IB Compensation - Nordics
Hi,
Does anyone know what IBD compensation is like in the Nordics for the four different levels?
BB: GS, JP, MS, BofA, Citi, Barclays
EB: Lazard, Rothschild, (Greenhill?)
Large European/MM: BNP, UBS, Jefferies
Nordics: Carnegie, ABG, Pareto, SEB, Nordea, Danske Bank, DNB, Handelsbanken
Would appreciate any insights!
The BBs in Stockholm will have the same salary as London, just in SEK instead of £. BBs salary for the first year is £70k, note that the bonus may be lower. I would imagine this will be similar for the EBs.
Not sure why you did not include UBS in BB, but I think BNP Stockholm actually pays more than London.
The Nordic banks usually pay 45-50k SEK per month. Bonuses are usually not the best, but if you are a top performing you can receive significantly more
Okay thanks! Reason I didn’t include UBS in BB is because I’ve heard they pay less then than the American ones but I guess that’s true for Barclays too.
Would you by chance know the approx. annual bonus % at BBs in Stockholm? Salary levels match what I have seen as well.
GS Stockholm is SEK 85k / month. The Nordic banks (Nordea, Danske, SEB etc.) pay 45-55k SEK base but some of them also have significantly better hours vs. the international BBs (people switch to home office at 5-7 pm and log off at 10 - 11 pm, take 1-2 hours off for hitting the gym, long lunches and dinners etc ).
Also, keep in mind that the cost of living is MUCH lower in the Nordics compared to London as housing / food / transportation is much cheaper. For example, you can rent a nice 2-bed apartment in central Stockholm for £1k a month while in London, you would have to pay £2k a month for a 1-bed apartment with poor building quality (because all apartments here in London have shitty building quality) in zone 2 / 3. With that said, even at a Nordic bank with 45-55k base your lifestyle will probably be better than if you worked at a BB in London.
Cheers, yeah from Stockholm myself and it’s a lot cheaper than London. Seems like BBs in Stockholm are kind of a cheat code since you get the same comp but have significantly lower expenses.
Yes, definitely a better lifestyle as hours and quality of life is better. Also from the Nordics and currently at GS in London. Missing the Nordics as the UK really isn't a very well-functioning society compared to other European countries. Garbage is just thrown on the street, building quality is absolute trash everywhere, lots of homeless people, unreasonably expensive housing (a lot of my colleagues at GS still share apartments with flatmates despite having a full-time job because they don't think it's worth it to live alone).
The drawback of going to a BB in the Nordics is the exits. Going from the Nordics to London PE is pretty much impossible so that immediately limits your exit options. Moreover, you will always compete against people from the Nordics who spent time at BBs in London and now want to go back home. As such, you often see MF / UMM and even MM funds in the Nordics recruit almost exclusively from BBs in London.
Would you by chance know what the annual bonus % is for a BB like GS in Stockholm? And if that level is more or less the same between American BB names?
Just buy ratsit for 49 SEK / month and you’ll be able to check everyone’s taxation for 2022. Then just backsolve the difference between base x12 and remaining taxation to get the bonus
Citi: SEK 62.5k / month, confirmed ~1.5 years ago
DNB: SEK 52k / month, confirmed late ‘22
Sounds reasonable for Citi. Heard JPM was 65k (1.5 years ago).
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