not too much idea. I would think reasonably difficult but not impossible; I don't think there are a ton of open S&T seats these days in general to be honest except for the ones being filled by the analyst/associate programs.
I'm not sure the MBA is super relevant to S&T. What does treasury do exactly? Most of the moves I've seen have been
FO quant => trading
Tech => FO quant
MO quant => FO quant
I've heard of Ops or tech that work with the trading desk moving onto the desk.
Treasury can be client facing or non client facing (at least at my BB). Both are interesting but some teams can have boring and repetitive work. Work includes BSM, Liquidity Management, Rates and Portfolio Management, B/S Solutions etc.
Okay.. I think there was a director on my first year analyst desk who moved to treasury and made MD.
I think how tough it would be depends on responsibilities. Some of that stuff seems pretty S&T adjacent and I think would position you fairly well in interviews for an S&T seat. Especially if you work at a bank with good internal mobility. The issue really is just finding a seat to interview for.. like I said S&T is not really an expanding area at the moment, and even if revenues pick up I'm not sure headcount will. You might be better off looking for something on the buyside.
Thanks. Appreciate you sharing that perspective.
I think it is possible as long as you have direct points of contact with the desk you are interested in moving to. For eg. if you are handling the funding for the rates desk, you might actually have a shot at moving there if there is a vacancy given some roles in treasury do require you to work very closely with rates and manage rates risk. I personally know 2 guys who have moved from Treasury to Trading roles.
Also is there any particular type of role you are aiming for within S&T? And would you be open to moving to a trader role in Asset Management (assuming your BB has an AM arm)?
Thanks for those insights. Appreciate it. I am pretty flexible at this point but more interested in Equities and Macro though I would be open to other assets as well. Yes, my BB has an AM business.
I would recommend reaching out to the traders you work with (assuming they come to you for funding) and letting them know of your interest. In my experience, if you have made someone's life easier at work, they will be more than happy to help you out.
Separately, also network with rates/funding related traders such as Macro/Rates desk, Repo desk etc.
Finally, it is much easier to move into a trading role in the AM/Private Banking (maybe prime too, not sure) side as that is more execution heavy and therefore has less demand. Something to consider.
Where are you in your career because while you are fine to coast a bit and enjoy autonomy for younger S&T there is a feeling of being underpaid, even among risk takers
That’s very low comparing to those colors given above
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Nyc?
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BB or non-BB?
.
Oh snap…this is really really low
Manager communicating 10% YoY increase like it's a good thing.. inflation was 7%.. top performance ratings, what the fuck were they going to pay me if I was mid bucket?
MS/Citi Assoc 2, all in 335K. Mid bucket. Hot sector coverage
$200k base + $135k bonus? Sounds soft…must be Citi
Just say tech dude lol
geothermal deals only
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fuck u right. no wonder i cant re-up on my franks red hot
Did this few weeks ago on the other thread but let me put again and feel happiness deja vu
Bank: Canadian BB
Rating: Top
Group: Coverage
Location: NYC
Position: Associate 1
Bonus: $225k
*did this few weeks ago**
So BMO? That's their top group correct? Regardless $200K plus as an Associate 1 sounds insane
Lol it’s RBC. BMO is ass in the US
Metals & Mining is BMO's top group globally. Their P&U group in Canada is strong as well but don't think so in the US
What was middle?
not sure tbh. but someone got 175k and they arent liked much so assuming thats bottom
Uhhh is it just me or are these numbers so far shit for you guys...?
No, they are absolutely shit. Looking forward to the mass chaos of laterals to ensue.
Can confirm. Numbers that went out today were total ass for associates.
I think banks are looking at the base bumps as justification to lower the bonus %.
So instead of 175 plus 160 (which wouldnt be unheard of for a second year associate at a mid or low bb)
Its 200 plus 135
Total comp is same. Sucks they are doing that...
Ive been getting MS for saying this for the past 6 months. It’s stupid to assume bonus % is staying the same. Raising the base was a beautiful PR stunt by baml.
Lol we've only seen shiti numbers for citi so let's maybe wait on more numbers for other banks, esp BofA, since they tend to be highest paying BB.
Totally this. The real figure to focus on is total target comp, not base. Increasing base by 50K to 225 for Y2 assoc doesn't necessarily translate to a 100% bonus on that. Maybe this year at some shops where performance blew every expectation out of the water but assuming 2022 is slightly down or even flat, best case, you can bet the bonus will be paid as a % of total comp rather than as a % of base.
vp at citi here. top 20 pct of class (not top 10 pct)... total comp up c. 20 pct
good for a normal year... not too impressed given the record year we have had though
looks like citi not paying lights out. people will probably leave
Sorry to see... I would be resigning as soon as the wire hits.
yeah. suppose more difficult to leave more senior you are. they know that hence the mediocre bonuses
Citi cannot pay. It’s just a fact given their returns for shareholders. They ain’t gonna pay shit compared to the street until they get ROE in line, which could take a while.
Gonna be tougher to do when everyone leaves. Short sighted.
Citi knows they can squeeze more out of their geographical lateral hires and also take advantage of the lifers.
First year analyst bonus - 75k
an2 salary moved to 125k
mid bucket, top bucket?
^
This is at a BB, it was upper quartile but not the highest bonus they had paid out. HR said I ranked in upper 25% but top 20-10% would see slightly more. My first year base was 85k.
what was base?
Anyone know when the EBs communicate bonus #’s?
Removed
Why do people post anonymously (Analyst 1 in IB Gen, Associate 2 in IB Cov, etc) and use vague descriptions for banks (BB / Major city)? How much anonymity do you need?
Why did you post this anonymously?
Lol agreed if ur at a BB there’s like 500 other people at ur bank almost no chance to guess who the person is. Should just say the name of the bank and maybe ballpark
Any stub bonus numbers?
Stub here.
Citi gave us 40k
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Hey dude - any idea what bonus ranges AN1/2 at JEF can expect going forward in non NYC groups (HOU/SF), factoring in the base increase?
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Clt? What did VPs make?
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Vp2/3
Lev fin
Big bank
Base 300k
Bonus 275k but stock component
Honestly seems a little low. Was it around what you were expecting?
I’m ok with it. A little low, but hard to complain with 575k for a relatively easy year for me. I have great juniors who do the heavy lifting. I have lots of nice perks at work as well.
Also, you’ll find the longer you work in the real world, you start to understand some of the comp numbers here are not always realistic. Whether people exaggerate or just straight up lie, I’m not sure.
Thief is the comparison of joy. Also the fact my wife makes more than me takes away some the sting of a “relatively” low bonus lol.
What does your wife do? 575K is an amazing year
Why aren’t you a stay at home dad
Successful women tend to not be attracted to losers who sit at home unfortunately.
Yea, but that can be rough timing
I think you meant comparison is the thief of joy 🥴
How's the vesting schedule?
Your standard three year calendar.
I don’t know who upvoted this comment but thanks man for the alert.
Had a real chuckle reading my old comments and watching little kids not being able to accept a specialized doctor could make 600k in the nyc area lol.
Citi paying shit bonuses in the middle of the great resignation / super hot job market.
agree....shit bonus for a record year.
To further add insult to injury, this article hit the front page of Bloomberg today....
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Citi wants to cull the middle ranks
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