Why hiring so many credit risk analyst at BB recently?
There are so many BB credit risk analyst positions promoted on LinkedIn recently.. Especially JPM and Citi are hiring a lot at this time
Does anybody know what's happening around?
Natural turnover, along with covid being brutal for credit in particular.
I interviewed with a number of teams across BB's and they were stretched very thin over the past year. There was one industry credit team at a BB I interviewed with that had only one analyst for a number of months.
At a BB - all the juniors are quitting in credit risk bc pay differential to IB / increased annoying admin work, all while having the skillset to get a better role elsewhere
Did the credit guys not get any pay bump at all? What’s their usual base look like?
Think they're getting a bump, but in January as opposed to immediately - bonus has been slashed in recent years though. All in probs works out worse per hour than levfin/ecm or even some coverage groups
Current Base: 85k in NY, 65k in lower cost of living cities (where they're trying to move/hire more people - another reason people are quitting).
Ah I see thanks for the insight. I would have assumed (maybe naively) that base would be the same across different states as it is in IB and that hours would be considerablyyy better than cap markets. Would have also assumed maybe 20% EOY bonus
I think I've given a lot of details about which BB this is, but yea I'd say hours could be 60-70 average (definitely seen higher hours on certain weeks or certain credit teams). I agree with you on the standard pay across locations like coverage does, but obviously management does not - has led to frustration from people I've spoken to. And bonus used to be slight discount to IB, but last year it was less than half the IB range. this firm in particular needs to get it together if they want to retain their credit guys - done venting and glad I'm gone lol
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