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
Company Database
Interested in more compensation data? Use the Wallstreet Oasis Company Database to access reviews, interviews, and salaries for thousands of firms.
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
mid at Citi was 130k (25% stock with 4 year vest)
Is this A1? -Nevermind, saw the original post.
Bump. Surprised there isn't a lot of interest in this.
just added to frontpage, should get some more attention
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.
Which bank is this? What's your source for these numbers? I am assuming it's around the same in IBD vs S&T.
Also I expect s&t bonuses will be much lower than IBD in the current environment
bump. Where are the RBC folks? I thought RBC was the first bank to pay out bonuses every year.
How about EBs? Bonus numbers from Evercore, Lazard, Moelis, Centerview yet?
Analyst numbers don't come out until June though right?
I meant to say, for Associates
Analysts bonus numbers for MS and GS are out.
How do they look?
Not for GS...
Are we talking about analysts or associates?
If they're talking about 100+, they are likely referring to associates. 2nd and 3rd analyst bonuses typically range in the 50k-100k range.
OK -- just doing a sanity check. Thanks.
To be clear, most analysts across the street are now on a calendar year bonus schedule. Does anyone know any Analyst 2 or Analyst 3 numbers?
Are raises this year expected among BBs? At base or bonus level?
I doubt it. I think base stays at $125K for A0, $150K for A1, $175K for A2, and $200K for A3.
Base salary is pretty high these days. Not bad.
I heard Citi and GS s&t buckets were similar for analysts. 1st year stub: 25k, 85 base 2nd year: 30-60k, 90 base
Anyone have any idea on JPM or MS?
GS 30-60k for 2nd year analyst... does that seem a little low to you?
That's 120-150k all in as a 2nd year analyst (exactly 1.5 years out of undergrad).
Your 1st "year" analyst role is just 6 months (July to December) which is why you get a stub of 25.
My post refers to Sales and Trading (Securities Division) analysts only. I would expect Investment Banking analysts to get a bonus of 70-100k as opposed to the 30-60k I mentioned above.
"I heard Citi and GS s&t buckets were similar for analysts. 1st year stub: 25k, 85 base 2nd year: 30-60k, 90 base"
Heard similar, as well as 35k stub for 1st year associates for 1st 6 months
Heard around $40k as well
Is 1st-year AN base now $85k?! Nice 30-60 for 2nd year seems a little low... I thought M&A did better last year. Just out of curiosity, what are the numbers like for S&T analysts?
See nyc_monkey_credit post two above yours nitwit.
Analysts bonus numbers are low but how does YoY all-in compare? Can't remember if the BB base bump to $85k happened one or two years ago.
Using GS 1st / 2nd year analyst (Bonus is now on CYE cycle) as a proxy
Back then when bonus were July Year End, first year analysts on avg. were getting 70K + 60K, 2nd year were getting 80K + 75K . so the average is ~$142.5k (call if $140k).
It's pretty much safe to say that street compensation for Analysts are going down ~15-20k this year. Personally I think this is largely due to the fact that the focus on retention has moved from the ANL to the ASOs. Too many attractive opportunities for ANLs out there. ASO comps all in generally appeared to be flat / up 5-10k from prior years.
Can people please be as clear as the OP? Thanks for sharing.
base this year: unchanged Bonus: you can still show up next monday for work
Heard bonuses at MS were pretty depressing
hmm
According to Dealbreaker, some MS analysts walked out after their bonuses missed their expectations. Maybe MS will start a mass analyst exodus this year lol
I didn't work out but sure will in a few months' time!! I'm AN3 but am really miffed.
What does A0, A1, etc mean?
Yeah is A1 analyst first year or associate?
Son you're a VP, why are you worrying about lowly Analysts and Associates?
I believe AO1 stands for first year associate and A1 for for first year analyst (AO0 stub half year for associate). Not sure what is up with the very high figures for A1 Citi–perhaps this should be AO..not exactly sure on the latter
I see the comments about total comp being flat for analysts and don't think that looks to be the case. Top bucket last year at my MM IB for AN1 was $150k and $170k for AN2. While analysts aren't expecting $80K & $90K bonuses, flat comp would indicate $65K and $75K for the top band.
Do the stub numbers include signing bonuses for first years?
Not sure about analysts, but definitely doesn't for Associates (A0). Standard MBA signing bonus is 50k.
Wells Fargo - IBD, Analyst 1, Base $85k, Bonus $70k, 100% cash.
wuut? That's roughly 110k pounds. No way an analyst in a BB in London receives that much. NYC is different or WF is different?
Check Dealbreaker, Wells Fargo Bonus watch'15 .
Do you by any chance know if it differs between NYC and CLT?
Thanks.
Don't believe this, numbers don't come out until Feb. 20th at WF
That's for associates and above. Analyst numbers come out in July/August.
Any info on BB VP numbers?
Also, from 2 BB A0 associates I know at different banks:
IBD A0: 125k salary, 35k stub Salary bump from 125k to 150k for A1 year
Comp #s are starting to show up in the WSO Company Database...so don't forget to check there as well :-)
http://www.wallstreetoasis.com/wso-company-database
Is there a way to see recent posts in the database?
If you go to any firm / bank in the database and go to the salary tab, you can see the salary datapoints will be sorted by year (so most recent up top) by default.
GS- bonus was 762K cash & 100K deferred stock. A few more years of this shit and then I'm done.
CS telling everyone in the US numbers today, Europe/London next week.
I really didn't know much about it. But after checking all the messages of you guys I think I have pretty much knowledge now. Thanks for your valuable comments and make people aware about the salaries and bonuses.
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
----
Base for Associates is pretty standard now.
A0=$125K A1=$150K A2=$175K A3=$200K
Only if you give me a silver banana? lol jkjk see updated post above.
From what I understand the stub gets paid in january, however my confusion is what you mean by "ANL 1/2 xxk." Does that mean that the rest of the bonus get paid in july/august after you have been there for a year? Or do you get the stub in january and then get the full first year bonus in july/august? Will be starting FT this summer so am trying to figure this stuff out before I start and not have to ask the HR people.
Has anyone heard any VP numbers?
VP 1 mid is 260-275k
That's a bit too high for VP1 mid
any word on top bucket?
.....
Bump. Anyone knows about GS/MS/JPM?
These are roughly the base salary bands at CS, for both IBD and S&T. Discretionary (Bonus) varies from group to group. For S&T, overall bonus pool was down with regional comp varying as APAC desks seems to have come out the best with European desks following and the US comp being "abysmal".
IBD
ANL 1: 85K ANL 2: 90K ANL 3: 95k
ASO 0: 125k ASO 1: 150k ASO 2: 175k ASO 3: 200k
S&T ANL 1: 85K ANL 2: 90K ANL 3: 95k
ASO 1: 120k ASO 2: 140k ASO 3: 160k
VP: Start at 200k (up from 175k)
@ironlawofoligarchy do you know why associate s&t base is much lower than ibd? Is that just for CS or everywhere
I believe CS may underpay vs. the Street in that regard. If you think about it, IBD retention is much harder vs S&T and hence why banks are more likely to pay IBD juniors more.
is UK pay aligned with US numbers ?
Just curious, but if analysts receive bonus at year end, do they also receive a half-year bonus at the end of the 2 year stint in June/July?
VP1: $200 base, $290 bonus.
That base is not correct for VP1. Why do people post incorrect data here?
As a VP1, I can confirm my own base, thank you. Did you think about the possibility that not every bank has the same comp structure?
If you're an actual VP just post your comp on here - no need to speculate on your bucket ...
I feel like all of these posts are from non-VPs posting what they heard. Also just post the total comp. Base + bonus please.
Also when you say VP1 I assume you don't mean the new VP promotes because $490 all in for an AS 3 is ludicrous.
The numbers I know of (this is a rough range mixing buckets and banks) - total comp
AS 1 - $225k - $275k AS 2 - $325k - $400k AS 3 - $350k - $430k VP 1 - $375k - $515k VP 2 - $450k - $575k VP 3 - $500k - $650k
I'll post comp # on here once I know
Your numbers seem to be pretty accurate, although some of the upper ranges seem high. Is your data set from a mix of banks or just 1 bank? Thanks
I think my numbers are pretty accurate but they're all from BB. These were all numbers on sheets I've seen. The upper ranges I would say were achieved but not that common. There were people that were topped up above top so they may be higher than what you expect.
As for banks, it's primarily 2-3 banks
According to ibankerben 250k is street for VPs. Is 250k street for VPs? What could account for such a large different (200k vs 250k)
There is a lot of variation at the VP level in terms of base guys...
I know some places do $200, $225, $250 for VP1 - VP3, respectively, while others do $250k flat for all 3 years. Doesn't really make a difference as all firms manage to a total comp number.
base doesn't even matter - just think total comp. No banks think in # of months for bonuses anymore
And now the cream of the crop ... is there a significant uptick from VP to MD?
ED and MDs have no ranges. Their pay can go above or below (i.e., a donut)
Or are you asking about base? MD base varies. GS pays MDs like 350 and partners 500? (I forget) or maybe its 500k and 750k for partners
Some banks have no uptick in base from VP to ED, some banks have 50k (250 -> 300k)
Historically, GS MDs have had a base salary of 500k and partners have had a whopping 900k base salary. This was definitely the case a few years ago, but am unsure if it has since been raised/lowered considering the changes in salary taking place at other levels.
Just curious, your source?
I believe the UK has a 100% of base cap, not sure to what extent this is applicable to US banks located in London.
They also get around this by having a separate bucket of variable pay that isn't a bonus but also isn't base salary...it's essentially a non-performance bonus for being at the bank. They call it "role-based pay."
anyone know CS, DB, UBS S&T analyst 1 (not stub (analyst 0)), bonus numbers?
Assume 0-25k
He's right GS MD is 500k. I just had my numbers jumbled up. I thought it was 500k as I mentioned in my post. My source is I just asked one
Wait. Citi pays 1st year Analysts 150k base?????????
Um, no highly unlikely that Citi pays 1st year Analysts 150k when Associates get 150k after their stub year...unless we are talking about all in comp. then that is a different story.
The question marks imply a question because that's what it is. I know Citi is around market for 1st years - $85k base. I don't know what "A1" is and the difference between that and "A0". I feel like this should've been defined somewhere.
What's the difference, on average, between MM IB analyst bonus and BB IB analyst bonus?
Very group dependent but on average you can expect MMBB
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
Not really. Frankly in the worst of times (and I have been through the financial crisis) I can tell you total comp at the bank has been on a flat or upward trajectory
You miss the point because banks manage to a comp ratio between call it 30-50 pct. in the worst of years, no junior will be "pinched" and discretionary is not really discretionary for juniors. Banks typically lob off the top. No business head says if we pay all our analysts 30k less each we will make budget - the cost of retraining that analyst is 80k a year
And I can show you 2004 to now comp at bb for an 1 through as3 have not really hurt that much where the bonus base split made a lick of difference
The only issue is now you hear people complaining that "I only got 6 months not like 1 year plus like before"
Maybe a stupid question, but do experienced hires generally fall into the same pay structures as we're discussing here? For example, if you're picked up as an A3 or an AO1 as a post-MBA guy, but didn't come in from the SA route or FT recruiting right out of the program, would these numbers still apply? Additionally would you still expect a signing bonus on par with other MBAs or that ship sailed?
I think generally yes, these numbers apply across the board whether you went through regular FT recruiting
Anyone have a guess as to where SocGen, BNP, Mizuho, Nomura, and HSBC numbers will come in? Nyc for all
Associate 0 Base is $125K for banking. Not $150K. Probably they meant they were told $x bonus and got their base bumped to $150K now that they are Associate 1.
Name that boutique.
First FULL year at a bulge -- I'm a 4th year equity research analyst (haven't released numbers yet). Current base is between 85-95...any idea of what I should expect in terms of bonus/raise? Should also be getting promited to AVP.
UBS Said to Freeze Investment Bank Salaries , Bloomberg.
Bump. Any more updates now that most comp #s are out?
Does anyone know how common is a raise for associate salaries after first 6 months on the job?
how were Barclays numbers that came out this week?
Heard 22.5k analyst 0 stub. Heard associate 0 stub was 35k.
Is this IBD?
Any news about S&T?
Are all these figures for FO positions in NYC only?
Any updates to share?
Appears to be a ton of information on BB IBD, but how about S&T numbers. Appears I'll be making less than my counterparts, but wondering how much less. Is the problem that it's just more variable or that this forum doesn't really represent that population?
Agreed. Would like to see some S&T numbers as well.
What do you guys think a first year analyst average salary and bonus will be in a AM compnay like BlackRock, JP Morgan.
75k + 15k - 25k I'm guessing.
Thanks, do you think starting a career in a AM company is a good way to get into a hedge fund.
Why do these numbers differ so much from the below: http://www.businessinsider.com/wall-street-pay-at-tier-1-and-tier-2-ban…
Because it's business insider... not a reputable source
Molestias consequatur enim quisquam error et veniam. Repellat omnis expedita voluptate neque dolor aut et. Officiis ea adipisci illum eum aliquid corrupti nulla.
Sit qui accusamus vitae tenetur rem corrupti commodi. Voluptatum incidunt sunt aut voluptas. Fuga dolorem inventore placeat qui enim. Distinctio qui eaque molestiae aut sint tenetur minus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Sunt omnis provident esse necessitatibus. Totam sed natus voluptatem officia sed et. Ad nulla at consequatur non labore error.
Sit minus facere occaecati quia laudantium nostrum. Enim et facere consectetur pariatur aut suscipit rerum aut. Consequatur omnis illum in sunt sed sint aut. Natus in alias ut ut cupiditate. Ipsam vitae quas non ut nulla asperiores.
Ut in eum perferendis neque. Consequuntur iure blanditiis ab quia rerum. Suscipit ut nesciunt nisi sunt similique. Sit consequatur libero facilis non necessitatibus debitis natus. Et deserunt blanditiis exercitationem harum.
Reiciendis debitis velit soluta enim. Voluptatibus hic pariatur voluptas et veritatis cupiditate dignissimos. Consequatur facere enim dolor repellat ab placeat dolores earum. Libero odio at voluptas dolores eos cumque. Magnam dolorum nihil reprehenderit impedit eligendi possimus. Et et vel expedita officiis. Quidem repellat voluptatem quam sint. Sit ullam ad numquam.
Omnis molestias velit sed quia culpa in. Aspernatur eos ut tempora perferendis veritatis rerum consequatur. Deserunt tempore commodi quas aut magnam qui et.
Sunt atque quia alias est ut temporibus. Et voluptate sit suscipit quibusdam. Omnis hic vitae cum laborum qui. Dolores maxime iste nostrum est voluptas.
Aut nostrum maiores nihil ut. Totam et quisquam quis vitae veniam.
Et nihil dicta mollitia ipsam debitis facere dolor. Vel hic nisi optio corrupti ex. Vero iste aut voluptatem et dolorem magni et.
Est eaque assumenda voluptatem perferendis qui. Iusto est repellendus saepe voluptatem. Voluptate est nulla aut recusandae.
Sint aut nisi autem est. Nisi vel id et nostrum ut ex. Officia eum amet aut eum.
Cupiditate quod in et a. Repudiandae delectus placeat iure perspiciatis. Molestiae ea et ut magnam ipsa. Voluptatem distinctio pariatur qui reprehenderit.
Nobis at ut sint iusto eos. Consequatur nobis et sit autem ex. Iure velit non impedit. Vero ea ad eum eligendi tenetur sit.
Sed fuga dolore nulla vitae quo. Nihil sit architecto error. Ea mollitia voluptatum dicta mollitia magni atque ratione. Atque et et qui repudiandae.
Eos libero velit odit a non. Sed unde sit et et amet. Ducimus sunt hic beatae alias.
In enim illo eos culpa et corrupti porro vel. Omnis provident rerum est natus nesciunt. Tempore praesentium nemo vel nulla. Consequatur dignissimos dolores est sint enim assumenda qui. Odio tenetur cum quae itaque at repellendus.
Doloribus aspernatur molestias et voluptas. Soluta nesciunt earum alias assumenda ut voluptate. Rem qui quibusdam eum quibusdam velit ratione sit quia.
Eveniet molestiae quia possimus. Molestiae labore aliquam eveniet vel sunt. Porro quaerat officiis at maxime architecto vel sed.
Et nihil rerum necessitatibus asperiores est. Fugiat culpa quo et est et quod.
Amet ullam earum molestias nulla illum. Eos fugiat debitis nihil libero a ea. Quas nesciunt optio quas libero et. Voluptatibus dolore delectus nam nemo. Dicta ut vel ipsam sit accusamus officia. Molestiae sint nihil omnis est est nostrum. Soluta expedita reprehenderit incidunt expedita natus sint.
Ut quis eligendi voluptatem quos molestias voluptas est. Perferendis consequatur perspiciatis velit et accusamus hic. Placeat vel eum adipisci debitis provident et voluptate. Vero et hic animi cupiditate. Animi consequatur qui aut adipisci doloribus eligendi placeat.
Fugiat sit voluptas delectus sint dolorem. Tempore aperiam iste in enim omnis et mollitia. Maxime qui vero quaerat rerum. Dolorem est id est quam aperiam consequuntur voluptatibus. Id ut adipisci aut fugiat occaecati.
Maiores similique voluptas perferendis voluptatem qui quam. Qui culpa inventore voluptas voluptatem et delectus. Et maxime consectetur provident praesentium sint et rerum. Quo minus nostrum et dolor omnis est. Aut voluptas soluta quaerat qui.
Et quaerat enim ut fugiat repellendus. Ab cum nam in. Natus deserunt omnis hic.
Praesentium at et eius quia. Quia est dolores et occaecati non rem voluptatem est. Veritatis molestiae repellendus porro. Tempora atque doloribus omnis repellendus veritatis doloremque nulla. Aspernatur quia excepturi fugiat quo eveniet.