BofA Base Pay Increase
Recent announcement this morning - new BofA base salaries: Analyst 1 - $110k, Analyst 2 - $125k. Effective Feb. 1st
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Is this just for IBD?
also corporate banking
Source?
GCM too
Any news for London?
A1 65k
A2 80k
man london lacks NY so much
Where'd you see this announcement?
HR hosted a short call with all the analysts. No email communication
It’s also on business insider. See below
Bank of America is boosting comp again, including $100,000 increases for managing directors in investment banking and markets — the latest in a wave of Wall Street pay hikes https://www.businessinsider.com/bank-of-america-raises-managing-directo…
I don't know how accurate this article is. VPs were already at $275k and this is saying Directors got bumped from $250k...
Confirmed
Internal call. Would note that that they explicitly stated that this was total comp neutral. So we are likely to have lower bonuses summer 2022 and salary would represent a larger portion of total comp
Any idea about total expected comp?
What was last years too btw?
No guidance on comp. Just made it clear that it would depend on overall firm performance and if 2022 revenue is not as high as 2021, then total comp would reflect that. A1 total comp last year was $195k
I love how they do this... then they quote your total comp based off of the higher base (as if you'd received that for 12 months of the year, vs. 6 months...). No good.
YeH, the fuck. You only get the better base for a short period of time lmao what a scam
Really? I discussed with a few other analysts on my team and we interpreted it as the base increase not affecting bonus amounts
I interpreted it as not affecting bonus too
Interesting they said that - that largely hasn't been communicated across the street even though I'm sure most banks would follow that
S&T too?
i hate how the Neville iCarly journalist guy's articles are all fucking paywalled, they're always good as hell too bro. I don't have business insider anymore :(
If you grab them directly from his Linkedin when he posts them, there's no paywall. That's what I do.
There is a plug-in for chrome that bypasses all paywalls...
Damn. Cmon UBS gotta step it up
Who are the glorious BofA13 we all might owe something soon
Is this for their capital markets as well?
It is
Source: in capital markets at BofA
I'm lateraling to BofA's GCM and they are saying 95k.. how should I go about asking them for 110k?
Send them this thread with subject line of 'WTF?'
In all seriousness, ask if your comp will be adjusted as part of the firm's broader increase. I'd be surprised btw if they don't let you know first.
Is this for all of Front Office too? IE Asset Management, Asset Based Lending, Loan Syndications
Isn't loan syndication part of DCM? (Under GCM)
Im 95% sure it is
Anything on associate comp? New standard is 175 for As1 and 225 for As2
I guess not for ER… starting to get pissed off at BofA. First they took more than 6 months to even raise from $85k while street has been $100k+ for the longest time. Now they’re raising everyone but not our group when the competition has, and our department is ranked 1st or 2nd consistently.
..
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