Despite working like a dog since transferring in from the middle office, and despite the fact that we have a bunch of deals closing in the first quarter next year. Excellent. What's even better is that the company's paid bonuses worth 2 years of gross each year for the last 3 years to people in IBD, and I fucking missed the boat.
Fuck this credit crunch to hell. I'm going to start going home at 6. I don't see the point in being the hardest-working analyst out there and still getting boned (sitting in the office on a Friday and having to come in tomorrow too, for example).
Sorry, just needed to vent. People think bankers make a lot of money, but don't realise that around 2/3rds of their pay is often in bonuses. Heck, my bank pays salaries well below industry averages because they pay bonuses like the aforementioned. We got double-screwed this year, and what's worse is that exit opps have literally dried up.
That sucks bud.
I'm thinking an MBA in 2010 and then something that's not finance. Problem is that's what everyone else is thinking too. That and how to fund it.
Are you serious? 90-100 hour weeks for naught? My heart goes out to you.
you moved from middle office to front office!! thats promotion enough and a chance to set yourself up for the future. Bonus isnt everything...(though I certainly feel your pain)
What future? I seriously don't think bonuses are ever going to return to those levels again, and exit opps in PE etc. are so limited now, especially with all the BB guys out on the streets. The base salary in the front and middle office aren't that different, but the hours are literally twice as much in IBD.
I know this sounds like whinging, especially with people having been fired etc., but it sucks to not get compensated after busting your hump and giving up your social life.
Hahaha, love the pic that just got uploaded.
Wow, that really sucks ass do you think that you could sue or at least get a raise in your salay. My deepest condolences.
I've asked for a raise in the past and it's been ignored; the firm pays lower salaries but higher bonus multiples than other firms (thus why I feel double-screwed). Thing is, our bank's not even had that much exposure, but we're suffering because the prop teams and Asset Management side have had to write down a ton of their international holdings. Sucks because we have tons of dealflow, but most of the companies are scheduled to list in 09 because of the shitty capital market conditions (we're mostly IPOs, not M&A).
I'm expecting a namesake promotion at the end of the year (senior analyst, comes with a small hike in salary that would only just about cover the astronomical inflation here). That should make hopping over to an associate position at another firm easier, though. But no one's hiring.
You're at a regional boutique, aren't you? Sucks dude.
Right, the setup is similar to GS/MS in terms of divisions, but the focus is regional.
Did/will any of the larger firms pay bonuses?
Bonuses are going to be down across the board for sure, but it's unfortunate that you didn't get anything. I wouldn't necessarily drop my work efforts by 50% if I were you, but your situation should tell you that sometimes trying to put in a little extra effort (or a lot, in your case) doesn't necessarily get you that much more reward. Try not to get too down on yourself, but it goes to show that sometimes the hardest working people don't get rewarded in this business. I know that sounds contrary to the advice that some people give to analysts here, but I've been around long enough to know that some extra incremental effort is often not worth the trouble, unless you're certain you'll get paid off.
By the way, what reasons did they provide for your not getting any bonus? How did your peers do?
I haven't been around that long, but I can definitely see that sometimes killing yourself putting in extra (often unnecessary) work simply isn't worth it. Try not to be discouraged, you should be proud that you were able to make a move and that you're still employed, frankly. I haven't heard that there won't be bonuses at all at my bank, but when senior management spoke to us recently they said "the bonus pool this year is really really small"
Wow thats miserable man. Squadouche... ouch. Just another reason I would never even think about banking.
That, and the fact that you probably wouldn't even get an interview.
please dude, OP has no right to complain when he made such terrible career choices. lets all be stay-at-home e-trade equity daytraders like trade4size. where the REAL bonuses get paid. uh oh, gotta go, my MACDs just crossed
Thank God for management fees in PE...Hang in there and stay positive.
Damn..I totally feel for you. It definitely sucks.
I'd recommend against doing anything rash or that your seniors might find offensive. At the end of the day, at least you still have a job and a source of income.
Last thing you want to do is get fired.
All over the place, firms are trying to reduce costs and getting rid of the former MO analyst who goes home at 6pm at a time of lean deal flow seems to make sense to your staffers.
Just stick it out, start looking at other opportunities after you get some decent experience and time on your resume.(thought about going corporate? less hours and probably the same pay if there's no bonus)
Cheers guys; I was actually expecting a chorus of people telling me to quit whining while people are losing their jobs.
I won't be doing anything rash at all, but I don't think I'm going to sacrifice my social life to the extent that I have so far. I'm told that there'll be cuts in some departments at my firm (VERY rare in this city), so I can't completely slack off, plus it's not in my nature to miss deadlines or hand in shoddy work.
The reason provided for no bonus was simply that we've posted a net loss in the first half of the year because of huge writedowns on the prop side and the Asset Management side. Annoys me because we have so many deals set to close early next year, and also because the rest of the firm really doesn't have the work ethic of IBD (our investment banking side is up there with the BBs here).
Taylorman,
I definitely understand your pain. Working as hard as you do and not getting a bonus is definitely a slap in the face. One warning though: I wouldn't go mentioning the fact that you have a bunch of deals slated to close in Q1. In the current market, and even in good markets, deals can die in the blink of an eye and the millions of revenue that you that you were going to bring in disappears. Your company really can't pay a bonus to you based on expected revenue, especially in the current environment. If they all do hit and the firm does great, it will be picked up in your next bonus. Sure, it sucks, but that's the way I would think of that particular argument. Still, I think they ought to give you something, even if it is just 10-20k!
~~~~~~~~~~~ CompBanker
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