Comments (31)

Feb 15, 2019

yes

Feb 15, 2019

.

Array

Feb 20, 2019

Actually thought this was the case with myself, but upon asking the other intern in my group during my internship, he was logging all the hours he worked and there were no problems. I proceeded to do the same and cashed in almost every hour I worked.

Little caveat I would say is that I was a Summer Analyst in Corporate Banking, so take my experience with a grain of salt

Get Jiggy With It

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Feb 23, 2019

May I ask what kind of bank this is? I'm assuming it's a corporate banking role integrated with IB. Citi/ JPM CCSBI/ BAML? What are your hours like normally on average since you work with IB so much? This forum is full of "corporate banking is 50-60 hours" - is this true?

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Feb 16, 2019

You will get overtime, and since you will work overtime, you will get paid $$$

Feb 20, 2019

Worked at a top BB this past summer. You get paid .5x what your annualized hourly salary is ($41 an hour) so about $20.50 for overtime hours. This was for a summer analyst position firm-wide

"If you ain't first, you're last!" - GOAT

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Feb 21, 2019

Lol that's a raw deal. WTF

Feb 21, 2019

At a top BB this summer and was confused with the overtime language in my offer letter, but it makes sense now given what you said. Essentially you're being paid 50% less for all overtime hours? Doesn't seem to make sense.

Feb 21, 2019
FIGNewtons:

At a top BB this summer and was confused with the overtime language in my offer letter, but it makes sense now given what you said. Essentially you're being paid 50% less for all overtime hours? Doesn't seem to make sense.

Have you considered moving to the north pole and trying to tame a polar bear?

Array

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Feb 21, 2019

You're going to get the base pay (pro-rated 85k salary) and then on top of that, for every hour over 40 hours a week, you will get an additional $20-21 per hour

It's actually money that they don't have to give you but are willing to, believe me you will make 5-8k more than your friends at banks not paying this

"If you ain't first, you're last!" - GOAT

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Feb 21, 2019

I thought overtime was 1.5x Your base Hourly

Array

Feb 21, 2019

That is if they are required to pay you overtime. Yes that applies on the west coast for all overtime hours. I can tell you first hand that my entire SA class was paid .5x on top of our prorated annual salary

"If you ain't first, you're last!" - GOAT

Feb 21, 2019

Does the .5x apply only for NY? Curious how overtime is paid to BB SA's in Chicago & Houston.

Feb 23, 2019

Was for my whole class, regional offices too. I think Cali offices may have gotten 1.5x because of the California overtime laws

"If you ain't first, you're last!" - GOAT

Most Helpful
Feb 23, 2019

California law is any thing over 40 hrs is 1.5x pay and anything over 60 hrs is 2.0x pay

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Feb 23, 2019

That fucking sucks honestly. I was east coast BB and we were paid 1.5x for each hour over 40/week.

Feb 21, 2019

Yes, some banks have begun to salary their IB interns (sucks), but if yours does not then you will get 1st-year analyst base salary pro-rated hourly for up to 40 hours in the week, and 1.5x that hourly pay for every overtime hour. Don't spend it all in one place

"We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons."

Feb 21, 2019

There are certain banks that pay 1.5x from 40-60 hours and 2x over 80 hours. If you're about to be a summer associate at one of those banks then congratulations, you're about to make 50K+ for one summer.

Feb 24, 2019

Was at a top BB this summer. Summer Analysts got OT, Summer Associates did not.

Feb 24, 2019

What was the pay structure for your overtime/ where were you located?

Feb 27, 2019

Not sure if same BB, but Summer Associates were paid a prorated salary, still a hefty number, but Analysts were paid hourly with overtime in accordance with CLL.

That being said, a summer associates signing bonus is massive and well worth the salaried summer, imo.

Feb 27, 2019
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Feb 27, 2019
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"If you ain't first, you're last!" - GOAT