That time of year! A few banks have started to announce numbers. Please refer to last years thread for any inquiries about timing for xyz bank to keep this thread as productive as possible.
Bank: EB/ BB/ MM/ Boutique
Level: As1, Vp1, D1 etc.
Group: M&A, Coverage, Rx etc.
2022 Base/ Bonus/ All-in
% stock/ deferred
| +159 | Is the Bay better than NYC, if so why? | 54 | 52m | |
| +149 | Why are UK, UK based and UK-countries related (India, Nigeria...) students so cringe on LinkedIn? | 57 | 16h | |
| +106 | Analysts bitching on WSO | 24 | 2d | |
| +78 | How are women treated in IB? | 55 | 33m | |
| +65 | How to Not Feel Anxious About SA Internship | 24 | 12h | |
| +56 | College Transitions updated 2024 IB ranking | 23 | 7h | |
| +52 | In denial about SA 2025 Offer | 12 | 20h | |
| +48 | Does my budget look right? Fresh grad | 28 | 9h | |
| +44 | Having trouble telling people where I work | 20 | 10h | |
| +43 | 5 days/wk | 19 | 3d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
From another thread
JEF As1 60k mid bucket
RBC As1 80k top
I think you made a typo; surely that's AN1 not AS1
Please be a typo
Is this stub or is it all over?
Not a stub
Are these stub bonuses?
edit: nvm saw below
Well this makes me feel better after all the prospective monkeys threw shit at me for saying $100k to $125k was the expected range this year for most banks ex-EVR and the above street payers
Lol. 30k post tax bonus for 100 hr weeks as an associate being stressed out 24 7 and dealing with worst inflation since the Carter administration.
Thanks biden and rich handler.
If that’s what I get, I’ll be headed to the door when that bonus hits. Not worth it.
I would literally not set foot in the building or answer any emails until bonus is paid then resign
I mean, if it's down across the board, the only people that are going to leave as a result are those who aren't interested in doing this long term, which will probably be seen as a win for the group.
The year to year fluctuations particularly for someone who just joined are comparatively minor, relative to the long term potential.
Imagine believing that global inflation is the product of any singular government administration,and not perhaps:
You should check out the money supply from FED data. There's been more stim money given out the past couple of years than ever before. Easy money and a bunch of stim money is part of the reason for inflation. The FED has been pushing off a natural bust cycle for too long, so now we'll have an extra difficult bust. I don't know how popular this opinion is, but I fully believe we need a major economic reset if we expect a thriving society. It'll hurt in the short term, but we're at unsustainable levels currently. Unfortunately, add in the horrific foreign policy being implemented right now and an increasing number of countries dumping the dollar or getting prepared to dump the petrodollar and we may not be able to control our fall and redemption out of this without conflict.
“desperately needed stimulus for economic recovery“ - while I appreciate the sentiment, this is simply not true. Our beloved gov printed money like it stole it and sent out checks as the economy was already recovering. Take a look at the data.
Overall though, yes, multiple factors are driving inflation.
to be fair a lot of people were below 50hr a week given lack of deals. For banks that need to pitch, yea it sucks.
How is BMO paying out behemoth bonuses then, lower base? Can't possibly make up the difference at looks like JEF actually has same base
Yeah crazy the discrepancy between above numbers and BMO from the other thread is massive.
Where did you read about BMO bonuses?
Look up bmo us thread
Maybe its because bmo chops associates on a regular basis?
RBC asso 1 range: 25% - 40%
High of 80k
Christ. Same for like Truist you think?
They paid better than most last year so curious to see whether they continue trying to make up for low base
Can confirm mid buckets at RBC got wrecked. Associate top buckets were down somewhat but not as badly hit. VP mid buckets bonus amount down by 50%
RBC is paradise
I hope that everyone does better but there's a great chance RBC will not be the worst bonuses this year
Looked like RBC revenues where down as bad as the worst of em. I think
Am guessing underwriting losses as well - RBC was on Twitter, Citrix deals
Good to know, appreciate. Was wondering what your bridge loss comment was for the delta with BMO. Bummer that juniors have to feel those consequences (although I guess that kind of stuff is a big part of the CS layoffs)
Barely on those deals. Underwriting losses, yes, but nothing like BAML / Barclays etc who were high up the syndicate in Citrix, Brightspeed, Twitter
RBC was not on Twitter
Associate 2, upper middle market bank
Base: $200k
Bonus: $150k
Total comp: $350k
Curious where this ranks in comparison to other MMs / Associates as % of base
Phew. JEF too?
What bucket was this?
Mid I bet
Top bucket
Feeling better now
Stub Associate, M&A, MM Bank
$175k base / $50k signing bonus / Unknown Stub Bonus (Will edit when I know)
$225k total so far. Not complaining at all with the lack of deal flow and an uncertain market. Hoping for no layoffs.
Bro delete this useless post. No wonder everyone hates MBA associates.
Don't take your anger toward RBC out on me. Not my fault you work at a shit bank, eh?
Or you just contributed a zero-value-add comment of your base and signing bonus (this info alone is not relevant)… that could be it too.
There are countless threads on Associate base salaries, associate signing bonuses, and associate stub bonuses. Whether you think it matters or not is irrelevant, because there are clearly people that are interested in knowing that information.
Hey guys, I am a first year analyst, 110k base and 10k signing bonus (120k total). Hope this helps!
Then go post in those threads where it's relevant. Judging by the MS you're getting and the zero bananas you're getting I think it's safe to say no one here is interested in knowing that information.
He said he'd update... his comment is a lot more useful than you telling him his comment is zero value add
Incoming first year analyst at a prestigious bank, 20k sign in bonus, 125k based expected bonus is 150k. All income is untaxable
Useless.
Associate1 at Jefferies, Generalist IB top bucket $75k
Male/female divide?
Damm they not only harass women but pay low
Cap
There are no generalist groups…what specific group are you in?
Aso1. 180 kbase , 700k top bucket. Work at FT partners the best elite bulge bracket boutique to exits
Where did all these FTP shit posts come from? lol
Associate 1
Bank: MM
Base: $175k
Bonus: $85k
Top bucket?
Can you please say what bucket this is.
I assume not top given your lack of attention to detail.
Group doesn't provide formal ranking otherwise I would've included in my post. Only positive feedback in YE review so call it mid-top.
These numbers are awful wow
Ugh game over this year
Really hoping these are groups that have been underperforming otherwise those working 80-100 hour weeks in top performing groups are all going to head to the exit.
JEF ASO1 Coverage (ignore my title)
$125K. Surprised to see others at JEF get such low numbers. Maybe it was group dependent. I would estimate that my group probably had a better year than some others.
Do you know if JEF stub bonus is subject to claw-back?
What is there to claw back
I guess Cat Boy as a stub MBA gets the last laugh
elite reference. only top bucket analysts can comprehend this
Any PJT #s? Heard they announced today. Buddy’s stub was in the range of the RBC and JEF As1 numbers above 60-80 ..
Is that post tax or 60-80k pre tax? I guess they got 70k sign on so it equals out if it's pretax. I heard 150-200k for AS bonuses non stub
No one quotes in post-tax….
Their As1-As3 base is 250, so it can’t be that As1’s we’re paid 400 and As3’s we’re paid 450?
Associate 3, MM, 225k base, 190k bonus (idk but probably middle/low top bucket if i had to guess), My team had decent flow this year
what bank?
AS2 - Top bucket | USD 200 Base | USD 200 Bonus | USD 400 All In | Non-BB coverage group with strong flow
What kind of non-BB?
Is it Blair?
Blair comes out next month.
pls be JEF for morale purposes...
sounds more like BMO than JEFF
.
Any analyst 1 bonus numbers?
Unless they have crystal ball and can tell half a year into the future then probably not.
Bump
MS 10k bonus
Wtf. What level?
APAC number no kidding do ask around
Please tell me this is a joke, or you’re bottom bucket
Funny how everyone shitted on BMO and they paid solid numbers this year.
it is because everyone shat on them that they paid out
Upper MM, As3, Coverage, $290K bonus - $515K all in. Group has decent deal flow
Great to hear man, congrats!
Congrats! Just for context, is the good flow forward or backward looking? Asking because my group’s flow in 2022 was weak, but 2023 pipeline is solid. Trying to gauge how banks are thinking about pay for past performance vs. pay up for the future
Delete
Bank: Scotiabank Toronto Office
Level: A1
Group: Coverage
2022 Base 100k / Bonus 60k / All-in 160k
0% stock/ deferred
Does every big 5 pay 100k base? I swear CIBC, RBC, and TD still at 95k
Can confirm BMO is 100k.
How does comp look as A2, A3 (?), As1, As2, As3?
fml wish the markets ppl get 100k - still 10k short on base for 2023 start… btw is your bonus stub or full year
For all of you shitting on Jefferies, keep it up - clearly mgmt reads WSO.
Know this is for ASOs but gonna say my piece anyways - Didn't post this on the ANL thread b/c I was worried about the bonus not getting paid out back in July, but got $25K as a second year after I told my group I was leaving for the buyside. Super shitty, realized I should've just quit when I got my buyside offer. What makes it worse is the fact that despite market performance, my group literally posted a record year by a meaningful amount (and advertise that quite publicly). Wasn't expecting that # given my EOY review was really strong (call BS if you want, but there was no indication of negative performance whatsoever, really just seemed like they were trying to make a point). Can't speak to the harassment stuff that's been getting posted recently on here but can to the toxic work environment. Oh yea, and they also didn't payout my PTO (which I thought was illegal but is allegedly the NYC office's policy)
Can provide more details in DMs.
To anyone else who may not be familiar: in NY, a company must pay out PTO unless they make it clear in your contract that they won't. Then it is totally fine.
This is right and most NYC contracts include that they won't pay it out as it's really only required by CA labor law to do so.
Don’t think it’s BS at all, heard of others who also got shafted on second year bonuses bc people knew they were leaving. Though the number I had heard was already significantly higher than yours.
That's brutal, sorry to hear.
At the same time, given lower fees and rev, they have to prioritize bonuses for people that are staying and flying the banner. That being said, they're going to be in trouble if others see examples like this of those going the PE route getting fvcked. No way they are going to stick it out and grind.
JEFF analyst clawbacks coming soon lmao
VP1. Upper MM.
275 / 250-275. 525-550 all-in.
Group did OK. Not happy but also not pissed
How were your hours this year?
50 hours / week
.
Right where they want you!
We need a recession. You’re not happy working 50 hour weeks and 500 total all in comp? Insanity.
Yeah pretty fucking wild. Whoever that is, they need some therapy 🤣😭
AS0 Stub MM: ~$20k (3 months)
Oof
Jef?
Associate 3Solid southeast Middle market bankBase: 225Bonus: 110low annual revenue for team. My annual review was extremely good. No gauge to relative performance.
Truist?
Sorry what do you mean by no gauge to relative performance
He’s unsure what bucket he is in
Raymond James?
if its RJ it has to be non-HC, pretty sure the HC guys do better than other coverage groups there and are somewhat insulated from impact compared to other groups but i may be wrong
Any info on how houston banks fared? Good deal flow in o&g right now
CVP came out today. Apparently numbers were mediocre and in-line with BBs and lower than some EBs.
Can you give any specifics on numbers? How bad did Centerview pay out this year?
bump
Bump
Analyst 2 (Been with firm for 1.5 years); tech-focused boutique
115 base
105 bonus
In Canada or the US?
US; Northeast
Does anyone know if there is a base pay bump from associate 0 to associate 1? Like the new year (roughly 6 months after starting) when the stub bonus comes out?
No, there is no base salary increase. First increase is from AS1 to AS2 (~1.5 year after start)
Depends on firm. EVR/LAZ go from 185 to 200
anyone hear if DB is raising base salaries? BBG article suggested it
bump
When do most banks communicate bonus numbers for Associates+? Seems like only a few went already but are early. Expecting more reporting in Jan or later?
Throughout January and early February.
Barclays and BofA both announce last week of January.
Do you know what are the payout dates for Barclays and BOA?
Typically a week after annual earnings release is made public for the large banks
Follow
BB / As3 / $240k / $465k
This seems great, given the year. Can you tell us which BB and group?
Tbh now that the US banks number are coming in I don’t feel bad at all.
What rank bucket?
It’s a coverage group and Canadian bank.
Canadian banks arent really transparent about buckets tbh but I would think I was near top.
How much is bonus tax in NYC?
There’s no special “bonus tax” per se, but you should budget in an extra ~6% for state tax and ~3.5% for city tax on top of the federal taxes you’ll pay.
Okay so that would result in about $10k less in net pay if one assumes a 100k bonus
Firms typically take out the max taxes in case it knocks you into a higher bracket. Typically, in nyc, comes out to ~54%.
54% is egregious
RBC, top bucket, VP2, 330k. Numbers were highly variable from mid to top bucket and even within top bucket based on rank within the bucket.
Wow, 330k in a terrible year, that’s awesome man.
275 base so $605 all in?
Boutique Firm
Associate 3 (Top)
Bonus - 425k
All In - 575k
What kind of boutique is paying that type of bonus for Aso with that kind of base?
It is not unrealistic for some no-name regional boutiques that exist in narrow verticals to absolutely clean up (FT partners started like that lol they are a meme and sweatshop and their experience is shit but, they do pay well). More of these exist than you may think, the difference is they don't focus on an industry with explosive valuation potential like FTP does. Imagine being the only firm in a 4-state area who works on a specific type of business that needs nuanced advice and exists below a size threshold too small for other banks to bat an eye at while the guy who started your small shop was an absolute player in that industry as an operator for 2 decades. These are the arrangements that make some people ungodly rich. I saw a firm on LinkedIn called "Car Wash Advisory" once, I think they had like 3 employees and did small deals but you can bet those 3 20somethings were getting a solid piece of every deal. Sometimes the fees from those firms are much, much higher relatively than typical IB fees (I once saw a <$12mm deal pay out an 8% fee, I once worked on a deal with a 5% fee. Shits ridiculous in the LMM and super LMM land).
My very first firm I was at paid a wildly low base but it was more than made up through bonuses as we were a small team so everyone got a larger portion of the deal. There actually can be a ton of money made at these very small firms.
It IS very rare, but not entirely unheard of. If a 6-person firm does a couple structured finance deals or a handful of $40mm cap raises and hits $200mm of transaction volume that's over $500k rev/head + retainer. If you're a firm that keeps a very low salary, you could probably pay out everyone a low 6-fig bonus
This guy may totally be lying but he may also work at a 7-person firm that is absolutely running train on a regional vertical you've never even heard of
That’s cap
Plz delete. Inaccurate
Citi numbers out on 13th Jan
Would appreciate more JEF ppl sharing numbers if possible.
bump
bump
Citi supposed to communicate tomorrow Jan 12th
Following
Intrigued to hear the pain coming out of Citi today
What are you talking about? Numbers across the board was very good.
Do tell
Accusantium voluptatibus aliquam maxime cupiditate delectus distinctio. Quia soluta et porro eaque mollitia mollitia sint. Et aut accusamus eveniet.
Ipsa modi facere nihil numquam sit sit et dolore. Unde aut optio sit quo ipsam nostrum. Rerum facere minima ullam doloremque.
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...
Accusantium recusandae culpa ut temporibus omnis. Quod cum dolore ut sint. Sint dolorum sunt nemo.
Cum enim cum sit. Consequatur magni tempora tempore et maiores. Inventore dolorum labore aut qui blanditiis quo maxime. Aut voluptate esse quia voluptatum similique nobis adipisci rem. Omnis quia nemo quasi omnis quae quae consequatur.
Explicabo accusamus similique numquam harum a deserunt. Quibusdam explicabo ut ipsum iure et. Ut molestias placeat voluptatem molestias. Et dolor error aut laboriosam esse quia. Voluptatum voluptas et et. Et autem saepe delectus et vitae.
Eos consequuntur eos suscipit est libero est placeat eum. Quis quia omnis eius commodi. Culpa blanditiis excepturi nihil quaerat quo repudiandae. Est consectetur fugiat voluptas. Corporis totam autem inventore dolores quam mollitia. Sed magnam ex veritatis sit.
Autem impedit adipisci iusto aut nihil. Nostrum nihil aperiam autem dolorem alias sunt cupiditate. Omnis possimus suscipit non cupiditate est nemo eum. Aut temporibus vitae itaque minus tempore ducimus corrupti. Harum molestiae ex reprehenderit. Iusto veniam sit temporibus facere sed quod eos. Laudantium enim temporibus cum animi.
Asperiores nulla sunt inventore omnis vero magnam. Accusamus voluptatem delectus labore aut quo dicta. Delectus itaque fugiat incidunt aut corrupti earum ea.
Et non inventore deleniti libero nobis. Perferendis et aut et. Voluptatem qui ratione incidunt dolorum. Numquam repellat voluptatem nobis et asperiores. Provident magni accusantium reprehenderit assumenda iure. Alias aut hic pariatur quia dolorum quae. Saepe itaque quo suscipit tenetur.
Rem distinctio quam vitae voluptatum minima voluptatem et blanditiis. Dolor laudantium eos id eaque sint aut ea. Ut aliquid excepturi enim dolor aut officia aut. Blanditiis dolorem aperiam veritatis. Est maiores dolore aliquid ut libero earum.
Enim ab ipsum perspiciatis id unde cumque animi molestiae. In fuga doloribus eaque quod est eius eius. Eveniet dolores sed laboriosam cumque. Dignissimos quas omnis minima reiciendis sunt. Libero et at incidunt dolor perferendis. Odit ea consequatur ratione cum.
Debitis sit dolor a ut in rerum itaque id. Et quia quia similique et facere. Non iusto sint qui animi fuga illum nulla aut.
Eum vero deleniti repudiandae iure molestias. Aperiam quo illum eum aut eligendi libero. Recusandae modi id deserunt blanditiis.
Doloribus labore reprehenderit quia dolor. Commodi blanditiis quae repellat ad. Laboriosam amet odio qui mollitia accusamus. Consectetur reprehenderit officiis dolores autem architecto alias officia. Sit sunt dolor quibusdam odio repellendus ut velit.
Cupiditate animi in laudantium libero delectus sapiente beatae. Possimus culpa numquam dolor est assumenda aliquam et delectus. Omnis voluptatum itaque consequuntur ut tempora culpa.
Nam quos praesentium temporibus quibusdam sequi. Sed quo unde adipisci ut adipisci provident eos. Veritatis natus quaerat dolore quos autem eaque est.
Autem est omnis quia. Nam laboriosam ex molestiae quaerat. Officia quo harum quia id sit.
Enim maxime quidem non inventore id laudantium nisi. Soluta qui harum et deserunt doloremque iusto. Eaque illo sed ut est quia hic iure.
Eos perspiciatis saepe maiores dolores doloribus. Doloribus maiores id illo quia.
Eos rem et recusandae atque cumque. Doloribus fugit cumque molestias dicta officiis officiis qui voluptatem. Eaque architecto et aut omnis sed rerum.