Curious to hear your thoughts. Bottom line is no salary increase or bonus because management thought it will "send a wrong message." Promised to increase bonuses "meaningfully" and spent half the time touting how we are generating more fees than ever...
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How does that gel? They're just promising to 'make up for it' at a later point rather than now.
Very disappointing to me, especially after a record year (many groups hit literal all-time high in fees) and bonuses were flat. How can we believe in anything they say?
These places only care how woke they look to investors and society. Employees are throwaways.
MDs were simultaneously asked to "manage resources better" and to "ask for more business" because we dont wanna slip in wallet share.. All you need to know
Implicitly assumes that they need to compensate discriminately based on performance and refuses to acknowledge that we’ve all been working our asses off unilaterally. A huge slap in the face that now bonuses are going to be based off of reviewers and politics as opposed to unilaterally acknowledging we’ve all equally been working consistently past 3-4am for weeks on end and no one is shirking by.
After this bonus hits, management better expect a mass exodus of analysts leaving to Corp dev. Our group has had 20% of the first year analyst class quit before first year even finished - an unheard of statistic
Fuuuuuuuuuuuuck
Gotta give credit where it's due. BofA put their money where their mouth is by raising salaries. No empty promises. Even if total comp at BofA remains flat, having a larger portion of TC be guaranteed is always a win.
WF did $20k to assoc, $10k to analysts, CS obviously, think even Blair and a few others...JPM should have done the right thing today.
wait, one time bonuses or salary bumps for WF analysts? Incoming FT IB analyst so quite curious lol
Baird 15k spot bonus to associates
Honestly ridiculous
I have friends in other functions that also got title bumps with FLAT salaries. TBD if the deviation in comp will be made up for during bonuses but I doubt it... imagine going A2A or A2VP (even if in a MO / treasury / corp fin role) with a nominal salary bump...
Yeah it's total horseshit. They know its bulshit and its why they spent a total of 30 seconds discussing "compensation initiatives" and very quickly transitioned to the next topic. That said, after BAML and WF both announced salary bumps, it's hard to envision a world where the other BB's do not eventually follow. JPM is greedy, not dumb.
WF announced salary bumps? How much?
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