So almost all the major bulge brackets have raised IBD Associate pay to $150k for first years (from $125k). The only major ones who haven't in the US are Wells Fargo, Deutsche Bank, and Citigroup. Given the fines and toxic culture at WF and DB, I understand why they can't afford to make the move. However, I don't understand why Citi is refusing to make the change. I'm currently a Citi Associate, and the fact that the firm hasn't replied to Associates's requests for a discussion is pretty disheartening and frankly, embarrassing. Kind of frustrated so wanted to know what everyone's thoughts were? Is this damaging the firm's reputation and/or limiting exit opportunities?
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Are you a current A1? Because FT offers for summer interns were $150K base from what I've heard through the grapevine for Citi...
Also, for WF, true, they kept their base low, but in lieu of a salary bump I heard signing bonuses for summers that received offers were in the neighborhood of $80K
Yes, 2018 Associate. The new offers for 2019 Associates are for $150k, but the Associates here at the firm now haven't seen raises. Base pay is still $125k for the new A1s.
anyone know if this is just for IBD or includes CB as well?
Have middle market banks (HL, JEF, Baird, RJ, Blair, HW) increased A1 to $150k as well?
Word is that they will on January 1st.
So new model is A0 150, A1 175, A2 200, A3 225?
No, none of the bulges as far as I know have raised A1 to $175. They are just starting at $150 for A0 and keeping them there, rather than $125 starting then bumping to $150 in January like they have historically.
Pretty sure I’ve read 125 A0, then 150/150/200/200
This makes no sense since associate program is 3.5 years. You got an extra year in there.
That's not how it works for our BB. It's been 125/150/175/200. I would assume it would go to 150/175/200/225.
Which banks have confirmed that they’re increasing?
MS, GS, JP, BAML, and Barclays have. I've also heard Jefferies and a few other MM banks too. Someone can correct me / add as they know.
CS has also increased
Bumping this for you OP
So what exactly is the new base for existing associates from 0 - 3? Can people confirm? How about VPs? I assume bump is only for associates?
Someone about said 150/150/200/200 with the new change, but I don't think that's correct. It was 125/150/175/200 at my BB, so i assumed it would become 150/175/200/225 for those who had that structure and adopted the raise. Someone can confirm from other banks?
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