Truist Pay Raise?
I know Analysts were bumped to base 87.5/92.5/97.5 earlier and I think associates received something as well. Either way, looks like all banks are now bumping to or beyond 100k base for AN1. Wondering if we’ll see any more bumps for analysts?
I know they are mainly outside of NYC in Atlanta instead, but current bases for NYC are especially now under market. Even Atlanta is getting pricey and don’t really think we should be this under the market on base. Just at least get close to matching everyone else now. Heard that bonuses were very good this year but no direct confirmation other than on here? Any rumors out there?
Should be hearing something any day now. This can’t go on for long.
They are going to have to bump for both PR sake and retention sake. The fact that 3rd years at Truist are making below 1st years at the majority of banks and at all of Truist competitors is obvious justification for a bump to 100-110k starting and then increments of 5-10k on up. Or all the analysts will start looking elsewhere because to lateraling and quickly making an extra 15-25k is a no-brainer.
Truist has 10 layers of management and none of them have their finger on the pulse of salary trends. No other explanation for the delay and no indication so far that they’re even talking/thinking about this. An 87.5 base can’t hold. If they got in a zoom and saw what other banks are paying, analyst raises would be announced next day.
Can't speak for others but it goes really fucking far in Atlanta. This frustration isn't about wanting an extra couple bucks in our bank account, it's about wanting proof that the firm gives a shit and is trying at least bare minimum to be competitive.
Here’s another day. We won’t be silent. Have some respect for yourselves.
Motherfuckers. I’ve about had it mentally. Don’t care anymore honestly. I’m coasting as long as possible. Good luck new analysts you will need it.
Truist has always been below street idg the confusion here
Can anyone confirm that Truist actually did not raise? If you read the comments, a lot of people are claiming their bank raised based on intern return offers. A lot of these banks have not actually raised yet, and the raises won’t go in effect until 2022.
Does anyone know if intern offers said $87.5k for sure?
Anyway I agree Truist is playing with fire. More than the $10-$15k extra, I’m worried about getting bottom of the barrel talent which makes good analysts have to pick up the slack. There’s already been anecdotal evidence that the newer junior talent is under-experienced.
Yes 100% confirmed there has been no change there’s nothing unclear there. Imagine out of all the banks out there you happen to land on the one currently paying the least.
As for your comment on new analysts. Yes if you continue to pay less (even if it’s made up for in bonuses but that’s not reflected in offer letters) you will end up seeing the bank become a far back up or safety option for people.
I still think it’s inevitable that they go 100/105/110 at the minimum. Simply not sustainable with this model unless they cut the hours and market themselves as a “lifestyle” bank.
KeyBanc just raised to 105k first year. That is the nail in the coffin. Truist is officially embarrassing by all standards. EB, BB, MM, doesn’t matter. Truist is way below market.
They're either waiting until the end of the fiscal quarter to make the bump for accounting purposes — or their justifying the discount in pay due to the fact that most of its IBD sits in Atlanta, which is much lower cost of living than NY.
But nevertheless, they do have around 150 employees in the NY office so can’t really justify that as a firmwide reason.
Fwiw, I remember seeing probs like 12 different threads about Goldman not raising pay when the other BB’s and EB’s were for the longest time. Took GS like 6 weeks later to finally raise pay but it happened. Could very well be the same shit with Truist. If all other MMs have raised pay, Truist will quite literally be forced to by EoY without losing talent.
If I were a truist analyst I'd be lateraling ASAP. The lateral market is hot and there's just no reason to be underpaid to work street hours with douchebags with no deal flow or exit ops. Make no mistake, by intentionally underpaying you, truist is telling you that it thinks you're sub par talent who's only redeeming quality is that you don't cost them much to employ. They are also telling you that they think you're a scrub who can't get a better job anywhere else and have no better alternative than to take their shitty compensation. Leave ASAP, your employer is telling you they literally don't value you at all.
More likely they’re still upset that they had to raise pay at all, since, after all, everyone is in the LCOL southeast, they have better WLB due to southeastern style, and their MM focus.
Oh. Wait. Except they’re trying to compete in the big leagues post-merger, have people spread in offices across the country, and work their people like the BB they’d like to become.
See your point, but vast majority of IB is in ATL, and there aren't adjustments across the country as in other banks for COL, so one size fits all. And yes, true about the record revenue, but there was the earlier pay raise. All banks are having record years.
What are you talking about? COL has nothing to do with this why does it continue to be brought up. I can name a dozen banks right off the back of my hand that have the same base across all regions. In fact, it’s like that literally everywhere nowadays. There are also other southern based banks that do not even have a NYC office like Truist does yet they are still paying 110k base like HW. You add on banks like MUFG and Mizuho and it’s simply insult to injury. There is no justification.
@whichever Truist analyst was constantly on this thread losing their mind, just wanna say I'm genuinely happy for you and hope things are better now
incoming CIB analyst and haven't gotten any email yet, anyone else?