Hello fellow primates. This is my first post on WSO. I've done lots of searches on this site and elsewhere on the web concerning this topic already and I've found very little information concerning salary and bonus levels for Private Banking, specifically at JPM as you move up the ladder. I've been able to ascertain that first year analysts earn a salary of around $70k on average along with a $10-15k bonus. Does that sound about right?
Mod note: make sure to check out the great response below by user @................
But I'm also interested to know what compensation levels are like as you move up the food chain. What is the compensation bump when you go from analyst to associate and from associate to VP, etc? Are MDs making upwards of $500k or something much more modest than that figure?
Lastly, I was hoping someone could talk to me about the number of hours you work on average. I've heard that there are no weekends, and that you work on average from 8am to 7pm with two-hour lunch breaks, Mon-Fri. Does this sound reasonable?
JPM Chase Private Banker Salary and Career Path
The JP Morgan Private Bank consists of an investing, wealth planning, and credit and banking arm. We will discuss the lifestyle and pay below.
Private Banker Analyst Salary and Hours
User @................ shared salary information:
- $70K base for your first 18 months (stub year plus first full year)
- $80K base for your next 12 months (full second year)
- $90K base for your last 6 months (Jan-June third year)
1st bonus after your first few months is flat across first years and is slightly less than signing (which is $10K)
2nd and 3rd year bonuses can be anywhere from $15K to $50K+ depending on how good your group did and how well you did. I know someone who was a third year in a suburban Chicago office whose bonus was over $50K
User @................ further shared information about hours:
Hours vary. 1st years can work 6:45-10 or later with some weekends during busier periods like the first month of each quarter when performance numbers come out, and you eat lunch at your desk everyday except for a few Fridays here and there. 2nd year is similar but not as bad. First half of your third year is also similar, but the 2nd half of your third year when you are preparing for associate promotions you barely do any work.
Associate Level PB Income
I would assume the 1st year associate base is around $100K since the 3rd years get $90K as analysts.
Associate pay might go something like this:
- 1st yr: $150K all-in
- 2nd yr: $175K all-in
- 3rd yr: $200K all-in
Executive Compensation and Hours in Private Banking
Now these are purely speculative post-associate numbers, but based on people I know in these roles and their lifestyles/spending habits/etc it would be something like this (assume these are for your middle of the road VP/ED/MD, ranges can be wide because at JPM is largely depends on how the PB does as a whole because it isn't a wire house):
- VP: $200-250K all-in
- ED: $300-500K all-in
- MD: $400-$800K all-in
Now, if someone is a stud and posts Q1 numbers obviously they could make more than this.
Hours for senior bankers: And keep in mind that associates and higher get in at 7:30ish and leave by 5:30 or 6 every night and never work weekends.
These numbers are for the PB's core cities (NYC, Chicago, Houston, Dallas, LA and San Fran), they go down for the more regional offices.
Read more about JP Morgan on the Wall Street Oasis Company Database.
Preparing for Investment Banking Interviews?
The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to people aspiring to break into the industry. This guide will help you learn how to answer these questions and many, many more.