Since MS has raised to match GS on first year analyst salaries, has there been any discussion for a likewise increase at other BB’s? Don't get me wrong - I'm very grateful for everything the previous analysts and associates went through to raise base already, but seems like some of the other BBs should raise to match as well, no?
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Need to rally the troops on this one
seems like at least jpm needs to in order to stay competitive as a top bb
^^^ JPM take note- hopefully there may be a push for new salaries to be raised by Q4??
Think MS’s base increase doesn’t take effect until January of ‘22 after all. If anyone at a bank w base > $100k can confirm that would be great
I know their PB 1st year analysts are gonna make $105k starting Feb '22, not sure if that'll go up to $110k soon instead or what, and not sure how different their IB is being compensated
This is their private bank? When was it announced? Just a bit surprised ibd is lagging behind on updating, but good to hear our PB brothers will be eating well at least
Not sure when they announced it, but it's in my offer letter I got
Interns, don’t ever compare JPM with GS/MS. They shouldn’t even be in the same conversation. JPM’s approach to overworked junior bankers is to increase their already huge analyst class size by 1/3 (reason that you’re seeing tons of JPM analyst openings on LinkedIn). Rather than increased pay, each banker at JPM will get worked less (now with close to 170 analysts a class). Terrible thing for junior bankers’ exposure. GS and MS together have less than 130 bankers a class combined
so like i got JPM for sa 2022 as a non target should i be worried in terms of return offer or exposure or enjoying the work?
Return offers should be fine.. the top guys want to increase the class size anyway. It’s just that the deal team will be gigantic (multiple analysts on the same deal). At GS/MS, you’ll be the only analyst on transactions
Would just like to add a quick counterperspective here as a first year in coverage at JPM NYC. Your comment about increasing class size definitely has merit as there has been a strong move to hire laterals across industry groups, but I don't think that's necessarily unique to JPM but rather reflects an overall trend to try and increase analyst class sizes in an effort to reduce burnout and increase retention. That being said, JPM's head of banking outright said that the way to combat burnout is by hiring more people to distribute work more reasonably - something I think a lot of people here could agree is a good first step towards having a more reasonable work-life; I think a lot of people, myself included, would happily take a reduced bonus as a result of a better work life balance. So far it may be too early to tell for sure, but it seems like overall people are happier and have regained some semblance of normalcy and better WLB which is great to see (but could be entirely group dependent as some are definitely still sweaty af).
In regards to the intern's question above: as a first year analyst, I can say that although I have been staffed as a "junior analyst" on some projects and work under a more experienced second year, this has largely been done as an effort to help first-years ramp up, as we're largely a liability at this stage in our analyst careers. However, every second year analyst within my group is independently staffed as their own analyst on their projects. The only discrepancy here comes if you possibly include analysts within other functions of the bank (DCM, CFA, M&A, etc.), but from my understanding analysts within most any larger bank that is non-boutique sized will have the same experience between different coverage and product groups. Of course, this is just my perspective as a newly minted analyst so take my word w/ a grain of salt, but I personally don't feel as though my experience in terms of deal exposure has suffered in comparison to those of my first year peers at GS / MS (roommates, friends, etc.).
Sure, there may be a slight "preftige discount" when it comes between GS / MS and JPM due to size, but at the end of the day I would say that going so far as to attack someone comparing JPM with the two is ridiculously elitist and contributes to why people have such a bad perception of finance or the type of people that work in the industry--
Whatever you decide or if there's anything you should take away from this, just be proud of your accomplishments and recognize that for every one elitist individual who tries to knock you down, there are thousands upon thousands of others who dream of being in your shoes being at a "top tier" investment bank
It's true idk why the fuck you got ms
As the other commenter mentioned, I think this is a move that several banks are making now after the huge backlash about terrible hours and work/life balance. More pay doesnt fix that, but more analysts does. I know in the email Moelis sent to their analysts they planned to increase class sizes
All the insecure little JPM interns are giving me MS!
Jpm associates still waiting for that pay rise 😑
Yeah this is pretty ridiculous - someone should for sure speak up about this
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