SA Salary
Just received an SA offer from a BB, 2500 signing bonus (I believe, I was very excited on the phone so she might have been talking about a housing stipend) plus 70k prorated for 10 weeks. Wondering what other people were hearing in terms of numbers, and potential bonuses from years past (if at all).
EDIT - Investment Banking Division in NYC
US BB in London (Citi, BoAML...), in IBD: 1000£ sign on (~1600$) 3750£/month or 45k£ pro rated (~6000$)
Sounds about right.
London comp should be in lign with the above mentioned amounts.
SA comp should be the same across the street (70K pro) only thing that might vary is the sign on.
Does the 70k prorated comp apply to BB's in Chicago?
Yes, BBs pay the same everywhere.
Keep in mind though that the tax rate is higher on the sign/housing bonus... a lot of people when they start the summer get surprised by this. I remember it was somewhere near 40% in tax if you are in NYC because its a lump sum payment, so be aware that uncle sam will be taking most of that :)
bulge4lyf, OT question: Are FT year-end bonuses also the same for BBs in Chicago at the analyst level? Thanks.
IBD with US BB in London (Citi, BoAML, etc) No signing on bonus. Salary is £42k pro-rated (~$67k). Numbers don't look amazing, but I'm delighted to be in the door.
hey congrats on the offer. 42k is the going rate in london (I'm pretty sure JPM, GS, CS etc all pay this). they bumped it up to 42k a couple of years ago from 37 (at the same time BB's in NYC went from 60 to 70k for first year analysts). A couple of banks (I think Citi, for sure RBS, and maybe Deutsche?) pay 46k. HSBC pays 41, BNP pays 37.
42k is supposed to be 70k, but of course exchange rate fluctuations make it impossible to be exactly right.
I have an offer for the same pro rated amount in London but with a signing bonus. It's not that significant though, but it feels good to get a bonus.
NY BB for S&T 80k pro rated plus 2000 housing stipend.
80k? Interesting. Haven't heard of that before now
Are FT year-end bonuses also the same for BBs in Chicago at the analyst level?
For SA... I heard some banks also pay overtime... and some don't.
London is going up to 45.
Agree with mxc, most banks in London pay 45k first year.
Ya 70k is the standard no matter which BB/location you're at. The one I'm doing my SA with pays OT, which is nice. The bonus you're referring to is a housing stipend. Mine is $2k, but will go much further than $2.5k in nyc haha. Congratulations on your offer.
How come I never heard anything about signing bonus.. and I thought it's because I get OT but.... apparently OT and signing is different?
They aren't necessarily signing bonuses. They're shown in the offer letter as one-time housing stipends, and I've heard they are pretty common. It seems like they range anywhere from $1000-$2500 depending on the bank.
BB SA
2000 signing; 70,000 prorated; overtime pay as well
BB. 70k prorated +2,000 housing stipend +Overtime. Know someone who pulled ~$26k EBT last summer.
Most US banks are paying $70k or $72.5k pro-rated plus $2000 "relocation bonus"
Also for sophomores doing non-traditional internships at BB's, these are the numbers I've seen:
PWM: anywhere from unpaid to $12/hour AM: $18/hour
Boutique in NYC 70k prorated, 3k signing bonus
Last year U.S. BB was 65k prorated, 2.5 months free housing, round trip flight (was in Asia)
70k prorated for me with 1 1/2 overtime :) ... but no housing stipend :(
6000/month and 2000 relocation bonus for me in Chi
70k prorated, 2k signing/housing stipend, .5 pay for hours over 40 per week.
70k, 2k housing stipend, 1.5x OT after 40hrs
That's disgusting. Assuming 90 hours/week, you will make roughly $42,000 stipend included. That can't be right?
It's right because I have the deal as a summer associate (with higher salary obv). The trick is, at least at my bank, it's based on 65 hour week. So the first 40 hours hourly rate is not 100k pro-rated. It's x(40) + 1.5x(25) = 100k on a 52 week year (and then you get the 1.5 rate for every hour above 40). You can still add on some nice extra loot though.
Is this baml?
NY BB (Soph): 60 K prorated, 1 K housing
wow. as a soph
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