Do JPM/GS pay overtime pay for summer analysts? I know Citi pays 1.5x above 40, but someone mentioned JPM/GS just pay for 40h/week. Obviously, value the internship experience more than the money, but am trying to figure out $ for savings etc.
This is for New York City, Investment Banking.
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Going to JP/GS as well. Wondering the same. The wording on overtime pay was confusing. Legally tho, I think all these places need to pay overtime.
Did you over know the answer to this lol?
The way it works is your hourly salary is calculated based on 40hr/wk, dividing your base salary of 110,000 by (40*52) to get that 52.88 number. After 40 hrs a week you are paid 50% of that base, or $26.44/hr.
Rationale for this is analyst base is 110,000 and it doesn't increase based on hours so why should interns. You could also think of this as a 50% bonus if you're working around 80 hrs/wk, as if your TC was 160,000.
Obviously interns don't get the fat year end bonus so still a penny pinching move, but still no one is going to take citi over GS/JPM just because of intern OT.
JPM pays 52x40 each week. After that u get no more money, no matter how much u work. Hours also aren’t capped. Idk what these other people are saying. I worked multiple 18+ hour days
Source: interned at JPM NYC M&A last summer
I meant capped in the sense of pay. Definitely not working 40h/wk lol, thanks for sharing though. Pretty tuff getting enslaved by your employer like that (top group btw!)
Should I log overtime pay completely? i.e., if I'm working 80 h/w, logging 40 OT hours. Is there an unwritten rule against logging it?
Bump
I’ve heard JPM caps hours, from former SA
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