Curious what guys get at mm or boutique firms on ‘down years’.
Names such as DC Advisory, Gleacher Shacklock, Alantra, ING, Harris Williams, Arma Partners, Lincoln International, Soc Gen, Peel Hunt…
Feel like the BB and EB guys do kind of ok even in bad years, but curious what the lower end of the market looks like on bonus day.
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Several An1 at a London BB got 0 bonus and no promotion to senior analyst (An2). Can't beat that.
How do you get 0 bonus though… like no deals at all were completed or no retainer fees were available for the team?
I imagine since the market is screwed they can block promotions and people can’t really lateral because nobody is hiring, which is more understandable.
But no bonus at all? Not even something like 5% lol
We're talking An1 > An2 promotion here, not even A2A, so the increase in base comp is £10k, which is a very small incremental cost for the bank. Bonus pool (at the bank level) has dramatically decreased vs. previous years so they had very little to distribute. People who got kept as An1 most likely had performance issues, while those who were laid off were pure cost-cutting measures.
Laz was a shitshow this year (amongst others of course). Mid-to-top bucket was c. 30% lmao and A1s not getting the A2 promo.
Any colour on laz SA conversion rate this summer? Also A1s not getting promo, does that mean they were laid off?
Not sure about conversion. No, they are typically not laid off but repeating the year, not uncommon there and not only for A1s.
People at Berenberg got zero'd last year so yeah.
Heard about that looool
Heard Berenberg's a horrible place to be, they fire Analysts like hotcakes
Berenberg in U.K. doesn’t do M&A, just ECM and Equity Research. Know that for a fact because I interviewed there. Was a pretty crappy one and tried to come across as requiring too much hard work to survive
An3 15k, A2 and A1 10K last year at EB
How is it possible not to become A2. It is not even usually up for discussion at BBs. Is that a Lazard thing?
Just happened this summer at a non-top 3 BB. Yep that's new.
Not a new thing for Lazard. Happens at junior Aso level too
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