Truist Pay Bump
Is Truist the only bank still paying below street (100 / 105 / 110)? Don't want to look down on such large numbers but hard to justify not looking at other banks down the street that are paying 20k more for second years. Especially with interns starting, might be difficult for the bank to retain talent this fall, especially with banks like Wells Fargo and BofA at 110 / 125.
I think Nomura still the same 100/105
RBC too?
Pretty sure Nomura is at 110, but looks like some of the Canadian banks (RBC, BMO, Canaccord Genuity) are still at 100 for first years.
Bump. What does WSO / other Truist employees think about the bank raising salaries?
Know some people at Key that said they’re 100
Michael Carter the head of IB at Truist was from RBC therefore isn't surprising if he follow what RBC does. Definitely not great outlook for the bank in terms of talent retention. Few banks with a 3 years analyst and 4 year associate program. A lot of people on my team has left or in the process of leaving. Senior bankers are solid but several has realized that the Truist brand isn't strong enough for them to win business and has end up jumping ship. Especially in the TMT group from what I heard. Also seeing a lot of young bankers from Truist end up at Jefferies.
Agreed. Truist TMT has seen a lot of turnover from An1s all the way up to MDs
Why is that?
Houlihan Atlanta office also poaches from Truist some
What would be a good shop to lateral to from Truist
Not a great outlook for talent retention in general or do you mean the salary / promotion piece itself. Presumably both could be the case, just curious what you meant
Agree with all this. Think it'll have to wait until conditions improve if it happens at all (or at least one might think.)
Fifth Third pays 80/90/100
Dang that sounds really low
My guess is hours are substantially lower at 53rd though
That's literally commercial banking pay at top BBs lol.
I think big 4 makes more than that now.
When the next wave of SA / FT hires wait a couple weeks to respond to offers, ask for extensions, and shop around to higher paying banks, then we might see Truist raise.
Fair point, hadn't thought of that. Still think given Truist's history that an excuse to keep salaries down like current conditions and possible belt tightening across IBDs industry-wide could be fallen back on. "Why are we raising salaries 20% when we need to reduce costs X amount with revenues down X amount." But still think what you said is a real possibility. Think this issue occurred last year in terms of return offers being accepted and not sure if it moved the needle or not. Firms are quite staffed too, but ik there has been commitment to hanging with the street long-term, so they could raise in that vein.
Truist was paying 70 / 75 or 80 / 90 back in my day... *grabs cane and hobbles out*
These dang youth so spoiled
DB still at 100/105
Actually?
Any updates?
.
Tru. Am aware actually. Still some murmurings of a raise but have thought unlikely given that and current envir
Friend said 53rd only pays 80. I doubt the bonuses are even close to Truist
Curious how and why they’re doing this..even with HQ and many locations in LCOL cities. That’s a $20k and more from street pay.
It’s a good point lol been wondering that myself. Think there will always be turnover given stepping stone nature of firm and coupled w management looking to become more of a major player and invest heavily in the platform you get the big bonus #s. But it’s true like clearly there is a ton of flex in what firms can pay analysts if MS is out there giving out 44k mid bucket bonuses
Also realizing how rough of a strategy this is to tempt incoming talent. How are they supposed to know what bonuses are? Expected to read Wall Street oasis? I guess could talk to current analysts, but a smart incomer should be skeptical in doing so. Plus a firm paying 20% less to analysts in base is suddenly giving massive bonuses to make up the difference? This is slightly hard to believe from an outsider’s perspective. Think it’s in the firm’s best interest to just raise base and take the difference out of the bonuses.
someone before mentioned benefits of having it be non recurring and in bonus instead, so wouldn’t be surprised if the cost savings element of this is what drove the decision. Also recognize bonuses can be slashed as desired.
Your last sentence is the most important point. Sure bonuses have been great for the past few years, and everyone at the bank is grateful for that. But any given year, Truist can decide to slash those bonuses by up to 100% and there is nothing employees can do but leave. Higher base should always been a priority over higher bonus. You only get paid a bonus one day a year.
Agree with your points (although I thought the other sentences I said were important too jk)
All-in comp isn’t bad. Second year analysts made at least around 200k, more for high performers.
Unfortunately that doesn’t matter and until Truist pays street they can expect the top analysts will leave (unless tied to ATL), top external lateral candidates will overlook truist for other banks, and top interns will delay or deny offers in pursuit of higher base.
When you say pay street you mean just salary / base right? Or saying that all-in comp is still below street? Think it might be, despite the MS situation and I guess similar ones at other BBs if those did the same thing. Plus I don’t think ppl have allusions that Truist will be matching street all-in moving forward
but totally agree on the ramifications. CEO of Truist Securities did an interview with Insider this year where he was wondering why it was so hard to get talent lol
That’s right, I was definitely referring to base only. I think there’s no doubt Truist pays at or above street all-in? Most bottom bucket first years got 70k bonuses off 100k base, good first years got 80k+ bonuses.
And have actually seen good analysts with ATL ties leave to other ATL shops recently, as there are now a good number of those. But true on average that the ties to ATL help retain
You see those truist bonuses tho
Did more than see it brah
Did you catcall it and get its Snapchat info? maybe grope it?
JPM is at 100k
Bump
Preach. 20k more in just base...
Are you just jumping on this thread now or did you just get a truist FT offer?
None of your business
Truist FT still 100k
You just get offer?
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