Hi guys,
I am an incoming analyst (due to start in July) at an elite boutique in London. As everyone knows, banks in the US bumped the salaries of their analysts to USD85k and apparently to USD90k at my firm. The thing is, I don't know for sure, whether they did it or not. Anyway, I signed my contract to join the firm in November of last year and still signed the GBP45k contract.
The question is, how can I ask them whether we receive a salary bump as well? I read on efinancialcareers.co.uk (http://news.efinancialcareers.com/uk-en/195605/much-will-really-earn-gr…) that some London banks bumped base to GBP50k or even GBP56k, which is quite a difference to my GBP45k. My biggest problem is that I don't know for fact that the salary in the US was bumped to USD90k, that's just what I heard, so it is kind of hard to argue with that. I don't want to reach out to US analysts out of the blue and ask about their base as I think it is kind of weird.
I know that Barclays and Blackstone bumped their base in London for sure.
Cheers guys.
If your salary was bumped, they would have a) given you a contract with the bumped number or b) will reach out to you with a revised number if it is to be bumped by when you start. If you hear nothing, it won't be bumped.
I doubt you can do anything about it.
Almost all BBs in london still have the same for analyst: 45k. Some EBs has bumped, Ceternview, Houlihan. But others like Lazard is still 45k Blackstone depends on the division. PE 58k, not sure about advisory. You can't do much about that tbh.
Even though it may be sweet having a higher monthly salary, I highly doubt they are going to pay IBD analysts different TOTAL compensation. Have heard that many banks are discussing the option and some are implementing it later (i.e. January 2016).
First year all in might not change much, but I'd rather have a guaranteed 5k-10k base bump than an uncertain 5k-10k bonus.
Anyway, OP, you're an idiot for even thinking about asking for more money. Yes, central London is more expensive than Manhattan, but if you care that much about 5k extra, why don't you switch banks? If you think you're worth the 5k extra I'm sure you could find another job in no-time, right? The fact of the matter is that they know they don't have to pay you 5k extra, because you aren't going to leave anyways.
I won't ask for now but I still think it is ridiculous. I don't see why an analyst in the US should be paid more than one in London or elsewhere. Anyway, I'll guess I just wait and see whether other BBs and EBs bump their salary and ultimately hope for a bump at my bank. Guess there is nothing else I can do for now.
Alright guys, you are probably right. It is still ridiculous though. Once training in NYC starts I will be sitting in the room with people with same qualifications and exactly the same job who will be earning more money for the same work. This is just stupid since London is expensive as shit.
Def agree with you, but be cautious. I wouldn't ask shit. Maybe try some informal ways of asking, dunno. But I'd not expect a bump in any case.
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