So we've all heard about GS, MS, and other banks increasing analyst pay. My question is will this pay bump impact other front-office positions outside of IBD (i.e. Corporate Banking, loan syndications, etc.).
I assume there should be some sort of impact considering Corporate Banking is part of "Corporate and Investment Banking" at some BBs and CB/IBD make the same base although different bonus structure. Also groups such as investment-grade/high yield syndications (bank loans), etc. fall under the IBD umbrella at some banks.
Pretty curious if these groups are also getting a bump. How do the banks that have these groups roll up under a different org. structure respond, surely they can't afford to pay way below market as that would lead a junior exodus to the banks that are offering +25% base, its pretty substantial at this level, looking at 25k pay bump if you factor in sign on bonus (going from 70k to 85k).
I know this is still pretty early and has not rolled out everywhere but definitely welcome information from anyone in the know.
I would have to imagine that this change applies to only (for now) core securities/investment banking positions- capital markets, advisory, s&t, maybe research. A lot of firms don't have the groups you are talking about separated out, so it could be case by case. Would also be shocked if all the banks didn't switch to the 85K (I think DB and MS are the only 2 that I haven't seen mentioned by articles as planning to or thinking about making the move). Would be pretty idiotic, particularly as summer analysts have outstanding offers to return (20-25% is no small change, and is enough to contemplate looking elsewhere).
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