Truist Pay Raise?

I know Analysts were bumped to base 87.5/92.5/97.5 earlier and I think associates received something as well. Either way, looks like all banks are now bumping to or beyond 100k base for AN1. Wondering if we'll see any more bumps for analysts?
 

I know they are mainly outside of NYC in Atlanta instead, but current bases for NYC are especially now under market. Even Atlanta is getting pricey and don't really think we should be this under the market on base. Just at least get close to matching everyone else now. Heard that bonuses were very good this year but no direct confirmation other than on here? Any rumors out there?

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Comments (155)

  • Analyst 1 in IB-M&A
Aug 2, 2021 - 11:34am

Hope Truist raises bases but ATL COL isn't anywhere close to NYC. My buddy got a sick 2 BR apartment in ATL for 1300.

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Aug 2, 2021 - 10:34pm

Highly unlikely they budge any further. Truist is historically cheap and is highly focused on hitting merger cost savings targets. Can confirm high bonuses, but I'm sure they were either just a bit higher or in line with street this year. They would rather do one time large bonuses because they can adjust that as non-recurring.

Truist has always lagged the street, so wouldn't expect much change there. Also a few other banks are still in that wheelhouse, so I don't think they are way off market for a middle market bank focused in the south.

TLDR; there has been 0 talk and 0 rumors, and it feels highly unlikely

  • Analyst 2 in IB-M&A
Aug 2, 2021 - 10:55pm

god damn you are probably right but hopefully there is something coming along. HW and WF in the south are at 105k and even damn Macquarie of all places are 100k

sick of this shit always being a step behind and getting fucked always just give us something 

Aug 20, 2021 - 4:24am

If it's any solace, banks who stepped up salary will likely make concessions with bonuses (ie bonuses will be lower as a % of salary with the bumps as opposed to without the bumps). So I'd definitely keep ears peeled for how all-in comp shakes out next year. If both salary and bonus increase for banks who raised salaries then yeah, jump. But if bonuses were effectively lower and yours are higher as a % of base, consider that as well. Obviously as an analyst a higher salary is nice but just food for thought before you get too ticked off

  • 2
  • Prospect in IB - Gen
Aug 3, 2021 - 11:09am

Yeah this sounds right. It's tough because one of the messages they really push is that they're rapidly growing their presence in NYC and are more frequently competing with/winning mandates from BBs. IMO it will be hard to bring in the talent to do so if they consistently have the reputation of paying below street

  • Analyst 2 in IB-M&A
Aug 3, 2021 - 11:12am

87.5k/92.5k an1 and an2 is an absolute joke in NYC now. No way they get to where they want pulling that and they surely are aware.

  • Prospect in IB-M&A
Aug 4, 2021 - 4:09pm

They pay below street and expect street deals, hours, talent etc… it's ridiculous. Lateraling later this month.

  • Analyst 2 in IB-M&A
Aug 4, 2021 - 4:19pm

Shit man you really think there's no hope? I feel like it's maybe a bit of delay since they just did the first mini-increase and need to do it all over again. Or am I being delusional in my thoughts. Are you a new AN1 or been here?

  • Prospect in IB-M&A
Aug 4, 2021 - 4:34pm

AN2 and you're not delusional but they obviously care about the post-merger cost savings a tremendous amount. Can't see CIB justifying a 100k base while on middle market deals ... my staffer has just been promising continued strong bonuses but that isn't enough security.

Aug 4, 2021 - 8:22pm

Yeah lol. I guess it's never enough.

To be fair, I think the 100k+ bonuses (that was A2-A3, not A1) are market level this year. I have seen multiple reports of similar bonuses. Truist just pays a bit earlier than most (end of June).

  • Intern in IB-M&A
Aug 7, 2021 - 2:02am

At least the current comp is pretty solid for Atl (sorry NYC Truist guys)

  • Intern in IB-M&A
Aug 7, 2021 - 3:06pm

You could get a pretty good place in buckhead around $1,600 and nice 1BRs will be $2,000/month.

But I definitely wouldn't wanna live by myself after undergrad. Would be way too lonely plus you can get super nice 2BR apartments in Buckhead and Midtown for like $2,800-$3,000 total. Not a bad price per person considering how nice some of these places are

  • Analyst 1 in IB - Cov
Aug 8, 2021 - 11:15am

Nothing will happen unless higher ups at the firm are made aware of how far base salary is lagging behind the competition. Even if total comp is in line with street, paying below street salary is a joke.

  • Analyst 2 in IB-M&A
Aug 8, 2021 - 11:23am

Honestly think they will bump it very soon. The fact that I can't name a single bank besides us that's under 95k (most of which are above 100k now) is very telling. I've asked numerous people and no one can find any other reputable bank that is still at this base and this includes the southern banks as well. They have to be aware at this point no way around it. Hang tight we should be hearing something or else there will be a mass exodus soon. 

  • Analyst 2 in IB-M&A
Aug 10, 2021 - 3:17pm

Oh look, we now have a handful of banks pushing it even farther now to 120k / 130k AN1/AN2 and here we still are.

I can be patient, but being fucking embarrassed at this rate is not something I will stand. Either drop the hours and workload or fucking pay us. I give one week from today as my limit. 

Aug 10, 2021 - 3:34pm

They are going to have to bump for both PR sake and retention sake. The fact that 3rd years at Truist are making below 1st years at the majority of banks and at all of Truist competitors is obvious justification for a bump to 100-110k starting and then increments of 5-10k on up. Or all the analysts will start looking elsewhere because to lateraling and quickly making an extra 15-25k is a no-brainer.

  • Analyst 2 in IB-M&A
Aug 10, 2021 - 3:49pm

Precisely. The difference is not simply 10k here or there now. We are talking 20,000 plus differences. After three years in banking, you're base barely breaks 100k atm.

  • Analyst 1 in IB - Cov
Aug 11, 2021 - 9:52am

Truist has 10 layers of management and none of them have their finger on the pulse of salary trends. No other explanation for the delay and no indication so far that they're even talking/thinking about this. An 87.5 base can't hold. If they got in a zoom and saw what other banks are paying, analyst raises would be announced next day.

Aug 11, 2021 - 4:54pm

What do you think would be the best way to bring it to management's attention? Not being cheeky, actually wondering.  Have talked to several onboarding An1s who want to bring it to someone's attention but since in training they dont know anyone to bring it up to. Hoping senior analysts will start the talks.

  • Analyst 2 in IB-M&A
Aug 11, 2021 - 5:27pm

You first year ANs need to push something for now while you still have so much free time in training. Us second year guys are getting fucking crushed at the moment and I'd wager half of us aren't even aware nor have any sanity or energy since everyone is so swamped already. Especially the case if you are a first year AN headed for NYC because you will not fucking save a single penny frankly and that's not an over exaggeration unless you managed to grab one of those crappy 2 bedrooms with a roommate for like 3500. Costs have shot way up.

  • Analyst 1 in IB-M&A
Aug 11, 2021 - 10:44pm

Can't speak for others but it goes really fucking far in Atlanta. This frustration isn't about wanting an extra couple bucks in our bank account,  it's about wanting proof that the firm gives a shit and is trying at least bare minimum to be competitive.

  • Analyst 2 in IB-M&A
Aug 11, 2021 - 10:27am

Here's another day. Like I said I can be a little patient but my limit remains Tuesday of next week. Can't believe I put my trust into these people thus far. I'm a rational individual but if still silence or no rumors on that day there will be consequences. Mass exodus will come.

  • Analyst 2 in IB-M&A
Aug 13, 2021 - 10:36am

Any Friday treat for us? That's fine if not. I also don't have to login this weekend then. I'll respond to my emails on Monday like every other job out there. How about that you cheap asses? 

  • Analyst 1 in IB-M&A
Aug 13, 2021 - 12:11pm

BAML also just bumped a second time up to 100. This is just absurd that we've heard nothing from leadership. Somebody needs to start asking the hard questions.

  • Analyst 2 in IB-M&A
Aug 15, 2021 - 10:21pm

Felt good to not check that email this weekend. First free weekend in a long time. So freeing when you know there's so many great alternatives now out there. Let's see that Monday morning email confirming the raises. I have hope and I feel it. If so I'm back on the grind happily for most certain no more complaints out of me.

  • Analyst 1 in IB - Cov
Aug 15, 2021 - 11:53pm

Valid point. Not the one slinging MS. Current 87.5k vs 100k market rate is much, much worse than the old 80k vs 85k market rate. I'm sure you can empathize. Especially now that Atlanta is flooded with Truist competitors.

Aug 16, 2021 - 12:21am

Valid point. Not the one slinging MS. Current 87.5k vs 100k market rate is much, much worse than the old 80k vs 85k market rate. I'm sure you can empathize. Especially now that Atlanta is flooded with Truist competitors.

I feel that. Used to be STRH was the only game in town for ATL - they'll wake tf up when an entire analyst class laterals to other ATL shops or interns from UGA, etc. start declining offers

  • Analyst 2 in IB-M&A
Aug 16, 2021 - 12:47pm

Motherfuckers. I've about had it mentally. Don't care anymore honestly. I'm coasting as long as possible. Good luck new analysts you will need it.

  • Analyst 2 in IB-M&A
Aug 19, 2021 - 5:57pm

No not, butthurt. Big difference between being 5k below BBs and now being 15k AT LEAST behind EVERYONE. Shame on you

  • Prospect in IB - Gen
Aug 18, 2021 - 11:23pm

Went to a MD that I work a lot with and ask about this. He told me that I was already getting paid a bunch compared to the rest of undergraduate coming out of college. In short, I should be grateful for the job and not complain about $15k difference. I should work on getting better at the job and the pay will come. So, who's down to hand in their resignation together? We also hire some credit guy from TD bank as associate on my team, wtf is happening to this firm.

  • Analyst 1 in IB - Cov
Aug 19, 2021 - 12:31pm

Wow. That is completely fucked. Props to you actually asking for what you're owed. I hope you get an offer from a much better bank with that $105k base ASAP bro. I'm prepping for lateral interviews as we speak.

  • Intern in IB-M&A
Aug 19, 2021 - 5:20pm

This is really upsetting to hear as an incoming analyst. Someone actually needs to show senior management this thread cause Truist's name is getting dragged through the mud now. It's not just about paying your analysts what they deserve, it's also about doing the bare minimum to show that sometimes you give a shit about them

  • Analyst 2 in IB-M&A
Aug 19, 2021 - 6:04pm

Go ahead and talk to your staffer or at the very least your other new analysts in your class. You all have a lot of free time now and the first week or so. Now is your chance, because it's fallen on deaf ears over in mine.

  • Analyst 2 in IB-M&A
Aug 19, 2021 - 5:59pm

I appreciate you going ahead and asking. We need more of that. Shame on that MD so very out of touch. This hurts the brand a lot. What do people think of now when they hear Truist, "hey, that's that one bank underpaying the fuck out of it's analysts right?" 

  • Intern in IB-M&A
Aug 19, 2021 - 5:24pm

I had a dream last night that HR sent out an email to everyone about new base raises. Imagine my fucking disappointment when I woke up smh

  • Analyst 1 in IB - Cov
Aug 19, 2021 - 7:43pm

Okay so now even Japanese banks like MUFG/SMBC are paying 100k (yes dollars, not yen)? Meanwhile Truist analysts need to buy cup noodles at Costco and wait for year end bonus to afford real ramen? 

  • Analyst 3+ in IB - DCM
Aug 19, 2021 - 10:09pm

Can anyone confirm that Truist actually did not raise? If you read the comments, a lot of people are claiming their bank raised based on intern return offers. A lot of these banks have not actually raised yet, and the raises won't go in effect until 2022.

Does anyone know if intern offers said $87.5k for sure?

Anyway I agree Truist is playing with fire. More than the $10-$15k extra, I'm worried about getting bottom of the barrel talent which makes good analysts have to pick up the slack. There's already been anecdotal evidence that the newer junior talent is under-experienced.

  • Analyst 2 in IB-M&A
Aug 19, 2021 - 10:27pm

Yes 100% confirmed there has been no change there's nothing unclear there. Imagine out of all the banks out there you happen to land on the one currently paying the least.

As for your comment on new analysts. Yes if you continue to pay less (even if it's made up for in bonuses but that's not reflected in offer letters) you will end up seeing the bank become a far back up or safety option for people. 

I still think it's inevitable that they go 100/105/110 at the minimum. Simply not sustainable with this model unless they cut the hours and market themselves as a "lifestyle" bank. 

Aug 21, 2021 - 3:00pm

105k in Cleveland is insanely high. I'm not even sure how one would be able to spend their salary.

Array

  • Analyst 1 in IB - Cov
Aug 21, 2021 - 4:08pm

What does the company gain by degrading itself like this? They are the lowest paying bank on this side of the solar system. At the bare minimum they can save face by boosting base and reducing bonus.

  • Analyst 2 in IB-M&A
Aug 21, 2021 - 7:39pm

Don't forget the several individuals in here who were seriously trying to argue that Truist has always "been below street" on this magnitude and then brought in ATL cost of living as point. Right, 20k behind Cleveland Ohio and Raymond James Florida has always been the norm. I'm about 99% convinced those were burner accounts for higher ups at the Truist I swear to god that's the only logical explanation for someone reaching that hard. 

  • Intern in IB-M&A
Aug 21, 2021 - 8:52pm

Yes, I interned at a relatively little-known MM and even my return offer was 100k.

  • Analyst 2 in IB-M&A
Aug 21, 2021 - 7:43pm

I did awhile ago no response. If others could try it might help. I know I've been doing a lot of predictions, but I genuinely feel this week has to be the week we hear something. I know I've been a disappointment in this regard, but the thread has gained serious traction now and those at other banks are talking about us. I can confirm that firsthand from two friends at different banks. 

Aug 23, 2021 - 11:11pm

Hope you get the comp champ but according to 2 friends I have that've worked there, STRH / Truist has always underpayed. According to them, up until this year the average bonus for analyst 1s was under $35K. I'd recommend you look to lateral if you want to get paid. You'll work harder but you'll work on better deals and get a better experience

Aug 23, 2021 - 10:21pm

They're either waiting until the end of the fiscal quarter to make the bump for accounting purposes - or their justifying the discount in pay due to the fact that most of its IBD sits in Atlanta, which is much lower cost of living than NY.

But nevertheless, they do have around 150 employees in the NY office so can't really justify that as a firmwide reason.

Fwiw, I remember seeing probs like 12 different threads about Goldman not raising pay when the other BB's and EB's were for the longest time. Took GS like 6 weeks later to finally raise pay but it happened. Could very well be the same shit with Truist. If all other MMs have raised pay, Truist will quite literally be forced to by EoY without losing talent.

  • Analyst 2 in IB-M&A
Aug 29, 2021 - 2:54pm

They really think they're going to get away with this...

I will foolishly hope you are correct. There is nothing left inside me to feel

  • Analyst 1 in IB-M&A
Aug 30, 2021 - 6:36pm

Extremely disappointing to see a long-standing bank allow itself to become even more irrelevant by not keeping up with comp. If they don't raise, this is truly the beginning of the end.

Most Helpful
Aug 30, 2021 - 7:35pm

If I were a truist analyst I'd be lateraling ASAP. The lateral market is hot and there's just no reason to be underpaid to work street hours with douchebags with no deal flow or exit ops. Make no mistake, by intentionally underpaying you, truist is telling you that it thinks you're sub par talent who's only redeeming quality is that you don't cost them much to employ. They are also telling you that they think you're a scrub who can't get a better job anywhere else and have no better alternative than to take their shitty compensation. Leave ASAP, your employer is telling you they literally don't value you at all.

Aug 31, 2021 - 1:24pm

More likely they're still upset that they had to raise pay at all, since, after all, everyone is in the LCOL southeast, they have better WLB due to southeastern style, and their MM focus.

Oh. Wait. Except they're trying to compete in the big leagues post-merger, have people spread in offices across the country, and work their people like the BB they'd like to become.

  • Analyst 2 in IB-M&A
Aug 31, 2021 - 2:35pm

Who ever knew we would get to this point...plain embarrassing. Nothing more to say to it. Cut the work and hours and stress and I will most gladly take a paycut along with giving back part of my bonus. Otherwise? Bad news for the firm.

  • Analyst 2 in IB-M&A
Sep 6, 2021 - 7:29pm

I've given up. It's a lack of care towards juniors at this point. I've been clear in saying I'm more than willing to compromise with regards to giving back a part of bonus and base comp remaining the same in exchange for less deal activity and better WLB. Otherwise if we are expected to work just as much as our competitors it should be the same pay. I don't think any magic email will come tomorrow, but I can hope indeed.

  • Analyst 1 in IB-M&A
Sep 10, 2021 - 12:26pm

Seems like nothing will happens unless analysts  present a unified front and ask for an update. Not sure who would lead or organize that but stray messages to HR or staffers isn't doing the trick.

  • Analyst 2 in IB-M&A
Sep 12, 2021 - 4:05pm

Agreed, not sure what the hell everyone else is doing just okay with being shafted like this. My only theory is that others are not getting as crushed as me don't care enough.

  • Analyst 1 in IB-M&A
Sep 15, 2021 - 11:34am

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  • Analyst 2 in IB-M&A
Sep 15, 2021 - 8:30pm

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  • Analyst 1 in IB - Cov
Sep 14, 2021 - 8:45pm

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Sep 14, 2021 - 8:51pm

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  • Analyst 2 in IB-M&A
Sep 14, 2021 - 8:59pm

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