2015-2016 salary & bonus discussion

Let's talk about the 2015 - 2016 year bonus. Please list the firm, level, salary, bonus using the following format:

JPM, S&T, A0, 150k base, 175k bonus (75% cash, 25% stock)

investment banking pay 2016

Feb 1st update: Here is a compilation of the salary & bonus #'s thus far (pulled from comments).

  • Citi, A1,150k base, Mid Bucket 100k bonus (80% cash, 20% stock)
  • Citi, A1, 150k base, Top Bucket 130 bonus (80% cash, 20% stock)
  • Credit Suisse (CS), IBD, A1, 85k base, stub 25K (100% cash)
  • CS, IBD, A2, 90k base, Top Bucket 67.5k bonus (100% cash)
  • CS, IBD, A2, 90k base, Mid Bucket 50-55k bonus (100% cash)
  • CS, IBD, A3, 95k base, Top Bucket 85k bonus (100% cash)
  • CS, IDB, AO 0, 125k base, 35k flat bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Top Bucket 110-115k bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Mid Bucket 97k bonus (100% cash)
  • CS, IDB, AO 1, 150k base, Bottom Bucket 75k-90k (100% cash)
  • CS, IDB, AO 2, 175k base, Mid Bucket 125 (100% cash)
  • CS, IDB, AO 3, 200k base, Mid Bucket 160k (100% cash)
  • CS, IDB, AO 3, 200k base, Mid Bucket 190-200k (100% cash)
  • CS, S&T, A1, 85k base
  • CS, S&T, A2, 90k base
  • CS, S&T, A3, 95k base
  • CS, S&T, AO 1, 120k base
  • CS, S&T, AO 2, 140k base
  • CS, S&T, AO 3, 160k base
  • CS, VP, Start at 200k base
  • Mixed Banks, IBD, AO 1, 225k-275k total comp
  • Mixed Banks, IBD, AO 2, 325k-400k total comp
  • Mixed Banks, IBD, AO 3, 350k-430k total comp
  • Mixed Banks, IBD, VP 1, 375k-515k total comp
  • Mixed Banks, IBD, VP 2, 450k-575k total comp
  • Mixed Banks, IBD, VP 3, 500k-650k total comp

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Comments (177)

 
Jan 19, 2016 - 10:20pm

(At least) Citi, Jefferies, JPM, MS and RBC have communicated numbers. BAML and GS are this week. Not sure about others.

The numbers I have heard sound good. The bonuses maybe down a bit but more than offset by the higher salaries. Always have to look at total comp. If that 175k bonus for an A1 is true that is really strong - even on the old salary scale. Though 25% stock is really high for a junior person.

 
Jan 20, 2016 - 3:56pm

existor:

Are raises this year expected among BBs? At base or bonus level?


We just had raises last year for base. Won't happen again at the standard base for another few years. And until banks starting doing better, you won't see much upward trend in bonuses either.
 
Jan 22, 2016 - 5:40pm

RupertPupkin:

See @nyc_monkey_credit post two above yours nitwit.

Analysts bonus numbers are low but how does YoY all-in compare? Can't remember if the BB base bump to $85k happened one or two years ago.


It happened one year ago. People are mostly mad because they expected all in comp to go up, it didn't. People like to look at their base and bonuses as distinct numbers, but they aren't, the total package is what the firms are bench marking too.
 
Jan 21, 2016 - 11:03pm

Using GS 1st / 2nd year analyst (Bonus is now on CYE cycle) as a proxy

Back then when bonus were July Year End, first year analysts on avg. were getting 70K + 60K, 2nd year were getting 80K + 75K . so the average is ~$142.5k (call if $140k).

It's pretty much safe to say that street compensation for Analysts are going down ~15-20k this year. Personally I think this is largely due to the fact that the focus on retention has moved from the ANL to the ASOs. Too many attractive opportunities for ANLs out there. ASO comps all in generally appeared to be flat / up 5-10k from prior years.

 
Feb 5, 2016 - 4:08pm

SharpeShooter:

I believe AO1 stands for first year associate and A1 for for first year analyst (AO0 stub half year for associate). Not sure what is up with the very high figures for A1 Citi-perhaps this should be AO..not exactly sure on the latter


Lots of people were using AX for associate
Array
 
Jan 23, 2016 - 10:31am

rpc:

I see the comments about total comp being flat for analysts and don't think that looks to be the case. Top bucket last year at my MM IB for AN1 was $150k and $170k for AN2. While analysts aren't expecting $80K & $90K bonuses, flat comp would indicate $65K and $75K for the top band.


People are conflating stub year with first year and second year.
 
Jan 26, 2016 - 11:30am

CS telling everyone in the US numbers today, Europe/London next week.

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 

 
Best Response
Jan 27, 2016 - 2:53pm

CS IBD (all cash)

ANL Stub – 25K Flat
ANL 1/2 – Top: 67.5k, Mid: 50-55k,
ANL2/3 – Top: ~85K

ASO 0 – 35k Flat
ASO1 – Top: 110-115K, Mid: 97k, Bot: 75k - 90k (outlier at 60K)
ASO2 – Mid: 125k
ASO3 – Top: 190-200k, Mid: 160k

Salaries below for the benefit of those who are interested

ANL 1: 85K
ANL 2: 90K
ANL 3: 95k

ASO 0: 125k
ASO 1: 150k
ASO 2: 175k
ASO 3: 200k

 
Apr 11, 2016 - 3:28pm

From what I understand the stub gets paid in january, however my confusion is what you mean by "ANL 1/2 xxk." Does that mean that the rest of the bonus get paid in july/august after you have been there for a year? Or do you get the stub in january and then get the full first year bonus in july/august? Will be starting FT this summer so am trying to figure this stuff out before I start and not have to ask the HR people.

 
Jan 28, 2016 - 10:46am

These are roughly the base salary bands at CS, for both IBD and S&T. Discretionary (Bonus) varies from group to group. For S&T, overall bonus pool was down with regional comp varying as APAC desks seems to have come out the best with European desks following and the US comp being "abysmal".

IBD
ANL 1: 85K
ANL 2: 90K
ANL 3: 95k

ASO 0: 125k
ASO 1: 150k
ASO 2: 175k
ASO 3: 200k

S&T
ANL 1: 85K
ANL 2: 90K
ANL 3: 95k

ASO 1: 120k
ASO 2: 140k
ASO 3: 160k

VP: Start at 200k (up from 175k)

Nice guys may not finish last but they sure don't finish first. Loyalty is not rewarded, it's taken advantage of. 

 
Jan 29, 2016 - 2:21pm

If you're an actual VP just post your comp on here - no need to speculate on your bucket ...

I feel like all of these posts are from non-VPs posting what they heard. Also just post the total comp. Base + bonus please.

Also when you say VP1 I assume you don't mean the new VP promotes because $490 all in for an AS 3 is ludicrous.

The numbers I know of (this is a rough range mixing buckets and banks) - total comp

AS 1 - $225k - $275k
AS 2 - $325k - $400k
AS 3 - $350k - $430k
VP 1 - $375k - $515k
VP 2 - $450k - $575k
VP 3 - $500k - $650k

 
Jan 31, 2016 - 11:18pm

I think my numbers are pretty accurate but they're all from BB. These were all numbers on sheets I've seen. The upper ranges I would say were achieved but not that common. There were people that were topped up above top so they may be higher than what you expect.

As for banks, it's primarily 2-3 banks

 
Feb 2, 2016 - 10:20pm

DebunkingMyths:

Or are you asking about base? MD base varies. GS pays MDs like 350 and partners 500? (I forget) or maybe its 500k and 750k for partners

Some banks have no uptick in base from VP to ED, some banks have 50k (250 -> 300k)

Historically, GS MDs have had a base salary of 500k and partners have had a whopping 900k base salary. This was definitely the case a few years ago, but am unsure if it has since been raised/lowered considering the changes in salary taking place at other levels.

 
Feb 4, 2016 - 12:37am

150k is all in. You guys need to stop talking base and bonus. It's all in comp. Banks run on compensation ratios and they back out what each person gets. Come bonus time its your total comp - base = what you get.

In the era of whining juniors and slower growth, banks have given people higher bases to smooth out cash flows for people but all in comp is same and frankly compensation ratios have been declining

 
Feb 4, 2016 - 7:12am

DebunkingMyths:

150k is all in. You guys need to stop talking base and bonus. It's all in comp. Banks run on compensation ratios and they back out what each person gets. Come bonus time its your total comp - base = what you get.

In the era of whining juniors and slower growth, banks have given people higher bases to smooth out cash flows for people but all in comp is same and frankly compensation ratios have been declining


Listen, you are absolutely right that firms benchmark to a total comp number. But the split matters, because one is discretionary and the other isn't. Time and again you hear about a firm going south and junior bankers getting pinched. Or we have another recession and they revise their total comp numbers down. In the worst of times a 0 dollar bonus does happen at some firms. So base vs bonus matters and a higher base is always better. And that doesn't even take into account the time value of money and all that.
 
Feb 9, 2016 - 5:07am

Not really. Frankly in the worst of times (and I have been through the financial crisis) I can tell you total comp at the bank has been on a flat or upward trajectory

You miss the point because banks manage to a comp ratio between call it 30-50 pct. in the worst of years, no junior will be "pinched" and discretionary is not really discretionary for juniors. Banks typically lob off the top. No business head says if we pay all our analysts 30k less each we will make budget - the cost of retraining that analyst is 80k a year

And I can show you 2004 to now comp at bb for an 1 through as3 have not really hurt that much where the bonus base split made a lick of difference

The only issue is now you hear people complaining that "I only got 6 months not like 1 year plus like before"

 
Feb 4, 2016 - 2:12pm

Maybe a stupid question, but do experienced hires generally fall into the same pay structures as we're discussing here? For example, if you're picked up as an A3 or an AO1 as a post-MBA guy, but didn't come in from the SA route or FT recruiting right out of the program, would these numbers still apply? Additionally would you still expect a signing bonus on par with other MBAs or that ship sailed?

 
Mar 4, 2016 - 1:43pm

Appears to be a ton of information on BB IBD, but how about S&T numbers. Appears I'll be making less than my counterparts, but wondering how much less. Is the problem that it's just more variable or that this forum doesn't really represent that population?

 
Apr 11, 2016 - 9:30pm
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