It appears that the regionals Truist/Key
Are still paying the IBD $80k. Which is a lot of money in the south and Midwest!
Still… surprising after a record year analyst pay is 20-30% below market and much more in some circumstances.
Curious if the raise will ever happen. Thoughts are, if it was to happen it already would have considering current market conditions.
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Both the banks you listed have raised already. Key is at 105/115/125 for An1-An3. There are a few threads dedicated to Trusit’s pay raise that you can look up
Yet key's bonus is trash. They should pay more given that some groups are absolute sweatshops
I agree with you there, but you have to keep in mind, Key doesn’t compete with the top MMs like Blair, Baird, HW, and HL. Key does a lot of financings which provide less fees per transaction than M&A, and most of their M&A activity is from Cain, which is separate from the rest of the bank. So while their bonuses are known to be low when compared to MM firms that have strong advisory practices, they pay in-line with LMM regional firms
Re KEY - would you say they are more DCM, and a bit of ECM, much less M&A vs. Blair, Baird, RJF and Piper which will do more M&A = higher fees = higher comp
Key is definitely more financing-focused than Blair & Baird, which result in less M&A activity in comparison. They have been doing more ECM lately, but Debt is still what they are known for. Not too sure how they compare to RJF and Piper as I'm not familiar with those platforms. I will also clarify that more financing does not always mean less comp, it just happens that Key is rarely the lead arranger on the larger Debt and Equity Capital Markets deal they are on, so the fee is not as big as that of the lead arranger(s). I think another reason they pay less than the more prominent MM banks is the fact that they are a part of a larger Regional Retail Bank, so they are not the main focus of the org. When you look at comparable banks (Fifth Third, Citizens, PNC and Regions - which only do Debt and have dedicated subsidiaries for M&A), you see a similar trend of street (or close to street) base salaries and lower bonuses
Am going to PM you
What are bonuses like?
COL in CLE is extremely low though.
I believe key is 85 in Cleveland
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