Comp day is today for Citi - starting a dedicated thread
Level: (As 1, etc) Bonus: Bucket: Group: (Coverage, Cap Markets, Markets, etc)
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Heard they were terrible… let’s see numbers
Top bucket
VP3
Base: £160k
Bonus: £100k
Pissed
Level: AVP 1
Base: 150k to 160k
Bonus: 100k
Bucket: Mid Bucket
Group: Markets
Bump
Level: Aso 1 (A2A)
Bonus: $110k including 20% stock
Bucket: Top (1/1 at Citi)
Group: IB Coverage
Not happy given how busy the year was and the number is barely higher than my analyst bonus
What does 1/1 mean exactly? You were the singular top Aso1?
You get two ratings, one for goals and one for leadership. You only get paid on the goals rating, leadership rating is irrelevant
Can confirm bonuses were terrible. Bonus flat YoY with total comp increase being driven entirely by the change in base salary.
bonus for a 2nd year associate in Commercial Banking at Citi. top bucket (1/1) in NYC.
$5k base increase to $140K
$40K bonus
wasn’t expecting much anyway
Do you know what An bonuses looked like for commercial banking?
Analysts get bonused in the summer. My comp as an analyst was base $110K with bonus $20K (also 1/1) for reference.
Not bad. 40-50 hours?
Average is 40 hours, good ol’ 9-5. Usually less though, if I’m being real about Fridays.
Ass2
Coverage
$80k
Bonuses mostly flat it appears
Assoc 1 going into assoc 2, or assoc 2 going to assoc 3?
$80k for ASO2? Omg
What bucket are you?
VP2 (now VP3)
Base: $275K
Bonus: $300K
Wow congrats!
Are you coverage? What was your rating?
what percent is deferred?
$220K cash, $80K deferred
--
What are VP1/VP2 bases running these days?
250/275
VP3 and director?
Director around the street for BB's is 300 starting afaik.
ASO 1
Bonus 95K
Mid Bucket
Coverage
wtf
Delete
You had yourself a year congrats
says a lot when this is considered a breakout year for a vp2. lol either bankers these days dont even know they are getting hosed or the industry is going downhill.
percent deferred? Duration? Thanks.
Seeing a common theme amongst the BBs that reported so far… record high profits and flat/lower junior bonuses
VP3
Bonus: 175k
Base: Increased from 225k to 250k
FI sales
ASO 2 (Second full year)
Base: 200 -> 225
Bonus: 165
Coverage
Rank 2/2
Satisfied tbh
Level: VP2
Base: 275
Bonus: 325
Bucket: middle Bucket
Group: IB coverage
Was this a 2/2 rank?
What is VP3 and Dir mid bucket? WHat percent of people get top bucket?
Level Associate 1 (MBA)
Bucket: 3/2
Group: Coverage
Bonus: $115k (20% RSU)
Base: +25k to $200k
Sentiment is better than expected or fair across the group, particularly in comparison to last year.
In today’s environment, that’s not a bad bonus for a middle of the pack aso1
Any Director numbers? Not at Citi, but want to get some idea of what comps look at for competitors.
Do you have any color? What's your ballpark?
I don't have any numbers for this year because my bank has yet to do bonuses. Last year was a D1/ED1 at a BB, and my comp was 650 or so in a bad year. I was not very happy with those numbers, but I am staying because I have a very solid path to MD here and many seniors who are mentors for me. However, the comp wasn't great last year, and so I want to get a sense of what I can expect for this second year. The bonus last year for D1/ED1 was flat from my VP3 year, which also wasn't great.
Bump
Hey dude, any updates on your end or what 2023 looked like for you? Want to get a sense of how comp compared for this year and last.
Citi numbers…actually looking not shiti…for once
I don’t get how top bucket Associate 2 above is lower than mid bucket Associate 1 - someone is lying…
Hmm I’m not seeing that
I think people often miss represent, unintentionally, what year they are, because different banks use As0-As3 or As1-As4, so have to look at the base to get an accurate representation
LOL these bonuses are rubbish only making 100k working 100 hours a week Ross Cameron my favorite day trader worked for 3 hours a day and made $2m.
ICM
D1
250 base, 137.5 bonus (80% cash), 387.5 total
2/3 rating
On the one hand I am pretty pissed off because I am making 6.5% more on an inflation adjusted basis than I did in 2020 as a VP1 and 1.4% more than 2021 as a VP2 despite being promoted twice during this period (have an SVP level as well).
On the other hand I work 40 hours per week, take all my vacation, work from home twice a week, and basically don't check my emails outside of work hours.
Feels like a bit of a crossroads in my career to be honest because I can likely coast here for a long time but it's quite difficult to see where any growth would come from in real dollars outside of making MD which is obviously pretty difficult and is certainly not on the immediate horizon. But any jump I make would almost certainly come with significant degradation from a lifestyle perspective.
Sounds like they did a great job on the comp # for you, haha
Ha, maybe, although I'm pretty sure it was fully unintentional and basically a byproduct of the group comp being flat overall.
2020 VP1 300
2021 VP2 330
2022 SVP1 370
2023 SVP2 385
2024 D1 387.5
Was not unhappy with comp really until this year.. 2022=>2023 was flat on a real $ basis despite having 1/1 rating last year but that was a shit year for the firm and I had not been promoted the previous year.
Being down on a real $ basis from 23-24 despite a promotion is a huge slap in the face tbh, and I actually don't think they did a good job with the number because psychologically if they had just bumped to 400 which would keep up with inflation and nothing more then I would be much much less pissed for what is really not that much more money. Which isn't really rational but it's reality.
Also those fuckers capped the 401(k) match at 12k going forward which is like a 11.5k paycut as well.
dude you can't be pissed with 40 hours / week workload. But your D1 number is actually lower than my AS1 total - that's an obvious tradeoff.
Making less than your assoc all in comp is a great tradeoff of having 10x better job security in his seat and working around half the hours. He also can get into private credit and double his comp if he truly needed to.
What is ICm?
Seems to be Institutional Credit Management under Risk Management based on the firm website
How is it possible that VPs at Citi in London make £150k - £170k and in the US above $300k? Either you are all lying or the difference between London and NY pay is insane. What VPs make in NY after tax is almost the amount that VPs make in London before tax. Same amount of work. Mind-blowing.
Can someone shed light on this?
Why is this hard to understand? Fee compression in Europe, worse white-collar job market broadly.
They also don’t work in August
On base salaries. 150-170 is low for London VPs and no VP in NY is making 300
Banks set comp parity based on an exchange rate of 1.5-1.6x
Because the finance world in Europe is much weaker and bankers literally leave at noon to sip espressos & take the entire months of August and December off
Any other numbers for SVPs / VP3-4s?
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