It's close to the end of the year and you know what that means. Another bonus season is soon to be upon us.
Obviously headlines have not been encouraging recently, but would like to get some chatter going about what expectations are.
Let me get the ball rolling:
BB AN2 (will be AN3 after this bonus round)
Base $125k
Expected bonus $90k
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what do you trade/sell?
Base: $115k
Expected bonus: $80-140k (great year for my desk)
Without knowing anything else about you, going to take the under on you getting $215k total comp as an analyst in S&T.
Haha I just threw 140k out of my ass while I drunkenly wrote that. But this year has been phenomenal for my desk so I do expect an outlier number.
Then I'm guessing you're not at a bank cause we've been hearing the banking CEOs talk it down for weeks now
p sure they were replying to the op, not you
US banks won't pay in line with revenues this year except for top outliers that have leverage/offers/known to be in a team targeted by competition.
CEOs have decided they needed to cut comp due to economic outlook, IBD being a clusterfuck this year, and some potential other dead bodies we still don't know about (whatsapp/regulatory fines ? Elon musk tesla margin loans going belly up ? other ?)
To give an idea, i am hearing that the best department at my place (Commods) is up 70-80% Yoy but the pool is flat.
I get why they are doing this but this is so fucked up.
Equity Sales A1 @ MM bank in NY
Bonus 10k, base 80k (no raise in base). Not sure if this is an outlier or if anyone else is seeing the same?
Is that a stub bonus and did most people on your team get lower bonuses?
Whatttt? Pls tell me it’s not one of the Canadian banks :(
Any word from citi?
AO1, Top BB, FICC Sales - Base 150K and Bonus 75K (all cash).
Base increase to 170K. I don't know how bad or good this is.
Seems pretty solid. How are your hours?
60 hours but extremely high levels of stress.
Pretty standard for where you are
Top BB, AS3, 10k. (yea, that's right. I did not miss a 0)The rationale is our base was bumped up last year. What a joke.
what desk
almost same here at MM...what a joke
AO1 -> AO2. Top BB FICC Trading. Base unchanged at 150k, bonus of 35k (vs 75k prior year). Disappointed is an understatement.
AS2, BB, 35k.
Heard that most AS2 got 30-40k across both ficc and eq
ASC1, BB, credit desk analyst,
150 base & 30k cash bonus. Base raised to 175k
Bonus last year was 55k so disappointed
AN2 now AN3, top BB (Europe)
base 85k, bonus 35k
Aso 1 - aso2 bb ficc
130k bonus, base raised to 175k.
Did you have competing offers? Bonus is about 100k higher than others in this thread, wondering how your situation was different?
BB In-business risk group
SVP
200 base, 170 bonus (20% deferred), 210 new base
Citi ficc vp1
My tram sucks. base unchanged, bonus below 100k. Will leave soon
Heard a few vp-d on other desks made very good money
how'd equity derivs do?
What is your base?
D1, Exotics top BB
Slightly more than 1m total vs 800 last year.
(around 350 fixed 650 bonus - 350/300 cash/deferred stock)
Had competing offer + desk is up significantly vs last year…
And they tested the waters trying to not honour the deal but did in the end.
This year is a bit garbage, unless you were top tier desk and/or competing offer you got hosed.
Plenty of zeros or big double digit cuts. Lucky to have timed the offer.
Almost thinking to bounce elsewhere this year as that created a bit of tension.
Hi, just for clarity you had an offer to join a new firm and told your firm which might have played a factor in a better bonus? I had a pretty poor bonus and was thinking of applying around.
I had an offer and resigned and they convinced me to stay, they had to commit to something. It's a different process from just "telling them".
Top bucket in higher MM FICC- AO3, 175k base, 175k bonus. Elevated to VP1
Sales or trading?
Structuring
What is your new base as VP1?
FYI quite a few people at different banks have received around 100% of base (An/As). Will caveat that by mentioning they are all top bucket. Not sure how it came about that people at the same juniority in the same division are having widely varied comp assuming the people receiving 40k aren’t very bottom bucket.
An2 --> An3 at US BB, Credit Structuring (ignore IB tag), desk up ~100% on last year
$125k base, $70k bonus
Was rated top bucket
Which product within credit?
Junior Trader at Crypto MM.
150K Base
15K Bonus (New Grad Stub)
What do you do day-to-day at a crypto MM?
on a rates & fx desk, would you mind PM me about how you got into the crypto mm side? had some previous experience too
Anyone have any color on BofA bonuses? Sales macro associate (yr 0) working for a top competitor (wf, jpm, citi)
congrats on wf
How is wf a competitor to jpm bofa citi?
What is the bonus based on? I thought analysts don’t put on trades ?
They don’t. Bonus depends on their performance such as the work they do and how much they contribute to the success of the book and broader team. Other factors: desk performance, bank performance, risk and ethics performance (it’s 2023), etc.
S&T analyst bonus works basically the same as IB. There are buckets, you'll be ranked based on performance (and political capital of your manager and the usual BS like that). The pool will be based on bank/S&T wide performance and not too much on specific desk.
(Note, this applies to formal analyst programs, if you are on your desk's actual P&L it might be different)
Top bucket in FICC trading - AO2 -> AO3, elevated to 175k base, 220k bonus. Appreciated it.
What product do you trade within FICC
rates/fx related
Jj
AN2 at MM bank, FICC sales, base 115 -> 125k bonus 80k.
Junior Power Trader (AN1)
Prop shop
Base: 150k
Bonus: 350k
Pretty happy, but good year for the firm.
Willing to PM firm?
would you mind PM firm?
Hey Electricity trader as well. Mind a PM?
PM? Interested in learning about the firm.
are u a math genius
Associate 2 - MM Bank
Base $150K
Bonus $100K
Bump
VP2 in FICC Financing at a European BB:
Base of $180K + Bonus of $191K for a total of $371K in 2022
Base raised to $210K for 2023 as a VP3
Could you go into more specifically what desk?
Feel free to DM me for more details!
In Europe?
In US (NYC)
FICC
Asso2
150k base
80k bonus
Disappointed with the number , gonna look out
PS: Based out of Asia
singapore im presuming
this is in usd yea?
Yeah, that’s USD
5yoe HFT
200k base / 2.9m bonus / 3.1m TC
Good year for the firm
HRT/CitSec/Tower?
probably HRT.
wtf. What do you trade?
BB S&T
Analyst 1 starting salary: £70 base
Analyst 2 (4-5 months after joining, everyone got upgraded to A2 in the new year): £75 base, £30k pro rated bonus
Not disappointed about comp. Only disappointment comes when realising American colleagues are better paid for the same job even when accounting for living expense differences across different geographies.
30k stub after joining for 4-5 months - this is bs for s&t - maybe for ibd, but s&t not getting that much given wider macro environment
BB S&T
AN3>ASO
Base $150k
Bonus $75k
Overall, pretty happy with comp. In line with the street.
A3 -> AO1 (Reggie? Not really sure what we’re classified as in here but not a bb)
MBS Trading
Base bumped 125k -> 175k
Bonus 100k
Analyst 0 - base: 120k, bonus: 10k
Bump
Not seeing too much data for AN1s - what's a typical bonus range for NY BB (specifically in sales)?
Yeah.... it would be nice to see more info from AN's an AS's. Its very motivating to see the comp numbers and just what is possible.
JPM NYC Trading A0-->A1 joined in Aug
20k bonus
New base $115k up from $110k
NYC BB S&T - An0 (european bank)
$110k base + $20k stub + $10k signing
Heard An1 was $115k base + ~$50-70k ballpark
Hi! Can I PM you?
Someone has any insight on S&T A1 BB in EUROPE (Paris, London) ??
....
how many years of YOE do you have total and how many years of trading experience?
Any reason why you prefer trading house to HF?
10yoe out of which 8 in energy trading (8 EU, 4 US+oil). I got offers from both funds and trading house and decided for the latter as salary and % pnl (in contract) were much higher. Should have added I came to start the energy desk and set up my own pod (have capital allocated to trade, similar to a HF).
Is it true if you start in July you do not get a stub as an AN0 ?
no you should get a stub
American BB S&T A0 110k base, 20k bonus
aso1
150k -> 160k base
125k bonus
not thrilled but could have been worse, bit of a challenging year
can i pm?
Is this Goldman?
Analyst 2
Fixed Income
Base: 65k
Bonus: $5k
American BB
A3 -> ASO new base 115k
Bonus 60k
London?
Director exotics trading
total 1.15m$
450 base / 700 bonus (250 cash 450 deferred)
Wow that’s great. How many yoe? How do u think FICC trading bonuses are?
10 years
Most of time FICC top of the range is higher. No clue about average tbh, probably depends on desk/year/bank
equities I'm assuming? also in exo. congrats!
an0 (stub yr) - equities, 30k
Seems like year after year i get screwed so this will be my last. But for transparency’s sake:
Top BB
Analyst 3 (Promoted to Associate)
Base: $125 -> $150k new base
Bonus: $50k
Work in sales.
Sales at a BB is one of the easiest jobs in finance. You’re not working IB hours, and you have no risk/pnl. Can you justify why you should get paid more?
nope. I’ll take my 50g’s and be on my way.
just like all types of trading aren’t the same, all types of sales aren’t the same either. i’ve done FICC derivatives sales and also trading and i think sales is a very demanding and complex job in a different way.
Sales at BBs is not easy, it has its own form of stress. Clients are ruthless, you’re fully commoditized, because really clients just trade with best pricing and at the end of the day don’t really care for the sales person, they care for the name on the door most times (banks don’t stress when seniors leave, they just pass the accounts to the next man up assuming you’re reliable). Just ask a buy side to name all their coverages and most times they name the banks they know, and then 1 or maybe 2 sales guys specifically they like. That being said, I wouldn’t say sales necessarily needs to be paid more, but for how volatile the seat actually is, how little exit ops exist (you rank very low on the desirability from hiring managers vs other departments) it’s just not enough of a bag to say it’s worth beating yourself up over. I resonate with this comment, my 1st year associate all in salary was 235k, which is really just insane for a 60 hour job, but all other components considered it’s just not worth it, if you get cut loose it’s pretty much zero chance you make the same amount considering the exits are to like other sales jobs in other industries or hoping another bank has a seat in your product open.
I make less now doing a more technical role (research), but I feel a lot more comfortable in if I need to jump ship I have a lot more doors open and people willing to talk. My lateral to research was hell, but seems the exit op recruiting conversations and overall career experience are night and day.
175K seems pretty decent for a 3rd year analyst? Am I just so old that I have no idea what they pay the kids anymore. I think everybody thought with bases going up that bonuses would go up as well. Clearly that has not played out.
Hey yea I did not mean to sound ungrateful. I am grateful but $175k is actually not a lot for what the role is. I’m also comparing myself to peers.
I have excellent reviews so it isn’t performance related, more politics, but for instance last year best paid 3rd yr analysts in sales got $85k bonus on a really down year for banks. This year was supposed to be 1-5% better at least and i got $50k so in that sense Im like ok im getting screwed here.
But to also echo above posters its about the stress, about getting yelled at left and right by clients, traders, your bosses. 60 hour weeks in NYC where lifestyle keeps getting more and more expensive. Also 60 hours seems like not much to an IBD analyst but anyone in S&T knows that 60 hours here means 60 hours chained to the desk being honed in. You’re not playing xbox WFH waiting for comments at 1am on a deck.
~4 years into a ‘wall street’ career and I have yet to crack $200k comp in NYC. I think you can appreciate how the cost/benefit isn’t really balancing out?
I don’t expect everyone to agree but this is just my perspective. Just being transparent so others have multiple points of view and can inform their decisions.
Hope you are all doing well.
this resonated with me.. and i am quite senior. I moved from cap mkts at a small bank to sales at a BB and bonuses have been hugely disappointing and performance/leverage is outside of my control for the reasons mentioned above. If possible, I will move again back to my former role.. just not worth it
BB NYC Trading
An2-->An3
Base 115k-->125k
Bonus 55k
TC 170k
US BB
London
S&T, Equity
Promoted to ASO3, Top Bucket
Base: $145k to $160k
Bonus: $80k, mostly cash
do you have TC breakdown in £ if LdN?
Commods trading house
6 yoe
Base: 200k
Bonus: 1.1 mil
EU or US? phys or fin?
European BB
An1 -> An2
Base: 115K -> 125K
Bonus: 60K
Which desk are you on?
London
An3 -> As1
Base 100->110 £
Bonus 100£
Pretty happy. Sales at meh bank.
Congrats! May I ask what product?
Sure - non-flow macro sales to corporates
Meh bank pays a lot more than GS apparently
VP fixed income trading in satellite ish type city
Base 215
Bonus 225 75% cash
Had a solid year in my book and on desk. Comp feels flatish at best across most of my reads at my firm, most dialed back slightly
FICC Trader
Asia
Asso3 -> VP
$170K Base
$175K Bonus (10% deferred)
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