http://dealbreaker.com/2008/06/bonus_watch_08_jpm…
Any thoughts to how these numbers will compare to NYC?
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Not sure how these numbers compare to NYC - but they are not great for London. Having said that JPM paid suck-ass bonuses in London last year also!
what's with the HUGE range? can't be from bottom bucket to top...
If those numbers are legit - bottom bucket sure fell much more than top bucket. Wonder if that is just another way of saying "thanks, but if you want to leave, there won't be any hard feelings".
Precisely
I'd make an educated guess and say that bottom bucket = laid off kids. Maybe it was only the few and the next "band" is at like 45k or something.
As a JPM US first year that was let go should I prepare to be dicked on my bonus based on this wide range? Is London usually on par with the US? TIA
Educated guess is not a bad idea - but I highly doubt all the laid off kids = bottom bucket. A majority, for sure, but they laid off a significant amount.
I have heard stories of top bucket kids being laid off because they didn't work with the staffer on any deals. I.e., they were in Group X, not Group Y of the overall XY Group, and the staffer happened to be in Group Y and kept all of his good analysts, not needing any from X.
I also heard a rumor that the JPM analysts in England get a significantly higher base? Something like 40 GBP for first years? That might have an effect on bonuses. Heard last year London paid less in a bonus, in USD, than NYC. So you can probably add $10-$20 to that band to get what JPM will pay in the states.
You've heard stories, I have first hand account.
At my bank, they cut kids at the bottom of the analyst class. They literally took all the reviews for the 200 (or whatever number) of 1st years in IBD, ranked everyone, and took off the bottom %. The problem that caused was certain groups lost more analysts and thus they started to move them from other groups.
Yes, some of the cuts are political in nature, but chances are if you were laid off, you weren't 'hanging out' with the right MD's/staffers/whatever.
Out of mind, out of sight is a huge thing in banking. The MD's won't fight for your bonus if you're not around: that you can be sure of. Who knows if they even have a say in the laid off analysts. Maybe they won't all be bottom tier and they'll fall out at the bottom of the middle, but they'll definitely not be top.
Very seldom will an MD fight for any analyst. They'll only speak up if someone is exceptionally good or exceptionally bad. They have better things to worry about than analysts. You'd be surprised how much administrative delegation goes down to VP's and even associates. Actually, if you've worked in banking, you're probably not surprsied.
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