Bonuses for Investment Banking 2017

LehmanBros69's picture
Rank: Baboon | 129

How are bonuses looking this year? Sounds like Deutsche got hammered and Morgan Stanley was down 15%.

Mod Note: You can find the S&T and ER bonus pages below.
S&T Bonuses
ER Bonuses

Overview of Bonuses for Investment Bankers

While salaries and bonuses can change every year on Wall Street, you can stay up to date with the Wall Street Oasis Industry Report. You can see a snip of the details provided in the report below.

User @MiddleMarketLivesMatter, a sales and trading vice president, also shared the following insight.

MiddleMarketLivesMatter - Sales and Trading Vice President:

Middle Market Shop bonuses are looking exceptional. It's where the real money is in this new economy. Left a BB three years ago and have seen bigger bonuses every year.

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Comments (101)

Jan 18, 2017

Heard banks were getting squeezed. Big buckets for boutiques though.

    • 2
Jan 18, 2017

Heard JPM was flat

Jan 22, 2017

VP bonus increased slightly, Associates doubled bonuses

Jan 19, 2017

Bonus pools seem to be down 10-15% across the Street. For junior bankers, the key is how much of that MDs will absorb.

MS certainly had more of it fall on analysts and associates from what I've heard. Citi seems to have shifted more of it to MDs (i.e the numbers I've heard for associates actually seem flat to even up relative to last year).

No European banks have given numbers yet, including DB. There are rumors about DB possibly not giving cash bonuses at all, or only giving to 10% of employees, but nothing has been communicated at any of the non-US banks.

Jan 19, 2017

I heard (from someone at DB, who heard from his MD) that analyst / associate are going to be street. VP and above are going to get zero cash bonus so the firm can tell their shareholders they're not paying bonuses for 2016.

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Jan 19, 2017

Heard DB is going under. The Fortress will receive 100% market share in coming days.

    • 3
Best Response
Jan 19, 2017

Middle Market Shop bonuses are looking exceptional. It's where the real money is in this new economy. Left a BB three years ago and have seen bigger bonuses every year.

    • 30
Jan 19, 2017

any data points/specific banks you're referring to?

Jan 19, 2017

Great name haha +1

    • 2
Jan 19, 2017

lmao hilarious

Jan 30, 2017

remember when people on this form wouldn't even fathom the idea of the world outside of BB? how the days have changed

Feb 10, 2017

BB is great to learn, but it feels like there is better opportunity outside now.

Cut your teeth working some dog hours at a BB, if you get some traction moving up then awesome. If not, head to a fancy boutique with better hours.

Sounds like win-win to me.

    • 1
Mar 2, 2017

100% agree with this. Same experience.

Jan 19, 2017

When do people actually receive their bonus? I know it varies depending about the firm, but generally speaking, do people receive their bonus in Jan, Feb, etc.?

Jan 19, 2017

usually announced by mid feb, paid by month end

Jan 21, 2017

UBS is slowest (Feb/March) and Jefferies is earliest (December)

Jan 26, 2017

We got numbers second week of Jan. Funds should hit accounts by the end of the month/early feb

    • 1
Jan 19, 2017

I'm not in banking, but work sell side research for a boutique bank. Bonus +11% Y/Y Salary +8% Y/Y - I'll take it.

Jan 19, 2017

"all the way up"

    • 1
Jan 18, 2017

For IB coverage / M&A 2nd year associate, mid bucket to top bucket:
MS - $110-170k
JPM - $145-205k

    • 1
Jan 19, 2017

wow JPM numbers look solid? can anyone else confirm that for second year associate.

Jan 19, 2017

Can't confirm JPM, but MS numbers are about what I've heard from them. JPM are aligned with what I've heard at another America BB.

Jan 22, 2017

can confirm that this is accurate for JPM

Jan 20, 2017

Is that for all in or just bonus?

Jan 20, 2017

This can't be right.

Jan 18, 2017

Just bonus.

Jan 27, 2017

Are these number massively better than S&T bonuses? That's what it seems like to me.

Jan 19, 2017

MM firm: flat vs. last year. 150/170/190 all-in for top of the range. Think they stuck a few more into bucket 2 and a few more into bottom two buckets..

Jan 22, 2017

.

    • 1
Jan 19, 2017

Analyst

Jan 20, 2017

Is that scaled first year-second year-third year. Cause if so thats basically how my MM firm top bucket was as well. for A1: bucket one was 150-bucket 2-140 Bucket 3-130, bucket for 110. Add 15 for each level you are up in the food chain. Only Bucket one and two get promoted from A3 given what I see.

Jan 19, 2017

1st/2nd/3rd year analysts at MM IB.

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Jan 20, 2017

Is there a regional difference ? Seems that JPM associate all in comp was way lower in the U.K. Than in the US

Jan 20, 2017

Expected, no?

GoldenCinderblock: "I keep spending all my money on exotic fish so my armor sucks. Is it possible to romance multiple females? I got with the blue chick so far but I am also interested in the electronic chick and the face mask chick."

    • 2
Jan 20, 2017

Any ideas why this is the case? (Comp being lower in London).

Jan 20, 2017

Any info on HK comps? Imagine it'd be lower but would love to know by how much.

Observe. Learn. Share.

Jan 20, 2017

HK where KyloRen? Also GS got bonuses this week

Jan 20, 2017

Would love to know GS and JPM stats if possible, thanks!

Observe. Learn. Share.

Jan 27, 2017

Bump

Jan 23, 2017

Citi N2 - 85/65/50.

    • 1
Jan 23, 2017

N2?

    • 3
Jan 23, 2017

2nd year analyst

    • 1
Jan 19, 2017

USD?

Jan 23, 2017

Yes

Jan 25, 2017

i hear fees are also lower in EMEA anyway. sucks to not be american these days :/

Jan 27, 2017

Baml Top - A1 -$140 bonus; $290 all in, A2-$180 bonus, $355 all in; A3 - $235 bonus, $435 all in. All those figures include 20% deferred stock in the bonus figure.

    • 2
Jan 27, 2017

In Charlotte those are absolutely insane numbers.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Jan 27, 2017

Keep in mind maybe 1 person per group gets top but those are the headline numbers.

Jan 28, 2017
SHORTmyCDO:

Baml Top - A1 -$140 bonus; $290 all in, A2-$180 bonus, $355 all in; A3 - $235 bonus, $435 all in. All those figures include 20% deferred stock in the bonus figure.

That's crazy how huge the difference is between top bucket and middle. I have friends at BAML who were mid bucket or slightly above A2 and A3 and their total comp were 275-320 and 360 all-in. Sounds like very very few people got top bucket.

Jan 27, 2017

A $20k-30k difference in all-in comp between top and middle buckets is peanuts when you're talking about after tax income in this bracket.

Jan 23, 2017

Anyone have more numbers?

Feb 1, 2017

Top MM N1 $75k top bucket

Feb 2, 2017

I've seen speculation on efinancial news I think (google Perella Weinberg Bonuses or something similar) 300k GBP associates, 500k GBP VPs

Feb 4, 2017

Not sure if there is a thread for TECH bonuses.

My numbers are below:
Level - Associate (L2/L3)

Base - up 12% YoY
Bonus - up 128% YoY (yes, that is not a typo, tells you how low my last year's bonus was).

This is for GS.

Cheers,
Rick.

Jan 27, 2017

Can you give us the ranges for GS bonuses for different associate years?

Feb 4, 2017

As you might expect, this varies.

I know of few L2/L3 associates who were flat, few were down 3-6% overall, and only one who got his values similar to mine above. Of Analysts L2, most of the folks I knew were up (not sure of % points), but almost all of them were up a few %. Again, this is only in TECH.

While I do know some folks in other divisions, I'm not aware of their comp info.

Feb 5, 2017

holla back, office

Jan 20, 2017

Someone needs to summarize this like last year. By now everyone should have gotten comp except for CS and DB

    • 4
Feb 7, 2017

so...

assoc 2, what are some bonus ranges we should be expecting? assume 175k base (bb standard comp). or all in is fine too...

all in of 275-325?

Feb 4, 2017

Can I ask which company / area / division you are referring to, with these numbers?

I'm Assoc2, but my numbers are no where close to that (TECH).

Feb 8, 2017

Tech is mid or back office?

    • 1
Feb 7, 2017

Anyone know the bonus buckets for first year analysts at EBs?

Thanks!

Feb 28, 2017

.

Feb 11, 2017

DB juniors are being very shielded, compared to the rest of the firm, from what I am hearing as as a headhunter. Comparative to most of the firm, they're crushing it. Fairly in line with street, obviously a bit below but to me this is most indicative that the firm intends to move back up the comp chain, and they've been giving the largest base salary increases across the board for analysts and associates. From what I remember, for most of this century DB has the spot to be for comp - this seems like their strategy is to get back to that status, bodes well for everyone in the shop if they can make it happen.

DB IB (very clear they're taking care of the groups they're focusing on building long-term, the others not so much, base salary % increases much lower than markets across the board - which is interesting).

Analyst 1 - 20k stub
Analyst 2 - 40k - 75k
Analyst 3 - 45k - 85k
Associate 1 - 60k -100k
Associate 2 - 75k - 140k

DB Markets (big differences between fixed income and equities, they're coming in above street in a lot of what I'm seeing for fixed income, seeing very wide ranges - highly product dependent. Also, a lot of those with low bonus numbers are reporting 15-20% + base increases, balancing it out).

Analyst 1 - 20 - 25k stub (non-equities seems to be getting an extra 5)
Analyst 2 - 20 - 60k
Analyst 3 - 27k - 90k
Associate 1 - 30k - 110k
Associate 2 - 55k - 150k

Interesting seeing how much people tend to value additional base versus bonus, although from other experience that value-edge tends to taper off at around 200k base.

Keep in mind my ranges are controlled for outliers (not putting my guys at risk), and are based on only what I'm seeing.

    • 5
Feb 11, 2017
r08ge:

DB juniors are being very shielded, compared to the rest of the firm, from what I am hearing as as a headhunter. Comparative to most of the firm, they're crushing it. Fairly in line with street, obviously a bit below but to me this is most indicative that the firm intends to move back up the comp chain, and they've been giving the largest base salary increases across the board for analysts and associates. From what I remember, for most of this century DB has the spot to be for comp - this seems like their strategy is to get back to that status, bodes well for everyone in the shop if they can make it happen.

DB IB (very clear they're taking care of the groups they're focusing on building long-term, the others not so much, base salary % increases much lower than markets across the board - which is interesting).

Analyst 1 - 20k stubAnalyst 2 - 40k - 75kAnalyst 3 - 45k - 85kAssociate 1 - 60k -100kAssociate 2 - 75k - 140k

DB Markets (big differences between fixed income and equities, they're coming in above street in a lot of what I'm seeing for fixed income, seeing very wide ranges - highly product dependent. Also, a lot of those with low bonus numbers are reporting 15-20% + base increases, balancing it out).

Analyst 1 - 20 - 25k stub (non-equities seems to be getting an extra 5)Analyst 2 - 20 - 60kAnalyst 3 - 27k - 90kAssociate 1 - 30k - 110kAssociate 2 - 55k - 150k

Interesting seeing how much people tend to value additional base versus bonus, although from other experience that value-edge tends to taper off at around 200k base.

Keep in mind my ranges are controlled for outliers (not putting my guys at risk), and are based on only what I'm seeing.

    • 1
Jan 19, 2017
r08ge:

DB juniors are being very shielded, compared to the rest of the firm, from what I am hearing as as a headhunter. Comparative to most of the firm, they're crushing it. Fairly in line with street, obviously a bit below but to me this is most indicative that the firm intends to move back up the comp chain, and they've been giving the largest base salary increases across the board for analysts and associates. From what I remember, for most of this century DB has the spot to be for comp - this seems like their strategy is to get back to that status, bodes well for everyone in the shop if they can make it happen.

DB IB (very clear they're taking care of the groups they're focusing on building long-term, the others not so much, base salary % increases much lower than markets across the board - which is interesting).

Analyst 1 - 20k stubAnalyst 2 - 40k - 75kAnalyst 3 - 45k - 85kAssociate 1 - 60k -100kAssociate 2 - 75k - 140k

DB Markets (big differences between fixed income and equities, they're coming in above street in a lot of what I'm seeing for fixed income, seeing very wide ranges - highly product dependent. Also, a lot of those with low bonus numbers are reporting 15-20% + base increases, balancing it out).

Analyst 1 - 20 - 25k stub (non-equities seems to be getting an extra 5)Analyst 2 - 20 - 60kAnalyst 3 - 27k - 90kAssociate 1 - 30k - 110kAssociate 2 - 55k - 150k

Interesting seeing how much people tend to value additional base versus bonus, although from other experience that value-edge tends to taper off at around 200k base.

Keep in mind my ranges are controlled for outliers (not putting my guys at risk), and are based on only what I'm seeing.

You're saying DB is increasing Associate 2 base for some people from $175k to as much as $315k--which is higher than VP3 salary across the Street? I get that this is in lieu of bonus but this makes absolutely no sense unless this is going with $0 bonus with this---and they'll still have retention problems b/c people's comp will be paid throughout the year and they will not be missing on any deferred comp or bonus to leave. The play here would be to take your ridiculous base salary for 6 months and then flip ovrer to another bank and get a fully year mid bucket bonus there. Am I misunderstanding what you are saying? I'm highly skeptical of what you lay out.

    • 1
    • 1
Feb 15, 2017

Pretty sure those were bonus numbers and he was talking in general re: base increases.

    • 1
Mar 8, 2017

This literally cannot be true as DB has not disseminated bonuses to juniors (analysts / associates). Those announcements happen this week.

Feb 15, 2017

Bump

Feb 16, 2017

Heard rumor Credit Suisse basically paid street to VP and below this year after couple years of being way under.

    • 1
Feb 7, 2017

Think BarCap and a few laggers got their numbers last week.

Feb 16, 2017

bump - any other information on associate bonuses?

Feb 17, 2017

Anything on BarCap?

Feb 17, 2017

Bueller?

Feb 19, 2017

UBS protected analysts this year. approx ranges: AN2 50-70k; AN3: 70-100k

Feb 21, 2017

Solid MM - Class of 2016:

Analyst 1: 85k base, 10k signing, 20k stub for everyone

Feb 23, 2017

BB S&T

A2 - 140k Base & 90k Bonus

Mar 11, 2017

DB junior numbers out. Using $$$ to keep junior level happy, but won't stop exodus once figures hit bank accounts. Can only speak to analyst level:
N1: 25k stub
N2: general range of 55k-85k, bit higher or tighter depending on group.
N3: cannot confirm range, but have generally heard 90+, This may be because those with good numbers tend to be more vocal

Everyone also got a group based bonus, depending on whether their group hit KPIs. This translates to upwards of ~2.5k for 1st years, ~6.5k for 2nd years, and ~8k for 3rd years, in addition to their individual variable comp.

Mar 11, 2017

I'm sure everyone is coming to this page to read this post, but Management Consulting was dog balls. That is all.

    • 1
Jan 23, 2017

Bump

Apr 13, 2017

Anyone know what the average energy bonus in Houston looked like for analysts?

Jun 1, 2017
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