BofA raises junior banker base salaries by at least 10%.

US:

Analysts up 10,000

Associates up 25,000

VPs up 25,000.

They said other offices will increase in similar ratios (i.e. at least 10%). Effective May 1st.

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Comments (135)

  • Associate 2 in IB-M&A
Apr 8, 2021 - 10:04am

Back when Associate base was increased by MS from $125k to $150k, majority of banks upped their standard comp. I believe every BB went up to $150k, some EBs upped base past $150k, others stayed put at $150k

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  • Analyst 1 in IB - Ind
Apr 8, 2021 - 11:00am

10k pre tax isn't a big deal sure but when theyre paying higher than their entire peer set of bb's it's significant information

  • Prospect in IB-M&A
Apr 8, 2021 - 12:24pm

Are they keeping the 150k base as a stub associate? Then an increase to 175k ~6 months later? Or are they having people start at 175k and keep them there for 1.5 years?

  • Prospect in IB - Ind
Apr 8, 2021 - 5:12pm

WestCoastMonkeyMan

Class of '23 and I'm stoked about the money I've seen thrown around in the last month

but at what cost?

  • Analyst 1 in IB - Ind
Apr 8, 2021 - 8:15pm

Work at one of those two and haven't heard anything as of yet, fingers crossed

  • Analyst 1 in IB - Ind
Apr 8, 2021 - 9:38pm

Do firms really think brand name will continue to be a selling point despite getting paid at/below market comp?

  • Associate 1 in IB - Ind
Apr 9, 2021 - 10:27pm

They ended up reverting on that policy (unfreeze the VP base salary raise)

  • Analyst 1 in IB - Ind
Apr 11, 2021 - 5:41am

spoke to seniors and they seem to think be optimistic of the near term future (hiring more + slowdown in deal flow). What they don't know is that half the analysts and associates within the group are in the midst of interviews (with multiple confirmed offers already) ready to yeet the fuck out of here. The disconnect is real my dudes.

  • Associate 1 in IB-M&A
Apr 12, 2021 - 10:10am

Has there been any indication as to whether all-in comp is going up by $10K/$25K, or they are just shifting from bonus to base? If the latter, this may the best BAML marketing campaign of all time, which ends up costing them nothing...

  • Principal in PE - LBOs
Apr 13, 2021 - 11:29am

That's what MS did back in 2015, wouldn't surprise me if it's the same deal here

  • Associate 1 in IB-M&A
Apr 13, 2021 - 12:32pm

Not upset, per se, but the PR buzz gives the sense that BAML is now paying more all-in than the other peer BBs. If all they are doing is transferring from bonus to base, it's not really newsworthy. Sure the certainty and time value of money is preferable in the base salary, but is that really enough to warrant all the positive press BAML is getting? I don't think so, personally. The WFH bonus should be an increase to all-in comp.

  • Prospect in IB-M&A
Apr 14, 2021 - 6:34pm

This is for all of GCIB or only IB? 
 

someone above mentioned that they sent an email to incoming ft but seeing as I didn't get one, assuming it's only for IB?

  • Prospect in AM - FI
Apr 15, 2021 - 10:04am

does anyone know when they are sending new FT contracts for the incoming class of 2021? They said in the email in the upcoming weeks, but was wondering if anyone had info

  • Intern in S&T - Other
Apr 19, 2021 - 3:34pm

How much exactly is the FT signing bonus at BofA (S&T / IB). I have heard that this amount is paid with the first salary.

  • Prospect in AM - FI
Apr 21, 2021 - 9:19am

Has anyone received any onboarding information? Still waiting on it but assuming it will be first week of may as the salary is changing then. Anyone have info?

  • Analyst 2 in IB - Gen
Apr 30, 2021 - 6:17am

Wow .. really. Was this every single ASO 2? Strange since I am at another BofA group and don't think this was the case for our assos

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Total Avg Compensation

May 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (192) $233
  • 2nd Year Analyst (109) $151
  • Intern/Summer Associate (96) $145
  • 3rd+ Year Analyst (26) $145
  • 1st Year Analyst (397) $132
  • Intern/Summer Analyst (326) $82