Comment any new/missing/incorrect info. Seems like firms are responding to information on the internet/social media, and it's also helpful for those seeking opportunities. Not tracking one time gifts/bonuses, only permanent, trustworthy increases in pay going forward. My list so far:
Guggenheim
A1: $85K --> $100K (+$15K)
A2: $90K --> $110k (+$20K)
A3: $95K --> $125K (+$30K)
AS0/AS1: $150K --> $175K (+$25K)
AS2: $175K --> $200K (+$25K)
AS3: $200K --> $225K (+$25K)
Bank of America
A1: $85K --> $95K (+$10K)
A2: $95K --> $105K (+$10K)
AS0/AS1: $150K --> $175K (+$25K)
AS2: $175K --> $200K (+$25K)
AS3: $200K --> $225K (+$25K)
Credit Suisse
A1: $85K --> $90K (+$5K)
A2: $90K --> $95K (+$5K)
A3: $95K --> $100K (+$5K)
AS1: $150K --> $175K (+$25K)
AS2: $175K --> $200K (+$25K)
AS3: $200K --> $225K (+$25K)
RBC
A1: $85K --> $95K (+$10K)
A2: $90K --> $100K (+$10K)
A3: $95K --> $105K (+$10K)
Houlihan Lokey (RX & CF)
A1: $85K --> $90K (+$5K)
A2: $90K --> $100K (+$10K)
A3: $95K --> $110K (+$15K)
Stifel
A1: $85K --> $95K (+$10K)
A2: $90K --> $100K (+$10K)
A3: $95K --> $105K (+$10K)
Also upped meal expensing to $50/meal lmao, crazy.
Yet to announce an increase:
BB ($85K/$90K/$95K):
UBS
Jefferies?
EB ($95K/$100K/$105K):
Lazard ($85K/$90K/$95K)
Moelis ($85K/$90K/$95K)
Announced they will NOT be increasing:
.
Wow thanks for doing this, helps a lot w tracking. Moelis AN1 base is $85 tho
Updated, thank you
No UBS/DB?
It's argued on this site whether they're still BBs or not, added them because I think they are and to avoid controversy - thank you.
I’m curious if anyone has any opinions on whether they think CVP will increase their pay following the Gugg announcement. Wanna be the best EB better pay like it
Who knows, but I think the vast proportion of their total comp is in the bonus anyways, especially for Aso and above.
Maybe only in good years
doubt cvp is concerned with their appearance in relation to guggenheim lmao
edit: MS thrown from non-EB analysts lmao
JPM is 85 / 90 / 95
.
BAML increased associate pay by $25k
Will include, thank you
Feels good to be going to Gugg
Heard that HL and other MM firms raised base salary as well.
I think i also heard this
What was base at HL/other MM before this?
Same 85, 95,105
Besides Stifel and HL, what other places announced increases?
Dumb question but does this mean total compensation will increase by said amount (or will bonus be shaved to bring total comp down or near previous levels)?
No way for anyone to know really.
Could be a total PR move by the banks.
But given deal flow this year so far, I could see us getting gangbusters bonuses this year end.
Same hopefully
Prob
I think someone else said this, but at the very least it makes comp less variable even if bonuses are less, which is hype. My girlfriend's MBB offer package was $120K (granted, it included one-time signing/relocation bonus). Feel like Gugg is ahead of the curb in realizing smart, hardworking college grads have other alternatives, especially those who know even a little coding.
Thinking this may have tangential impacts for consulting firms (and other industries that compete with IB for talent) to increase pay to compete on campuses and PE firms to further incentivize analysts to leave a now (potentially) more appealing 3rd year analyst stint/A2A promotion.
Thoughts?
This is an awesome post. Other BBs and EBs take note. It's not just about the money, it shows what banks recognize and reward the work we've put in. Senior management should be watching this thread and taking notes, these are the banks that are going to get and RETAIN top talent. Looking at YOU JP Morgan, Citi, and BarCap.
HL an1 $90k, an2 $100k, an3 $110k
Also rx? If not why would rx have lower base?
Pretty sure the base raises were only for Corporate Finance. CF and RX are essentially two different firms with different policies and stuff.
base increase is only for HL CF, not RX
Any bump for associates?
Updated to reflect this, let me know if there are any inaccuracies
CS only raised bases by $5k at the ANL level. ANL 1 = 90
2 = 95
3 = 100
Do you know how this converts to London salaries?
London is 50 +20 at EU BBs, 50+30 US BBs and a bit more at EBs
Updated to reflect this, thank you - let me know if there are any other inaccuracies?
Cant opine on the others. Only know because I work at CS haha
Actually should note, all ASO levels got $25k bump I believe at CS as well
Hi. I just received an offer from them to join as analyst1 - it’s still 85. Is that bad? Am I missing out on something? Or is this change yet to take effect
Barclays take note
You're not satisfied with our new Barclays Bookworms program?!?
If you want to add MM stifel just got a 10k boost for all junior bankers...
Pay raise or spot bonus?
^bumping above question but I added them, let me know if any information is incorrect.
I think it'd be helpful to also add the MMs that have increased base like BMO, HL and any others I'm forgetting
What was the previous salary structure and what is the new one?
What are peoples guesses as to chances jpm / ms / barcap / citi increase salaries or give bonuses?
think jpm already came out and said they aren’t
Moelis is on par. Their base is lower, but they make up for it with bonuses. There bonus range is much wider through. Top analysts get paid like EVR/PWP, mid like LAZ, and bottom like BBs
Please add reputable MM's for comparison. Would be really helpful to include plus RBC is on there anyways.
Trying to find detailed data on BMO - besides them, Stifel, and HL, what other MMs have raised comp? Details on previous comp and new comp would be especially helpful.
RBC raised by 20k for associates
x
Any idea on European banks(Barclays,BNP,Credit Ag)?
DB wya bro
Gugg is the biggest winner here if nothing changes. You may see more people who had offers at mid-tier BB's and Gugg choose to go to the latter which was less common beforehand.
With that being said I know people at EVR & CVP and I would expect them to raise things to widen the gap even more within the next 18 months.
Laz is 95 first year base?
Fixed, anther comment said it's 85 base
Razzle La’crotch raised 1y / 2y to 130 / 145
Bet a lot of banks will raise/raise comp again (even the ones who raised base by 5k) before the next recruiting cycle. They would start to lose kids and will want to stay competitive.
Any info on MMs from tier like Baird/Blair/Piper/etc?
Baird already has associates at 175.
I know they gave spot 15k bonuses but haven't heard of a salary bump.
Will EVR bump their salaries?
No
Why not?
is this confirmed?
Evercore discount
Greenhill put all the analysts on a call and told them to more or less stfu. Then said no spot bonuses... lovely
How have the hours / dealflow there been lately?
Slightly better than Q4 in lieu of comp /s
The Chicago office lost all their original analysts since the new year... GHL needs to step it up.
Is Greenhill 85/90/95? And what's the typical range for bonuses as a % of base?
Can confirm the same for Analyst level and for Associate level as well... Friends there at various levels and one of them recently left..
same firm wide group Analyst, Associate and VP calls... From what I hear they basically chastised wfh as the culprit and said start coming in to work and it'll get better.. no comp bumps, no spot bonuses (maybe they did other softer things around work itself).
Most fucked up thing I heard though.. you need fucking approvals from the MD for each night you want to order a meal.. and apparently even this was only started recently.. I literally mean having to send emails to your MD asking to approve a meal (unconfirmed but heard one case where an MD replied "do you really need it")...
Feel bad for the bullpens there to have slogged all year last year with no meal allowance, not so great / BB level bonuses (unless my contacts sucked lol) and now, when meals are back, to top it off having to ask permission before ordering a bloody $10 chipotle... SMH
Looking at their revenues and announcements, they seem to not be doing super well in recent years, so guess this penny pinching is a symptom. Heard lots of analysts, associates, even VPs left in recent months all around.. in NY, London, Chicago and other offices too..
One of the only divisions that were doing very well, PCA (through the cogent acquisition) was also almost completely poached by Jefferies with a few people going to other top boutiques so they suffered through that loss as well.
Can confirm, MD approval for meals but only if you are WFH (otherwise can expense essentially whenever from office)
analysts have been lateralling left right and center to other EBs and BBs since the start of the year (EVR, Moelis, etc.)
Heard LAZ and some other boutiques announced base increase... GHL still remains the same?
Where’d you hear stifel pay bumps? Have not heard this, only spot bonuses.
Any update on ASO comp A0/1/2/3?
Comment further up in this thread, let me know if incorrect
OP; slight correction: BofA doesn't have a 3 year analyst program; it's two years
Corrected, thank you
I believe BAML is 95 / 105 for A1 & A2 respectively - only 2 year analyst program
Corrected, thank you
Is this only for IB or would this apply to ER, for example, as well?
lol
While I was half-kidding, does anyone know if this is the case?
Add Jefferies to the list of no salary bumps.... just a 2k peloton so far
Pls Citi pull thru
i wish but doubt it, esp consdering citi is a 2 yr analyst program and not 3 yr
175k Asso base after 2 yr analyst would actually increase retention though imo
What's Citi's current comp for Analyst 1 and 2?
Its not really a 3 year program, 99% of analysts dont get promoted to associate after 2 years
daddy handler please give us a salary bump
Thanks for doing this, SBed. Do you think PE, hedge funds, private credit shops and other buyside firms will have similar increases? If so, have you seen a similar thread for those types of firms? Thank you again.
I think it's a completely different ballgame, and harder to measure because of smaller analyst class sizes.
CS associate pay is as follows:
Associate 1: 175
Associate 2: 200
Associate 3: 225
Clutch.
Updated to reflect this, let me know if incorrect
With CS, just curious if AS0 is also 175k or still $150k then bump to $175k for AS1?
What are Jefferies, WB, and other mm firms doing?
nothing as of yet besides HL
CITI PLS PULL THROUGHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
JPM already doesn’t give their analysts laptops…beginning to regret not looking at some other shops more seriously. Seriously need to bump the base salary for analysts after this year.
Citi associate is as follows:
assoc 1: 150
asso 2: 175
asso 3: 200
Their stub year base is 150. They haven’t increased bases that I know of.
Have other BB and MM not raised associate 1 base to 175?
You sure about HL RX increase?
UBS announced they will not be increasing
Oof sorry how did they break the news? Was it more or less tough shit we're not gonna do anything?
Barclays hasn't addressed shit either
really? i didnt get an email..
Md told me he brought it up and they said no
tmt seniors poached
do you have the dry powder to provide us analysts a base increase now?
So no increase for Associates @HLRX?
Increase in Analyst RX confirmed?
Per the Houlihan specific thread I just read on the IB page, associates are 160/175/200/225 for stub through As3.
Have these pay changes also been applied to ECM & DCM?
what does this make the Goldman discount at this point.
The WSO database shows that GS An1 make 85k. Is the discount mostly from bonus?
Lower bonuses compared to peer banks and worse perks
Yes, bonus is 30k-60k
HSBC increased all analyst comp by 5k and reduced time for promotions so 2.5 years to associate, and 2.5 years to vp.
($90K/$95K/$100K) ?
Yes I believe so.
Heard HL increased Associate pay by $25K, same numbers as Gugg
Finally. AS base increase. Way to go Houlihan.
AS in RX or CF?
Anyone know the total comp at DB for first-year analyst. (Base + bonus)
The database says 85 + ~50 = ~135
Anybody know about Rothschild NYC? Currently at 85k base for SA 2022.
Rothschild & Co
An1: $85k -> $105k
An2: ???? -> $115k
Rothschild should be added to the list 85 -> 105 for A1
So from what I understand, typical An1 salary was raised from $60k to $70k in 2009 then from $70k to $85k in 2014?
Rothschild bumped from 85k->105k for An1. Not sure how it scales for An2 onwards
115 An2. Idk what An3 is
Are these pay increases for IB or for all front office positions?
Wow. Pay increases and lower NYC rent. 2022 would be a nice year to start assuming rent doesn't return to pre pandemic levels
Rent is already back up. If you didn't lock in a covid deal by may you got screwed. Some of my incoming analyst friends are having a really tough time finding affordable places.
how much do analyst usually pay for rent?
Bump, any color on Evercore?
JPM to 100k damn.
Barclays analysts up $15k and Assoc/VP up $25k.
A1: $85k > $100k
A2: $90k > $105k
A3: $95k > $110k
What’s MS waiting for?
Apparently Citi increased to 100K for A1
Did BBs announce pay bumps for associates?
JPM salaries up $15k at the analyst level!
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