Let's talk about the 2015 - 2016 year bonus. Please list the firm, level, salary, bonus using the following format:
JPM, S&T, A0, 150k base, 175k bonus (75% cash, 25% stock)
investment banking pay 2016
Feb 1st update: Here is a compilation of the salary & bonus #'s thus far (pulled from comments).
- Citi, A1,150k base, Mid Bucket 100k bonus (80% cash, 20% stock)
- Citi, A1, 150k base, Top Bucket 130 bonus (80% cash, 20% stock)
- Credit Suisse (CS), IBD, A1, 85k base, stub 25K (100% cash)
- CS, IBD, A2, 90k base, Top Bucket 67.5k bonus (100% cash)
- CS, IBD, A2, 90k base, Mid Bucket 50-55k bonus (100% cash)
- CS, IBD, A3, 95k base, Top Bucket 85k bonus (100% cash)
- CS, IDB, AO 0, 125k base, 35k flat bonus (100% cash)
- CS, IDB, AO 1, 150k base, Top Bucket 110-115k bonus (100% cash)
- CS, IDB, AO 1, 150k base, Mid Bucket 97k bonus (100% cash)
- CS, IDB, AO 1, 150k base, Bottom Bucket 75k-90k (100% cash)
- CS, IDB, AO 2, 175k base, Mid Bucket 125 (100% cash)
- CS, IDB, AO 3, 200k base, Mid Bucket 160k (100% cash)
- CS, IDB, AO 3, 200k base, Mid Bucket 190-200k (100% cash)
- CS, S&T, A1, 85k base
- CS, S&T, A2, 90k base
- CS, S&T, A3, 95k base
- CS, S&T, AO 1, 120k base
- CS, S&T, AO 2, 140k base
- CS, S&T, AO 3, 160k base
- CS, VP, Start at 200k base
- Mixed Banks, IBD, AO 1, 225k-275k total comp
- Mixed Banks, IBD, AO 2, 325k-400k total comp
- Mixed Banks, IBD, AO 3, 350k-430k total comp
- Mixed Banks, IBD, VP 1, 375k-515k total comp
- Mixed Banks, IBD, VP 2, 450k-575k total comp
- Mixed Banks, IBD, VP 3, 500k-650k total comp
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i heard mid bucket for A1 at Citi was $100 so $250 all in. My guess is at the $100k threshold it was either 80 or 75 cash, the rest deferred stock
what bank is this / what's your source? Most BBs have not reported yet. Just Citi and MS to my knowledge. VP numbers look higher than I expected. These numbers look promising though.
(At least) Citi, Jefferies, JPM, MS and RBC have communicated numbers. BAML and GS are this week. Not sure about others.
The numbers I have heard sound good. The bonuses maybe down a bit but more than offset by the higher salaries. Always have to look at total comp. If that 175k bonus for an A1 is true that is really strong - even on the old salary scale. Though 25% stock is really high for a junior person.
I'm in an industry coverage group so no idea on S&T.
A0 is a stub so not relevant (fixed amt). A1 have heard 260 middle bucket (though sometimes there are tiers of "middle" buckets). A3 top bucket have heard 390-410k. Have also heard some places giving out fewer top buckets and it is not uncommon for some groups to have zero top buckets.
To the latter point, for the uninitiated, at the bulges, there is a bonus pool and, while individual group revenue is obviously a factor in how the pie is cut, it is up to your group head to fight for how big a piece the group gets. At the Ass/VP level, your bonus is often not directly correlated to how well your group did. Some years that is a good thing, some years maybe not so good. Some places the amounts are pretty static at the same level, across coverage groups (e.g. A1 middle bucket in TMT = A1 middle bucket in Sponsors); other times you hear some pretty crazy variations even at the same level.
base this year: unchanged Bonus: you can still show up next monday for work
GS- bonus was 762K cash & 100K deferred stock. A few more years of this shit and then I'm done.
CS IBD (all cash)
ANL Stub – 25K Flat ANL 1/2 – Top: 67.5k, Mid: 50-55k, ANL2/3 – Top: ~85K
ASO 0 – 35k Flat ASO1 – Top: 110-115K, Mid: 97k, Bot: 75k - 90k (outlier at 60K) ASO2 – Mid: 125k ASO3 – Top: 190-200k, Mid: 160k
Salaries below for the benefit of those who are interested
ANL 1: 85K ANL 2: 90K ANL 3: 95k
ASO 0: 125k ASO 1: 150k ASO 2: 175k ASO 3: 200k
150k is all in. You guys need to stop talking base and bonus. It's all in comp. Banks run on compensation ratios and they back out what each person gets. Come bonus time its your total comp - base = what you get.
In the era of whining juniors and slower growth, banks have given people higher bases to smooth out cash flows for people but all in comp is same and frankly compensation ratios have been declining
Again, comp ratio is at firm level. MS' comp ratio is diluted by the comp ratio at the investment bank, fixed income, equities, and most of all its wealth management business. All those run at different levels. I can tell you DEFINITIVELY that what I said about how comp is managed is true. My wife does HR at a BB and has for many years and she sees the comp for classes across all the banks (they all share it to benchmark. and please no one PM me for specifics because I won't share and frankly it's why my ranges above were so wide)
In years with ridiculous externalities (DB as you say), sure there will be blowback, but again at the senior level. DB was told bonus pool down 40% this year. However, no matter what, it is managed at a total comp level and the amount you can skim from analysts does NOT matter.
YoY, ever since 2006, the "buckets" for each equivalent class at the bulge brackets (I can't speak for Jefferies since the place almost went under) has been flat to up for juniors maybe down a tad bit but over a 3 year period its positive. Only other place where I know this was a problem was Lehman -> Nomura transition period where people were paid like Japanese IB employees globally
Anyhoo, I'm not disagreeing with you that sure some extra base is great for juniors but if you think at the end of the year, you were ever at risk of getting a different total comp number is ludicrous
Also, i think we're arguing about 2 different things. I just asked people to post total comp b/c that's how i think about benchmarking me vs. my peers. Knowing i had a 250 base but someone has 225 but their total comp is 30% more doesn't make me feel any better.