BAML Compensation Discrepency

I ran into the same problem...I called HR and they said that the initial salary offering on the offer letter (70K) was the correct one and that we would be paid according to that schedule on a minimum 65 hour week. She tried to explain why but I didn't really follow. I just flat out asked "will this be my pay structure as indicated on the original offer letter" and she said yes so I trust them and signed and moved on. Hope I heard her right and she was telling the truth...

Hmmm thanks Yankees1. I'll follow up with my HR as well. A cursory glance at the "online portal" statement states that if there are contradictions between the original terms on the offer letter and the statements on the website, that the offer letter terms will always supersede that of the terms stated online. Since it seems other people got the same thing, we should be okay.

Or maybe they'll just hook it up with some extra overtime.

That would be pretty nice. I loved seeing that $50+/hr for overtime because I have beat it into my head that I'll effectively be paid 20/hr.

If you work 65 hrs a week you will make the 70 k pro-rated or 1340 if you work 85 hrs you will make over 2400 its insane.

Can anyone confirm if the BAML overtime is really legit? On the offer letter it said in bold letters that overtime must be preapproved. That seems like code for "if you fill out the timesheet for overtime you better be working damn hard". At 80 hrs/week, half of weekly pay would be coming from overtime. That just sounds too good to be true.

Yeah i figured I'd be making $20/hour too--do we really get overtime?? that'd be awesome

are you guys talking about SA or full-time? My friend received a full-time offer and his letter said nothing about overtime pay. Also is this for all divisions or just IBD?

BTW why 65 hours a week? It is based on 40 hour work weeks if you do the math--40 * 33.65*52=70k

This is FT, but it reads like some of the other posters are SAs. It wasn't in my offer letter - just the 70k. These guys are talking about an online "welcome to the company" sort of thing that laid out some overtime figures.

Someone above mentioned that it sounds too good to be true - he's definitely right. There is no way a bank would break from the compensation structure that is standard across the board for BBs.

The OT policy is in place for summers. A few other banks also have OT policies for summer analysts just depends on the bank.

Okay guys seriously, if you don't have the official contract then don't bother debating. Unlike you people w/o the contract, the official contract of mine does say anything over 65hrs is OT. The OT applies to SA, and this year most BB's are giving out OT pay. It actually makes sense. After all, SA's don't get bonus and those essentially double your total pay, so OT makes up for it :P

Also, I ran into the same issue; the HR just told me to disregard the discrepancy :P

Most BB are not giving overtime for SA:

BAML gives 70 prorated + 50 per hour over 65 hours MS gives 70 prorated + half time, or about $17 per hour over 40 hours GS gives 70 prorated flat, no overtime JPM gives 70 prorated flat, no overtime

Not sure about Citi, UBS or CS

I summered at a BB and every intern in my group was paid >$35,000 after including OT.. Some kid who really abused it got over $40,000+ for his internship. Needless to say, he was the only one that did not receive a FT offer. ha ha

This is for IBD summer analysts at BAML. I have the same offer letter as you that says 70k prorated + 2k housing + OT at $50/hr above 65 hours. I was also confused by the $33.65/hr number. That is only there to let you know what this is equivalent to in 40 hour workweeks, which is what they use to calculate the 1.5x $50/hr number.

Basically, from what I understand, you are expected to work at least 65 hours a week to earn the prorated salary that works out to about $1340/week. if you work above 65 hrs/week and get it approved, you can get $50/hr for OT.

I was playing around in excel and at 80hrs/wk with the housing stipend this works out to ~23k for the summer or ~120k annualized. That sounds like somewhere in the range of what FT comp is with bonus.

I'd like to hear from someone who has actually summered at BAML on how realistic it is to get paid this much overtime and whether or not it's a good idea if you want to get an offer.

Had a friend pull ~30k from one of the BAML groups last year. He got a return offer, they were understaffed. Had lunch with the group that offered me for the Summer, and they indicated tehy dont really care how much you work. It's more of HR's problem.

I think as long as you legitimately have work, we should be fine.

Citi OT is .5 for your weekly hourly rate past 40 hrs. That means if you work 100 hours a week, you'll get your 1340 (from 70 K prorated) plus 60 * .5 * 1340 / 100. It's a pretty smart system as your marginal hourly rate decreases as you work more... haha

is that + half time, or should it be time and a half?

In that case, if you work 100 hours a week, you are only receiving 6.70/hr for the OT hours. Pretty shitty.

Edit: By shitty, I mean in comparison to those banks paying $50/hr of OT. I guess the extra $400 in OT pay is better than those not getting any.

MC 002, it's + half time... I thought it was 1.5x at first because they labeled it as "premium" but upon further inspection, the "premium" is .5, haha, and when I said it was smart, i meant for Citi, not the SA.Honestly, I'm just happy to be getting OT because I figure I'll be spending a shitton of hours in the office regardless of whether they pay OT or not

bearbanker: you lucky duck!

just to clarify, is everybody accepting the mistaken terms in the portal and just assuming it will be fixed? HR hasn't responded to me

Anyone here joining S&T FT? I still havent received any e-mail about the portal - just the first e-mail from HR saying we would receive one this week.

same question as corrupt...did anyone get a definite answer from HR? I'm gonna call my recruiter soon if not