Good day alpha's, I was hoping to get some color on the return offer process. For context, I'm a junior and will be at a large regional bank this summer in the banking division. I was told that the last day of the internship is a "exit meeting" where interns are either given full-time offers or told to hit the road. Assuming an intern signs their return offer, is there a signing bonus involved and would they get that bonus right away or when they start in a year? Also, how much can an intern expect to receive in their signing bonus? Thank you to all in advance for your insight!
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Timing varies bank by bank. When I signed my return offer I received my bonus 3 days later, (a full 9 months before my start date) but I don't believe this is common. Some banks pay out in the spring prior to your start date, some banks will pay you the bonus with your first paycheck. As for amount, I believe $10k is considered "Street" for IB, with a few banks paying less, a few paying more.
So are we just gonna ignore the fact that he started this post with "Good day alpha's"
Regional banks probably pay 5K, standard is 10k for BB. EBs pay a bit more, anywhere from 15-50k (Centerview but they lock you in for three years or have you pay it back). Timing varies anywhere from right after to the spring or even when you start if you lateraled
Thank you for the replies! I never know what category to consider the bank. They’ve been in the buldge bracket conversation for some time, but aren’t considered one. What kind of factors influence whether they give sign-on bonuses right away or wait?
Agree with the below, it depends on your company policy
you are probably talking about RBC or WF, am I right
To your question, it solely depends on the company's policy
Top MM/EBs have a teaser bonus of $5k on top of the $10k bonus if you sign within ~2 weeks to discourage interviewing elsewhere.
Have you heard of any banks not giving signing bonuses at all? I know for full-time some banks don't give them out because of less competition. Returning after a summer stint should be automatic sign-on bonus right?
All of the reputable firms from MM to EB to BB will pay a bonus of at least 5k and going up as you go to more reputable firms
isn't this for Houlihan
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