2009 iBanking Analyst Bonuses

IVY_CPA's picture
Rank: Monkey | banana points 47

Whether or not anyone agrees with this sentiment I don't know, but while we were sitting around the other day eating dinner a couple of associates and analysts I was with were talking about bonus levels for the upcoming year and everyone seemed to feel like 2009 bonuses are going to feel alot more like 2002-2003 from what they were hearing from senior people who were complaining about the lack of deal flow.

First off what are your guy's thoughts on this? Too generous or completely off base?

Also does anyone have any idea what the ranges were for analysts/associates by year during those two years?

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Comments (50)

Oct 12, 2008

~$30k was top bucket for a first year analyst in 2002-2003...I expect to see those same levels this year.

Oct 12, 2008

30 or less seems to be thrown around a lot these days...

Oct 12, 2008

Won't the bonuses be decided by US treasury or the Fed?

Oct 13, 2008

30k? Sounds like a mediocre day for a good prop trader. Nothing to write home about certainly.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Oct 13, 2008
trade4size:

30k? Sounds like a mediocre day for a good prop trader. Nothing to write home about certainly.

30k a day is hardly mediocre. It is exceptional. Especially when considering likely var.

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Oct 13, 2008
JuwannaMann:
trade4size:

30k? Sounds like a mediocre day for a good prop trader. Nothing to write home about certainly.

30k a day is hardly mediocre. It is exceptional. Especially when considering likely var.

You'll learn to not take trade4size's posts too seriously.

Oct 13, 2008

15-30k?

So after taxes...the take home...jesus christ...

Oct 13, 2008
Clueless Wanderer:

15-30k?

So after taxes...the take home...jesus christ...

Really makes you want to put in more of those 100+ hour weeks, doesn't it???

Oct 13, 2008
Edmundo Braverman:
Clueless Wanderer:

15-30k?

So after taxes...the take home...jesus christ...

Really makes you want to put in more of those 100+ hour weeks, doesn't it???

why hasn't anyone addressed the switch of analyst payout to stub bonus this year-

this really reduces any incentive for long hours.

Oct 13, 2008

Let's do the math...

$75,000 base + $20,000 bonus = $95,000 total comp
100 hours per week for 50 weeks = 5,000 hours labor

$95,000/5,000 hours = $19 an hour, or a little less than an apprentice plumber

But you get to say you work on Wall Street!

Oct 14, 2008
Edmundo Braverman:

Let's do the math...

$75,000 base + $20,000 bonus = $95,000 total comp
100 hours per week for 50 weeks = 5,000 hours labor

$95,000/5,000 hours = $19 an hour, or a little less than an apprentice plumber

But you get to say you work on Wall Street!

75,000 base? Where are they paying 75k?

Oct 13, 2008

HA..."incentive" for long hours. you don't put in the long hours because you're working for the incentive bonus (that helps govern the quality of your work). you do it because if you're not in the office pulling the long hours, your ass will get shit canned. good luck leaving the office at 9 now that the incentives aren't in your favor...

Oct 13, 2008

30k is top bucket for Asset Management at a BB

Oct 13, 2008

$100k all in first year is still a pretty great pay for someone right out of college. The hours suck but anyone complaining about that never should've gotten into the gig in the first place.

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Oct 13, 2008

I don't know anyone who's working 100 hr weeks. I work 80, max, but tend towards 60.

Oct 14, 2008

What were bonuses like for 2003-2004 and 2004-2005?

Oct 14, 2008

Somewhere around 60K + 5K signing bonus + year end.

Oct 14, 2008

Nobody works 100 hour weeks consistently. If you want to apply some figure consistently across 50 weeks then try 80-85. It's true that you can't leave the office as you'll get screwed but in general I think people stop giving as much of a shit about everything when they know payout will be low, it's just human nature.

Oct 14, 2008
Oconnor:

Nobody works 100 hour weeks consistently. If you want to apply some figure consistently across 50 weeks then try 80-85. It's true that you can't leave the office as you'll get screwed but in general I think people stop giving as much of a shit about everything when they know payout will be low, it's just human nature.

100% true. There will be very brutal stretches for sure, but it isn't like you do it every single week. My worst stretch was probably 8 weeks without a single day off with 5 or 6 of those weeks being 100 hour beat downs. It was pretty brutal, to be honest, but you can will yourself through.

Jun 5, 2009
Oconnor:

Nobody works 100 hour weeks consistently. If you want to apply some figure consistently across 50 weeks then try 80-85. It's true that you can't leave the office as you'll get screwed but in general I think people stop giving as much of a shit about everything when they know payout will be low, it's just human nature.

You little 3rd bucket analyst. You work 80h because you just pitch.

I started in 07 and was on 3-4 live deals at any given time. Hours were peaking at 130+ hours (that's the equivalent of sleeping every two to three days). We were not pitching because there was no capacity. So you could suddenly get a 60h work week once in a while when deals would quiet down. That averages at 100+h a week.

So sh"t up and don't take your miserable banking experience as a reference.

Oct 13, 2008

Strange..

I recall a thread a few weeks ago that said the BB raised the base salary for his contract (Summer '09) from 60k to 70k.

Can anyone confirm base raises across the Street?

On first thought, it does not make sense to me why you would raise bases in this economy, but perhaps it is as a means of softening the blow when bonuses are complete shit.

Oct 14, 2008

I know for a fact of two non-bb banks(think top boutique and international bank) who both pay 60 base.

Oct 13, 2008

You mean 60k currently for 1st Years or it will still be 60k for the new analysts that are coming in summer 2009?

Oct 14, 2008

People who got offers after their summer internships at the bank where I interned got $70k base in their offers. For my offer, since my salary is not quoted in USD, it is actually closer to $80k. This is for S&T btw.

Oct 14, 2008

FT '09 offers at my BB were 60k base +10k signing. Haven't heard anything about them being bumped up not am I holding my breath.

Oct 14, 2008

i have heard 70 base at the two bank holding companies from people who worked there over the summer

Oct 14, 2008

60+10 for my BB bank.

Oct 14, 2008

60 + 10 for my BB bank as well

Oct 12, 2008

I think the salary bump was only for sales and trading. At least that's what I picked up from the thread that was posted.

Oct 14, 2008

Could the variances be due to locations as well?

Oct 14, 2008

My friend at Goldman S&T who just started this summer got his base bumped to $70K. I got an offer from two BBs and they were both 60K base, and the boutique I got an offer from is 70K.

Oct 13, 2008
bkm125:

My friend at Goldman S&T who just started this summer got his base bumped to $70K. I got an offer from two BBs and they were both 60K base, and the boutique I got an offer from is 70K.

I'm assuming the 2 BBs you got offers for were for IBD?

Oct 14, 2008
Clueless Wanderer:
bkm125:

My friend at Goldman S&T who just started this summer got his base bumped to $70K. I got an offer from two BBs and they were both 60K base, and the boutique I got an offer from is 70K.

I'm assuming the 2 BBs you got offers for were for IBD?

Yeah all the offers are for IBD.

Oct 14, 2008

Does anyone have an idea why they would bump up S&T and not IBD?

Oct 13, 2008

ideating dont be bitter because I made more trading my PA senior year of HS than you do at your current job.

No but in all seriousness good prop guys can easily do 3k-10k a day consistently.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Oct 12, 2008
trade4size:

ideating dont be bitter because I made more trading my PA senior year of HS than you do at your current job.

No but in all seriousness good prop guys can easily do 3k-10k a day consistently.

The only problem is every good prop trader has will go down at some point in time. But even when you go down, you don't lose what you've made, you just get fired.

Oct 14, 2008

So from what i gather no one was around in 02-03 to know the range on 2nd and 3rd yrs?

RBS is better than YOUR BS, and that's not saying much

Oct 15, 2008

S&T guys get more BASE than IBD guys in the States? That's fucking ridiculous. They work around a tenth as hard.

Oct 15, 2008

GS IBD 1st years all got bumped up to 70k

Oct 12, 2008

what's the rationale for this? lower bonuses in the future? will the pay in banking be like the pay in consulting in the near future?

Oct 13, 2008
indian-banker:

what's the rationale for this? lower bonuses in the future? will the pay in banking be like the pay in consulting in the near future?

Part of it is to retain talent. They've made a bunch of changes to policies to try and prevent analysts and associates from jumping ship after two years. One of them was higher base. Another is that the analysts get bonuses in December, so instead of getting two full bonuses in the first two years, kids only get 1.5x. If they leave after the 2nd year, they lose out on all of their bonus for the 2nd year. So for example if you started this July, you'll get a stub in December 08, a full bonus Dec 09, and then another if you stay in December 2010. If you leave summer of 2010, you miss out on that 2nd full bonus, which would could be enough incentive to get a few extra people to stay for their 3rd year.

Oct 14, 2008

Has anyone outside of GS had this happen?

Oct 14, 2008

Damn are you serious? That's such a fucking scam. They don't even try to retain that many people for a third year in the first place.

Oct 16, 2008

Where is this December bonus rumor coming from for analysts?

Oct 13, 2008

My friend who will be working at one of the Euro BBs next year said that his contract states the bonus will be paid in 1st quarter.

Does that sound right?

Oct 14, 2008

I think it's a stupid move by Goldman. The prestige of the Goldman name isn't THAT vital. I think they'll see more people going elsewhere so they can get paid.

Oct 16, 2008
bkm125:

I think it's a stupid move by Goldman. The prestige of the Goldman name isn't THAT vital. I think they'll see more people going elsewhere so they can get paid.

Especially given other shops might not only pay more but have less of a hire and fire culture too.

Better rentention and more money - umm in this climate, what's the downside?

Oct 14, 2008
Oct 16, 2008
Oct 16, 2008

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