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PERKS of working in Financial Services....

What are some of the perks you guys have heard of that a BB or MM provides its employee. I'm not talking about just discounts, but things like car service, meals, etc............. For example like my first Internship was at a MM investment bank and every morning the employees got Continental breakfast buffet, and for lunch got a catered lunch buffet.

Comments (258)

Jan 26, 2011

At my Big 4 job we got dinner money and taxi if you stayed late.
At the fund I work at now we get lots of perks from different banks and service providers-sales coverage will take us to dinner, sporting events, concerts, drinks, etc.

Jan 26, 2011

thats pretty cool....i think my new firm (a BB) reimburses taxi when you stay late.

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 26, 2011

driver at night and weekends, gym membership, paid dinner. pretty standard for most BBs I would say. buyside you get stuff like sporting, concerts and all.

Jan 26, 2011
GBB_19NHS:

driver at night and weekends, gym membership, paid dinner. pretty standard for most BBs I would say. buyside you get stuff like sporting, concerts and all.

Like a real driver in a Town car or do you mean taxi?...... either way it doesn't matter. I didn't want to ask my recruiter or interviewers because it would seem pretty shallow lol, So i'll just wait until I start to find out all the good stuff.

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 26, 2011

I'm on the buy side so we see golf outings, sporting events and networking events with free food and drinks (alcoholic beverages at that). These are brought to us by service providers, so accounting firms, law firms and investment banks/advisory firms.

I haven't attended much yet, but the partners and principals here go to things often. I go to a ton of networking events so I get the free food and drinks and lately have attended some hockey games, in the suites of course, lol. I know the folks that took up to the hockey game have some good seats at the baseball games so I will have to try and work myself into those as well.

Regards

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Jan 26, 2011

Thats sounds awesome.......but what kind of perks does your firm provide?

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 26, 2011
1man2nv:

Thats sounds awesome.......but what kind of perks does your firm provide?

I'm at a small, boutique PEG so I don't really have firm perks...so no food allowance (but I don't stay late too often), no cars home (though I live across the street so unnecessary to say the least). I can pretty much come and go as necessary which is huge because I can take care of things during the day (appointments, errands, etc.) and it means I don't really have early mornings or late nights unless I have a meeting/call/networking event...so essentially, no face time.

Regards

Jan 26, 2011
cphbravo96:

I'm at a small, boutique PEG so I don't really have firm perks...

Same, small HF-I can expense a dinner or a cab home but it's a big hassle and I don't do it often since it's once or twice a week at most.

Jan 26, 2011

Taxi or black car home if you stay after 9
$25 meal allowance for staying late, twice on weekends and holidays
Comped travel for client meetings or if you're away from the office and get called in on a non-business day

    • 1
Jan 26, 2011

I am an expat in China so I get some solid perks:

1) up to $5,000 per year on plane tickets home (can spend on economy tickets and get like 2+ round trip, or buy a business class trip for about 5k)
2) Chinese lessons from private tutor whenever I like paid for by the company
3) Gym membership ($1,500 a year maximum)
4) Can expense dinners if I have to stay past 9pm on a weekday (only 1-2 times per week generally)

Jan 26, 2011

expensing OT meals and cabs home aren't really a perk

Jan 26, 2011
brassmonkee:

expensing OT meals and cabs home aren't really a perk

well i comparing it to other industries i think they are. I mean I don't know for a fact but do other companies do that? like for example on the big 4?

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 27, 2011
1man2nv:
brassmonkee:

expensing OT meals and cabs home aren't really a perk

well i comparing it to other industries i think they are. I mean I don't know for a fact but do other companies do that? like for example on the big 4?

Big 4 gets meals and cabs. From what I hear audit and tax spend much less because their engagements are typically fixed fee (with capped expenses) and they have a lot of pressure to meet their budgets, but advisory is better.

Flights when I worked in TS were better than at my bank - we would always book fully refundable and typically get bumped up to first class if it wasn't sold out.

Jan 26, 2011

it depends on what level your talking about for perks, Sporting events, lavish gifts, testing new products. Family member is an MD buyside.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Jan 26, 2011

What other perks do you guys have at your BB's? Our meal allowance is 30$, I hear it used to be higher at the BBs.

Jan 27, 2011

my list of 'perks' at bb

dinner - saves you a lot of money and you are spoiled eating whatever your heart desires every night. seamless web is awesome. (hours are bad though!)

taxi or towncar ride home - actually this is a great perk but the guys who live far away really benefit from this one. (i dont live far)

blackberry - i hate it

amex card, free admission to basically every museum in nyc, discounts on cell phone service, clothes (brooks brothers, etc), tickets to lincoln center, etc

flights are biz class which is nice.

not much else.

technically i could entertain clients but usually the senior guys get to do the sporting events, etc. the bank has tickets to everything you can imagine. good seats too, but they make them available to people entertaining clients (Buyside, industry) and it's hard to swing that unless you're more senior or if there's some random sports event like women's basketball in the garden and nobody else wants to go.

they took away breakfast and the good coffee. coffee was replaced with weak, cheap coffee. and breakfast was replaced by boxes of cereal and fruit i now keep in my desk. (desk is stuffed with all manner of supplies....this is totally necessary)

Jan 26, 2011

Any of you guys that work at BB's, PE firms or other large companies ever get to fly on the corporate jet? What about anyone in Corporate M&A for like F100? Clearly the primary use of these planes is for execs, but I've heard of road shows using jets to move more quickly, etc... I also know a few PE firms have them and was wondering if they'll ever bring like a whole crew / deal team out to an acquisiton targets HQ in a small city or something.

Jan 26, 2011

Yeah on roadshows the team uses private jets. Because at times they gotta be in 3 cities in one day, and do you really think a busy billionaire is going to wait because your flight was delayed.

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 26, 2011

That's fun times... gotta love the PJ.

Feb 7, 2011
Feb 7, 2011

By BB i mean blackberry btw.

Jan 26, 2011

That sounds awesome! So were the tickets/boxes available to anyone who inquired about them? I'm going to be a 1st year analyst, and i was wondering if like they are not being used to entertain clients can other people use them?

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Feb 7, 2011

Ya, if they weren't being used by the BSD then they were up for grabs and you can usually always get 2-3. Once in a while no one will want them and you can have the whole thing, which looks pretty baller to you're friends who work in marketing.

Jan 26, 2011

Thats awesome. I don't know if i will have those resources working in Private Wealth, I won't really be entertaining anyone nor does anybody from my group. We basically design special products targeted toward special people.....But i'll try to make friends with as many other analysts as I can who are in "client entertaining" groups. What are some of these groups?

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 27, 2011

Super hot executive assistants to boss around.

Jan 27, 2011

Wow... perks like this in this economy, and under the watchful eye of the federal government. I wonder what the perks will be like when the economy reaches full employment, and the government decides Wall Street has been punished enough.

How were the perks before the financial meltdown, as opposed to now?

Men are so simple and so much inclined to obey immediate needs that a deceiver will never lack victims for his deceptions.

-Niccolo Machiavelli

Jan 26, 2011
mike55555:

Wow... perks like this in this economy, and under the watchful eye of the federal government. I wonder what the perks will be like when the economy reaches full employment, and the government decides Wall Street has been punished enough.

The perks i mentioned were before the economic issues. I don't know if the firm does the catered lunches anymore

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 27, 2011

I'm buyside so perks a bit different from BB

  • As many breakfasts/lunches/dinners at fancy london restaurants as i want (have three invitations for tonight, not going to any though)
  • football tickets to chelsea, arsenal, wembley on a regular (dont really do boxes as I prefer to be in the stadium)
  • twickenham tickets for 6 nations (rugby)
  • overseas expenses paid trips to conferences, brazil, tokyo and utah so far in the past 6 months
  • I can be an arsehole to cold-calling salesman and they will stick be nice and polite to me
  • can piggyback into institutional share classes and high minimum funds with my pa account
  • leave the office by 7pm 95% of the time and have only ever worked one day at the weekend.
Feb 6, 2011
samoanboy:

I'm buyside so perks a bit different from BB

  • As many breakfasts/lunches/dinners at fancy london restaurants as i want (have three invitations for tonight, not going to any though)
  • football tickets to chelsea, arsenal, wembley on a regular (dont really do boxes as I prefer to be in the stadium)
  • twickenham tickets for 6 nations (rugby)
  • overseas expenses paid trips to conferences, brazil, tokyo and utah so far in the past 6 months
  • I can be an arsehole to cold-calling salesman and they will stick be nice and polite to me
  • can piggyback into institutional share classes and high minimum funds with my pa account
  • leave the office by 7pm 95% of the time and have only ever worked one day at the weekend.

Bro, fuck you!

Feb 7, 2011
samoanboy:

I'm buyside so perks a bit different from BB

  • As many breakfasts/lunches/dinners at fancy london restaurants as i want (have three invitations for tonight, not going to any though)
  • football tickets to chelsea, arsenal, wembley on a regular (dont really do boxes as I prefer to be in the stadium)
  • twickenham tickets for 6 nations (rugby)
  • overseas expenses paid trips to conferences, brazil, tokyo and utah so far in the past 6 months
  • I can be an arsehole to cold-calling salesman and they will stick be nice and polite to me
  • can piggyback into institutional share classes and high minimum funds with my pa account
  • leave the office by 7pm 95% of the time and have only ever worked one day at the weekend.

http://www.leveragedsellout.com/2007/07/breaks-in-...
You, sir, have reached the "GREATNESS" part of the diagram.

Feb 6, 2011

lol no such thing as expensing dinners here! The latest time people usually stay is 5 or 6 PM

Greed is Good.

Feb 7, 2011
  1. Dinner on weekdays, Dinner/lunch on weekends $25/meal
  2. Black car to/from work on weekends, Black car to work on weekends: $15
  3. Open bars sponsored by bank support companies i.e. capital IQ, FactSet, data transfer services: $1,000
  4. Telling girls you are an investment banker: Priceless <-Best Perk!!!!!!
Feb 7, 2011
HBS_or_Bust:

1. Dinner on weekdays, Dinner/lunch on weekends $25/meal
2. Black car to/from work on weekends, Black car to work on weekends: $15
3. Open bars sponsored by bank support companies i.e. capital IQ, FactSet, data transfer services: $1,000

  1. Telling girls you are an investment banker: Priceless <-Best Perk!!!!!!

Telling them you're in private equity doesn't work, huh?

Apr 28, 2011

HBS_or_Bust, you just got owned by ^^^^.

Still I Rise

    • 1
Apr 28, 2011

Girls from Manhattan are extremely unimpressed that your an analyst at an investment bank.

If you want to impress girls, you're gonna have to go to jersey.

Jan 26, 2011
slowslowquickquick:

Girls from Manhattan are extremely unimpressed that your an analyst at an investment bank.

If you want to impress girls, you're gonna have to go to jersey.

Yup i've heard this same thing from many people, and that you come off as a tool if your trying to flaunt that. As for the Jersey thing, havent heard anything.

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Apr 28, 2011
1man2nv:
slowslowquickquick:

Girls from Manhattan are extremely unimpressed that your an analyst at an investment bank.

If you want to impress girls, you're gonna have to go to jersey.

Yup i've heard this same thing from many people, and that you come off as a tool if your trying to flaunt that. As for the Jersey thing, havent heard anything.

LMAO...true

its one way or the other: hate me or admire.

Apr 28, 2011

Comped lunch everyday. Dinner if you stay past 8. Yeah I think thats pretty nice

Apr 28, 2011

My friend works in hedge fund ops and tells people he works at a hedge fund.

He gets laid real fast like right away everytime we go out.

Jan 26, 2011
megafundguy:

My friend works in hedge fund ops and tells people he works at a hedge fund.

He gets laid real fast like right away everytime we go out.

bet even in ops he makes more than other losers she prob fuks lol

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Jan 26, 2011

..

You give me a gift? BAM Thank you note! You invite me somewhere? POW RSVP! You do me a favor? WHAM Favor returned! Do not test my politeness.

Apr 28, 2011

What about anyone in Corporate M&A for like F100?

I work in corpdev at a large tech company in the bay area, our benefits/perks:

  • Free Food (breakfast, lunch, and dinner all you can eat from the cafeteria)
  • Free Drinks (we have pretty much every type of soda, juice, coffee, beer, etc. you could ever want - yes people drink while at work :) )
  • Gym/Spa Membership (really nice gym - squash courts, tennis courts, basketball court, indoor soccer field, classes, all the typical gym equipment, spa services, etc.)
  • Transportation To/From Work Everyday (via company's private shuttle system)
  • Full Health/Dental/Vision (never have to pay a co-pay or anything out of pocket for any medical issue which is quite nice especially if you have a family)
  • Company Products (software is free, hardware is generally highly discounted)
  • Discount Card (gives you discounts at most restaurants, bars, museums, retailers, etc etc in the city)
  • Time Off (20 annual vacation days with 1 year roll over; 10 sick days; 12 paid holidays)
  • Connectivity (mobile phone and home internet bills reimbursed by the company)
  • Tuition Reimbursement (up to $8k per year for any classes, etc. you want to take)
  • Retirement (401K matching)
  • Maternity/Paternity Leave (12 weeks paid for maternity, 6 weeks paid for paternity)
  • Intramural Sports (on site basketball, soccer, baseball, volleyball courts for employee use)
  • ESPP (purchase company shares at a 10% discount up to 15% of base salary)
  • Tele-Work (flexibility to work from home or remotely whenever you want. I probably do this 1-2 times per week...great for travelling. Leave for family's beach house on a Wednesday night and work from there thursday and friday then spend the weekend at the beach, etc.)
  • Great Hours (most weeks i avg 50-60 hours)
  • Other on the Job Perks (business class travel, ocassional jet travel if travelling with CEO, $75 per diem while traveling, top notch hotels, awesome tech budget so you can get the nicest computers as many monitors as you want - i have 4 lol.)
  • Expats (these guys get the best deal...in addition to most of the above they get housing fully paid for or highly subsidized, kids private school tuition paid for, company cars, if youre sent to a 3rd world country most of the time the company will pay for your household staff including maids, chef, etc., country club membership, etc.)
Apr 28, 2011
harvardgrad08:

What about anyone in Corporate M&A for like F100?

I work in corpdev at a large tech company in the bay area, our benefits/perks:

  • Free Food (breakfast, lunch, and dinner all you can eat from the cafeteria)
  • Free Drinks (we have pretty much every type of soda, juice, coffee, beer, etc. you could ever want - yes people drink while at work :) )
  • Gym/Spa Membership (really nice gym - squash courts, tennis courts, basketball court, indoor soccer field, classes, all the typical gym equipment, spa services, etc.)
  • Transportation To/From Work Everyday (via company's private shuttle system)
  • Full Health/Dental/Vision (never have to pay a co-pay or anything out of pocket for any medical issue which is quite nice especially if you have a family)
  • Company Products (software is free, hardware is generally highly discounted)
  • Discount Card (gives you discounts at most restaurants, bars, museums, retailers, etc etc in the city)
  • Time Off (20 annual vacation days with 1 year roll over; 10 sick days; 12 paid holidays)
  • Connectivity (mobile phone and home internet bills reimbursed by the company)
  • Tuition Reimbursement (up to $8k per year for any classes, etc. you want to take)
  • Retirement (401K matching)
  • Maternity/Paternity Leave (12 weeks paid for maternity, 6 weeks paid for paternity)
  • Intramural Sports (on site basketball, soccer, baseball, volleyball courts for employee use)
  • ESPP (purchase company shares at a 10% discount up to 15% of base salary)
  • Tele-Work (flexibility to work from home or remotely whenever you want. I probably do this 1-2 times per week...great for travelling. Leave for family's beach house on a Wednesday night and work from there thursday and friday then spend the weekend at the beach, etc.)
  • Great Hours (most weeks i avg 50-60 hours)
  • Other on the Job Perks (business class travel, ocassional jet travel if travelling with CEO, $75 per diem while traveling, top notch hotels, awesome tech budget so you can get the nicest computers as many monitors as you want - i have 4 lol.)
  • Expats (these guys get the best deal...in addition to most of the above they get housing fully paid for or highly subsidized, kids private school tuition paid for, company cars, if youre sent to a 3rd world country most of the time the company will pay for your household staff including maids, chef, etc., country club membership, etc.)

I maybe wrong but this screams Google to me.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Jan 26, 2011
harvardgrad08:

What about anyone in Corporate M&A for like F100?

I work in corpdev at a large tech company in the bay area, our benefits/perks:

  • Free Food (breakfast, lunch, and dinner all you can eat from the cafeteria)
  • Free Drinks (we have pretty much every type of soda, juice, coffee, beer, etc. you could ever want - yes people drink while at work :) )
  • Gym/Spa Membership (really nice gym - squash courts, tennis courts, basketball court, indoor soccer field, classes, all the typical gym equipment, spa services, etc.)
  • Transportation To/From Work Everyday (via company's private shuttle system)
  • Full Health/Dental/Vision (never have to pay a co-pay or anything out of pocket for any medical issue which is quite nice especially if you have a family)
  • Company Products (software is free, hardware is generally highly discounted)
  • Discount Card (gives you discounts at most restaurants, bars, museums, retailers, etc etc in the city)
  • Time Off (20 annual vacation days with 1 year roll over; 10 sick days; 12 paid holidays)
  • Connectivity (mobile phone and home internet bills reimbursed by the company)
  • Tuition Reimbursement (up to $8k per year for any classes, etc. you want to take)
  • Retirement (401K matching)
  • Maternity/Paternity Leave (12 weeks paid for maternity, 6 weeks paid for paternity)
  • Intramural Sports (on site basketball, soccer, baseball, volleyball courts for employee use)
  • ESPP (purchase company shares at a 10% discount up to 15% of base salary)
  • Tele-Work (flexibility to work from home or remotely whenever you want. I probably do this 1-2 times per week...great for travelling. Leave for family's beach house on a Wednesday night and work from there thursday and friday then spend the weekend at the beach, etc.)
  • Great Hours (most weeks i avg 50-60 hours)
  • Other on the Job Perks (business class travel, ocassional jet travel if travelling with CEO, $75 per diem while traveling, top notch hotels, awesome tech budget so you can get the nicest computers as many monitors as you want - i have 4 lol.)
  • Expats (these guys get the best deal...in addition to most of the above they get housing fully paid for or highly subsidized, kids private school tuition paid for, company cars, if youre sent to a 3rd world country most of the time the company will pay for your household staff including maids, chef, etc., country club membership, etc.)

well It's gotta be one of these, my guess its Apple.. considering "hardware"

http://www.wayfaring.com/maps/show/4358

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Apr 28, 2011
blackfinancier:
harvardgrad08:

What about anyone in Corporate M&A for like F100?

I work in corpdev at a large tech company in the bay area, our benefits/perks:

  • Free Food (breakfast, lunch, and dinner all you can eat from the cafeteria)
  • Free Drinks (we have pretty much every type of soda, juice, coffee, beer, etc. you could ever want - yes people drink while at work :) )
  • Gym/Spa Membership (really nice gym - squash courts, tennis courts, basketball court, indoor soccer field, classes, all the typical gym equipment, spa services, etc.)
  • Transportation To/From Work Everyday (via company's private shuttle system)
  • Full Health/Dental/Vision (never have to pay a co-pay or anything out of pocket for any medical issue which is quite nice especially if you have a family)
  • Company Products (software is free, hardware is generally highly discounted)
  • Discount Card (gives you discounts at most restaurants, bars, museums, retailers, etc etc in the city)
  • Time Off (20 annual vacation days with 1 year roll over; 10 sick days; 12 paid holidays)
  • Connectivity (mobile phone and home internet bills reimbursed by the company)
  • Tuition Reimbursement (up to $8k per year for any classes, etc. you want to take)
  • Retirement (401K matching)
  • Maternity/Paternity Leave (12 weeks paid for maternity, 6 weeks paid for paternity)
  • Intramural Sports (on site basketball, soccer, baseball, volleyball courts for employee use)
  • ESPP (purchase company shares at a 10% discount up to 15% of base salary)
  • Tele-Work (flexibility to work from home or remotely whenever you want. I probably do this 1-2 times per week...great for travelling. Leave for family's beach house on a Wednesday night and work from there thursday and friday then spend the weekend at the beach, etc.)
  • Great Hours (most weeks i avg 50-60 hours)
  • Other on the Job Perks (business class travel, ocassional jet travel if travelling with CEO, $75 per diem while traveling, top notch hotels, awesome tech budget so you can get the nicest computers as many monitors as you want - i have 4 lol.)
  • Expats (these guys get the best deal...in addition to most of the above they get housing fully paid for or highly subsidized, kids private school tuition paid for, company cars, if youre sent to a 3rd world country most of the time the company will pay for your household staff including maids, chef, etc., country club membership, etc.)

well It's gotta be one of these, my guess its Apple.. considering "hardware"

http://www.wayfaring.com/maps/show/4358

That's pretty much every single perk listed on this thread rolled up into one. I don't think I could ever leave the company...

Apr 28, 2011

happypantsmcgee - may or may not be google...there are probably 5-6 large tech companies in the area that have these or very very similar benefits.

Apr 28, 2011
harvardgrad08:

happypantsmcgee - may or may not be google...there are probably 5-6 large tech companies in the area that have these or very very similar benefits.

I knew I should have gone to Stanford.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Apr 28, 2011

Did you already get a gig this summer?

Apr 28, 2011

Your perk would be the opportunity to receive a full-time job. ANYTHING other than that is irrelevant.

    • 1
Apr 28, 2011

When did internship perks start mattering? lol

Apr 28, 2011
TrialandError:

When did internship perks start mattering? lol

I think the people who are making these threads also have offers from various tech firms, which do offer outstanding perks. At these types of firms, these 'perks' seem to be the norm, so it's only natural that people want to make comparisons and get the best deal.

Apr 28, 2011

Is this a real thread

Apr 28, 2011

The PRESTIGE

Apr 28, 2011

JP Morgan gives you a $25 dinner credit every night, as long as you stay late (no time specified, but don't jerk around with it). This is for a regional office, not NY, so the car service doesn't apply. No gym credit that I know of.

Apr 28, 2011

what are UBS' perks?

Apr 28, 2011

UBS will give you some swiss chocholate and cheese :D I think the 'perks' are pretty much central to all banks when it comes to IBD (M&A), for example taxi home, dinner, etc. And i think nearly all bulge brackets have a gym in their office in addition to Starbucks? or maybe not some of them? Anyway, perks shouldnt be a significant factor to differenciate between banks and you should rather concentrate on the strength of the desk, position of the bank in this global credit crisis and the culture of the team you will be working with. But yeh, most banks and boutiques have similar perks.

Apr 28, 2011

That's not true at all. Look at the Vault guides. The fringe benefits and perks can vary wildly between banks. Some are notorious penny-pinchers, while others are pretty liberal with them. I am new to the industry so I can't really tell you specifics but best way to find out is ask an analyst at a BB you know, I'm sure they can tell you what they think of their perks vs. a competitor's.

Apr 28, 2011

Probably the most important "perk" is the company match for your 401K and the vesting period, which does vary from bank to bank. How much you pay for insurance probably varies as well, I've heard at GS you hardly pay a dime.

  • justanotherbanker
  •  Apr 28, 2011

As others have mentioned above, the perks typically look pretty similar on paper. Since I don't know enough to point out exact differences, I'll contribute by suggesting that people consider the unofficial treatment of perks. For example:

Dinner accounts (e.g. seamless):
Some banks turn a blind eye to analysts doubling or tripling up on dinner accounts each night (e.g. by claiming an absent analyst's meal). If you bank let's this slide, your average dinner budget could be substantially higher than $25. I know people who order serious amounts of groceries through seamless web this way. I also know people who regularly eat $60 of sushi for dinner.

Reimbursement:
Depending on the structure of your firm's reimbursement hierarchy, you may be able to claim reimbursement on a wider variety of expenses than you think. For example, I once shared an assistant with a global head. 98% of the receipts she submitted were his and consequently the back office person who examined them never questioned anything she sent. She and I got along really well, so she would reimburse me for cabs and travel that wouldn't technically qualify (e.g. cabs to the office in the morning following all-nighters).

Cab vs. black car:
Depending on the culture of your firm, there could be an unofficial rule that people should take cabs instead of black cars, when possible. If (somehow) you're bent on rolling around in a black car every night, you might check this out in advance.

Apr 28, 2011
justanotherbanker:

Cab vs. black car:
Depending on the culture of your firm, there could be an unofficial rule that people should take cabs instead of black cars, when possible. If (somehow) you're bent on rolling around in a black car every night, you might check this out in advance.

Aren't black cars cheaper for the bank? Banks have contracts with black car companies which is what allows you to use the comp slips instead of paying the black cabs.

Apr 28, 2011

My assistant in banking was probably the best assistant one could hope for. She had been there for awhile and had some clout with the group and she never bothered with the little things. As a result, I always got to expense cab rides, cell phone bills, etc. My bank had a policy that you got 25 dollars a night for dinner, but oftentimes if you were there until 6 or 7AM, you would get hungry again, so you'd order breakfast. My assistant always took sympathy on me and pushed those expenses through.

Apr 28, 2011

The other benefits like insurance and 401k can definitely be huge. This isn't an issue for interns but is for full timers.

Also, some banks (Citi) are very cheap on expense and meal reimbursement, even more so now that times are bad. The small benefits shouldn't be a deciding factor.

Apr 28, 2011

Standard perks are $30 (some do $25) for dinner each night and car service back home if you have a late night. Some banks also offer free gym memberships and pay for your cell phone bills as well.

Usually the perks decrease as you move to regional offices, and generally boutiques and smaller firms (but not the well-known middle-market firms) will offer less in the way of perks.

How strict or lenient your bank is really depends... these days even firms like Goldman are starting to be stricter with expensing. Back when I started in 2006 we could get away with murder, e.g. spending over $1,000 on dinner for 5-10 people and claiming people who weren't there, expensing taxi rides that really didn't qualify, etc.

The 401k match, if they provide one, and any insurance, can be nice and are generally better than these small other perks.

In general you should not make a decision on where to work/intern based on the perks offered to you, because they generally won't be significantly different from bank to bank, and even if they are, there are more important things to focus on.

They're nice to have and make the job suck a bit less than it normally does, but they don't make a huge difference.

Apr 28, 2011

Which banks provide the best 401k, pension, and health plans?

Apr 28, 2011

In London black cars are cheaper than cabs, and so most banks prefer them. The only problem is that black car drivers don't have The Knowledge (see link below), so they rely on GPS or you have to direct them.

http://en.wikipedia.org/wiki/Taxicabs_of_the_Unite...

Apr 28, 2011

Do analysts fly business or economy? I'm most certain it's Business, but a friend of mine thinks, business is probably given only to vps and MDs. Also, what's the analyst's hotel per night budget if on a business trip?

Apr 28, 2011

they (analysts) did at my bank, business class, 5 star hotels. my bank has recently amended the policy though, not sure of specifics but I heard some guy in the elevator complaining about how he has to fly coach now unless hes meeting a client the same day. cost cutting is going on across the board though, they even got rid of breakfast at one of our weekly meetings...how ridiculous is that

indian-banker:

Do analysts fly business or economy? I'm most certain it's Business, but a friend of mine thinks, business is probably given only to vps and MDs. Also, what's the analyst's hotel per night budget if on a business trip?

Apr 28, 2011

Many banks won't let analysts / associates travel anymore unless it's for deal execution / due diligence. Not worth the cash for pitches - MDs can carry their own books. Back before when analysts / associates traveled to pitches, pretty much always economy.

Apr 28, 2011

I have never understood that level of nickel and diming... just kills the culture and continues to remind people that things are not going well.

Apr 28, 2011

I think a lot of banks determine what class you fly by the length of the trip (at the analyst and associate level at least). At mine I think its anything over a 4 hour flight you can go business class. MDs fly so much they usually get bumped up to first class anyway regardless of the bank's policy

Apr 28, 2011

A friend Jimmy Cayne at Bear used to get some herbs and free massages under the desk.

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Apr 28, 2011

At my bank the 401K are as followed:

After 1 full year of working match to 5% of salary and bonuses and then at the end of the year they contribute another 2% of your total comp.

Apr 28, 2011

Thanks, I did a little bit more searching and it seems 3-5% matching is common. Is it generally worth it to max out the 401k contribution limit of 17.5k despite no matching above 3-5%?

Apr 28, 2011

Standard advice is to get the match, then go Roth IRA through a brokerage account, giving you more options.

I am just a big a fan of paying off any higher interest student loans you may have after maxing out the match.

Apr 28, 2011

Depending on the bank you'll get discounts on gym memberships, not sure if any bank provides you with a free one.

Yes you get hotel discounts if you book through work, but most people are too lazy (myself included)

Yes, most banks have retail discounts through company website.

Not sure about reservations (to restaurants im assuming) Just call them and say you're a badass IB analyst.

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Apr 28, 2011

(212) 867-5309 - Personal Black Car w/ hooker ( a la Wall Street)

There is also a champagne room at Scores just dedicated for rock star analysts.

In all seriousness, there are no discounts/perks just for bankers. There are firm-wide discounts on flights/clothes/electronics/hotels/etc. for everyone....including brokers and dudes in the back-office.

Apr 28, 2011

That's more what I meant - just perks/discounts for everyone working for the firm. Can anyone name specific banks/hotel deals and retail discounts?

Apr 28, 2011

You can go to certain museums for free.

Apr 28, 2011

can get into Cain and Marquis for VIP for $10. Just tell them you're an IB analyst with a BB.

Apr 28, 2011

real deal is at 40/40. tell jay-z you got top bonus and he'll serve you some cristal. only way to get it.

Apr 28, 2011

40/40 is actually pretty fun.

WizardofOz:

real deal is at 40/40. tell jay-z you got top bonus and he'll serve you some cristal. only way to get it.

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Apr 28, 2011

if u want nice perks, go work for google...banks tend to give everyone the same perks/discounts except bankers use the meal allowance/cars daily.

Apr 28, 2011

i have friends at google - perks have been nowhere near as good since they IPOed.

Apr 28, 2011

i agree

Apr 28, 2011

I have never done 40/40 for good reason. When I went out in the city it was either cain/'quee or dive bars.

Had quite the reputation at work for being a partier at 'quee.

Apr 28, 2011
ExGSBanker:

Had quite the reputation at work for being a partier at 'quee.

nice.....took u 23 yrs to start hanging out w the "cool kids" but doesnt it feel so good?

Apr 28, 2011

And don't go to either and say "I know ExGsBanker, let me in" They won't.

Apr 28, 2011

If you say "I know BB.M&A.3rdyear" at any club they'll let you in. Go to PUR, Tryst, Tao in vegas.

ExGSBanker:

And don't go to either and say "I know ExGsBanker, let me in" They won't.

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Apr 28, 2011
Apr 28, 2011

Oh if you actually knew me, my name would get you into any club in NYC, Vegas and South Beach...

I assure you of that fact.

Apr 28, 2011
ExGSBanker:

Oh if you actually knew me, my name would get you into any club in NYC, Vegas and South Beach...

I assure you of that fact.

I really hope you're joking, because if you're not, you are a liar (and a douchebag).

Apr 28, 2011

Fantastic rate at The Shore Club and Four Seasons

Apr 28, 2011

exgsbanker, are you lindsay lohan?

Apr 28, 2011
3bg:

exgsbanker, are you lindsay lohan?

nice shot. *tips hat.

Apr 28, 2011

Not sure what other banks do this but GS will give you another $25 after midnight (assuming you are still at the office) to spend at any local convenience store. Since the receipts are not itemized, you can essentially buy anything you want. You can stock up on food, drinks, toothpaste, pretty much anything.

Apr 28, 2011
aanr4:

Not sure what other banks do this but GS will give you another $25 after midnight (assuming you are still at the office) to spend at any local convenience store. Since the receipts are not itemized, you can essentially buy anything you want. You can stock up on food, drinks, toothpaste, pretty much anything.

Are you serious? Is this for NYC?

Can you just get it in cash if you don't spend it? If not, I'm going to be stocking up on the Red Bull.

Apr 28, 2011

No you can't get it in cash...but you can get $25 of red bull if you are there past midnight.

Apr 28, 2011

which at GS will be every single night

Apr 28, 2011

What about the dinner allowance and the black car home at regional offices of BB banks (Chicago and Houston specifically)?

Apr 28, 2011

You get $25 for dinner in Houston, which goes a very long way. I'm pretty sure there's no black car, but living in Houston you need a car of your own to get around.

Apr 28, 2011
slypko:

What about the dinner allowance and the black car home at regional offices of BB banks (Chicago and Houston specifically)?

For Chicago, its cabs, not black cars. And 25-30 bucks for dinner.

Apr 28, 2011

Is it viewed negatively (do BB banks keep track of) if SUMMERS use the dinner allowance and black car service during the permitted time frame?

Apr 28, 2011
y2yankees99:

Is it viewed negatively (do BB banks keep track of) if SUMMERS use the dinner allowance and black car service during the permitted time frame?

You are supposed to use it, why wouldn't you?

Apr 28, 2011

Lol, so I guess every last penny of that $25/night will be used for the good of the office nightdwellers (aka analysts/associates).

Apr 28, 2011

You get a half hour break for lunch.

Apr 28, 2011
Flake:

You get a half hour break for lunch.

hahahahaha

Apr 28, 2011
Flake:

You get a half hour break for lunch.

I get that too, but I have to eat it at my desk and am expected to do work all throughout it.

Apr 28, 2011

Discounts on random shit and that's about it

Apr 28, 2011

That's why it's a perk!

Apr 28, 2011

I worked two years as an Analyst at a BB Private Bank. The perks are alright, but it really depends on a few things...

  1. the market you work in (NYC vs Midwest suburb)
  2. your clients (ultra high net worth vs. high net worth vs. retail... athletes vs. financial sponsors/leaders vs. small business owners vs doctors...your get the point)
  3. how deep of a relationship you - as an analyst - develop with your clients
    3b. how close your senior bankers will let you get to their clients

In an ideal situation, where your senior bankers trust you and allow you to get decent client exposure, there will be opportunities for nice meals, trips, golf/ski outings, etc

Apr 28, 2011

if you work on the buyside you get perks (or if you're in sales for a BB - because you'll be taking them out), U.S. open, free drinks, fancy dinners. pre nice

Apr 28, 2011

As a RM, you will entertain, but you're not allowed to accept 'presents' from clients.

Apr 28, 2011

This is always brought up but the answers won't change, it's not as glamorous as you're expecting I hate to say. You can get decent deals on gym membership, some discounts from various retailers that are largely useless, good deals on laptops (apple products are far worse deals but still do exist). And that's about it. The BBs are all public so no great perks. You can't event get lucites that serve a functional purpose anymore or it's seen as bribing. Regulations are the worst

Apr 28, 2011

EB. I think we got $5-10 per month off a gym membership. Discount at a certain hotel chain. And a free financial calculator, yours to keep.

    • 2
Apr 28, 2011

The only cool thing we do is the annual ski trip, other than that I don't consider stuff like getting a phone, laptop, calculator, a bigger dinner allowance etc. a perk. EB btw.

Apr 28, 2011

do you get a laptop?

Apr 28, 2011

I'm jelly of your calculator. Does it come with a matching pair of suspenders?

Best Response
Apr 28, 2011

My MD occasionally says thank you to me before complaining about how it was unnecessary for me to stay up all night working on the book he dropped off at my desk at 7 and needed by the following morning.

    • 3
Apr 28, 2011

The perk is your salary.

Apr 28, 2011

Laptop not a perk, wat.

Apr 28, 2011

This question has been asked before, to which I responded, "My boss said 'good job' once, that was a pretty cool perk."

Since then, times have changed and I have a new answer, see below.

My boss has told me "good job" on two separate occasions, those were pretty cool perks.

Apr 28, 2011

car service after 9:00 and no $ for dinner cause we don't work after 9 too often

Apr 28, 2011

Woah ... you don't work after 9? Which MM/boutique do you work for?

Because mine isn't in NY, I'm expected to have a car (I get a parking allowance that should pretty much cover it). I was under the impression that I get late dinner and weekend dinner but I'm starting to question myself now.

Apr 28, 2011

No car service, but a $15 dinner (non-NYC, goes a lot farther) after 7pm, but we usually work til about 11:30 depending on the week

I need to find this place where you don't work after 9...hopefully your pay is still comparable from a MM standpoint.

Apr 28, 2011

most places in nyc provide car service after a certain hour. atleast thats the impression i get. the mm im working for does. as well as provides meal money.

also on the weekends, the car service will pick you up from home which is nice.

but i got this info from an analyst i spoke to briefly during the superday, so i assume its true.

Apr 28, 2011

The ability to treat the front-desk guy like shit. It is a luxury that boutique 1st yr analysts revel in.

Apr 28, 2011

From the guys at HLHZ and Jefferies: food allowances, gym, a pretty nice lounge, bathroom (and actually a shower on site, which is key for all nighters) and gym membership benefits. I mean, as long as you aren't at a shit hole, you should get the same perks.

Apr 28, 2011

im not workin there yet but tat's what i hear from the current analyst.

Apr 28, 2011

HLHZ in NYC, Chicago, and LA operate exactly like BB's in terms of car service, meals at night/weekends, etc. with the exception of perhaps a small haircut in bonus depending on the year (last year pay was street, though).

The ironic thing is that while HLHZ is technically a private subsidiary and doesn't face shareholder scrutiny like Citi, JPM, CS, etc. that most of the BB's are going through cost cuts and the perks are going away for some of the BB's.

Apr 28, 2011

$30 dinner and car service after 8 PM; $30 per day food allowance for weekend work plus transportation costs; gym discounts, theater/opera/all sporting event ticket discounts, attache case; first/bus.-class flights for any flight longer than 2 hrs (international included), alcohol expenses are billable back to the firm while travelling, greater travel expense allowances and others I'm sure I'm forgetting.

Apr 28, 2011

Damn--that seems pretty generous. Do you mind telling which bank (or list it with a couple peers) and where?

Apr 28, 2011

Mine is same as MandA analyst's. It is really a good deal. I spend no money during the week except for dry-cleaning and going out. We also get free lunch and free drinks and snacks all day.

Apr 28, 2011
ibankalot:

Mine is same as MandA analyst's. It is really a good deal. I spend no money during the week except for dry-cleaning and going out. We also get free lunch and free drinks and snacks all day.

Free lunch? I've heard of banks giving free dinners past 8 or something, but never lunch, except for S&T. Where do you work (BB or MM)?

Apr 28, 2011

Free lunch everyday? I call BS on that one.

Apr 28, 2011

i didn't know google was a MM/boutique...

Apr 28, 2011

i've heard of free lunch...in fact the boutique i worked at had a free cafeteria every day. food wasn't great but it was free. saved money and was a fast option though

Apr 28, 2011

Im assuming most of these perks are for NY banks. How about non-NY? Any non-NY MM/Boutique banks that provide perks of any sort?

Apr 28, 2011

My fricking fiance, who doesn't even work for a bank, gets free Flavia coffee, free lunch 3x/week, free sodas, milk, juices, and snacks all day long, and a monthly dinner out with the work group at a nice restaurant.

I get... my choice of free off-brand Robusta coffee with powdered non-dairy creamer that comes in an industrial-sized vat or $0.75 Flavia coffee. No soda, milk, juice, or snacks... but I can go to the vending machine and get a highly limited range of stuff for $1.25 apiece, which is more expensive than at a grocery store. Our last group outing was to a bargain-basement beer hall where we ate nothing and did nothing but play beer pong all night. You can be sure I had an absolutely FABulous time playing beer pong with stale Budweiser. Yeah.

Some bulge brackets REALLY suck for perks.

Apr 28, 2011

bump!

Apr 28, 2011

Ugh, this is almost 4 years old! I hadn't even graduated from college yet...

Apr 28, 2011

Most MMs will give the same perks as BBs. I'm sure Jefferies, Piper, Needham, Stifel Weisel, Opco, will give you a meal allowance for dinner, weekend lunch / dinner, black cars, and maybe even mileage. Gym perks will vary, but shouldn't be a big deal.

Boutiques - well, that depends. Elite boutiques should be friggin awesome in terms of perks (maybe even better than BB), though regionals most likely will be worse.

Apr 28, 2011

I get a secretary and standard stuff like dinner/car home.

Apr 28, 2011

Did you end up getting late dinner/weekend dinner CB? :-p

Apr 28, 2011

I thought banks stopped having black cars and rather reimbursed taxi fares?

Apr 28, 2011

bump

Apr 28, 2011

bump

Apr 28, 2011

I'm a first year PB analyst in Chicago (think JPM/GS) and in my first 6 months I've gone out to one client dinner and 2 sporting events in the company box, and I know some of the older analysts have been to many more of these things than I have. Even as an analyst, if you bust your ass and do good work for the bankers/investors/whoever you are working under then they will start to trust you enough to bring along to these things. I've been to several client meetings in addition to the dinner and couple sporting events, and in general the clients are all awesome people.

We have some people on our team that take clients to dinner/sports/concerts/etc s3-4 nights a week. As one of the senior people on my team put it, "Knowing investments and market trends is important to getting clients, but a good appetite and strong liver are more important to keeping them."

I would agree with you, but then we'd both be wrong.

Apr 28, 2011

100 bucks say you're at JPM roger

Apr 28, 2011

does anyone else have anything else to add?

thanks for the comments roger, just looking for some more opinions

Apr 28, 2011

pwm at some BB's gives you a shit ton of discounts at online stores from laptops, tvs, to clothes and sporting tickets. you get an additional 5-15% off (low to high)

Apr 28, 2011

Prangs, doesn't everyone who works at a bank get discounts to their clients online stores? That was my impression, if its better for pwn then awesome.

Apr 28, 2011

Stupid shit like electronics is a better incentive for dummies. I think most here would prefer cash.

heister:

Look at all these wannabe richies hating on an expensive salad.

Apr 28, 2011

electronics is for idiots. cash is for peasants. a solid professional network/support/working for people you like is a priceless bonus.

but what would i know? never worked a day in my life + am contemplating dropping out of my undergrad. would make an excellent trophy wife. my school would love that.

    • 2
Apr 28, 2011

I got a company duffle/gym bag...

Apr 28, 2011

A really cool flash drive.

Apr 28, 2011

you'd like a flash drive instead of a bonus?

Apr 28, 2011

Running tabs at local fine restaurants/bars, a lawyer saved only as "The Count" in my phone, stupid amount of vacation I never use, tickets to anything worthwhile and some of the best wingmen around.

Apr 28, 2011

Cash, cash, and some more cash.

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."

Apr 28, 2011

What about sluts/bitches? That too?

    • 2
Apr 28, 2011