According to a JPM chippy, these are the officials numbers for Jamie Dimon's bankers across the pond:
First year analysts: 16,000 - 35,000 GBP (USD $31,300 - $68,500)
Second year analysts: 18,000 - 44,000 GBP (USD $35,200 - $86,000)
Third year analysts: 35,000 - 60,000 GBP (USD $68,500 - $117,500)
Posted by guest , Jun 19, 2008 9:28AM
not too shabby, chaps!
Posted by guest , Jun 19, 2008 9:31AM
i find it hard to believe that 3rd year bankers make that much!
Posted by mrpink , Jun 19, 2008 9:32AM
Blimey!
Posted by guest , Jun 19, 2008 9:33AM
believe it.
Posted by guest , Jun 19, 2008 9:35AM
thats what second year bankers made last year...
Posted by guest , Jun 19, 2008 9:36AM
wow, such a large range?
Posted by guest , Jun 19, 2008 9:37AM
Is the source reliable? Is these numbers for analyst in investment banking? These numbers look like for fixed income or researh. I talked to a couple of analyst in banking who found out their number from various banks.
1st year: $60k to $100k
2nd year: $80k to $120k
3rd year: $100k to $140k
Posted by guest , Jun 19, 2008 9:38AM
guess all my horsey friends on _riderlove.com_ will happy about this results!!haha
Posted by guest , Jun 19, 2008 9:56AM
@ 9:37.
no you didn't
Posted by guest , Jun 19, 2008 9:58AM
@9:37 do you be dislexic? you broken english like tarzan. you have job even?
$140k bonus for third years in reasearch? what planet are you living on my friend?
Posted by Riskybusiness , Jun 19, 2008 9:58AM
@ 9:37
"Is these numbers.." You must work in North Carolina for BofA.
Posted by guest , Jun 19, 2008 10:04AM
Is our children earning?
Posted by guest , Jun 19, 2008 10:05AM
I can has cheeseburger?
~Your Cat
Posted by guest , Jun 19, 2008 10:06AM
are these just bonus numbers or total compensation?
Posted by guest , Jun 19, 2008 10:07AM
Morgan Stanley's London dude would have had a nice bonus but his mismarked about $120 million according to Bloomberg.
Posted by guest , Jun 19, 2008 10:08AM
"Bonus Watch '08"
you figure it out.
Posted by Formerly FEPWJ , Jun 19, 2008 10:08AM
The range seems large and I've spoken to first years at lower tier banks in London who are getting more than that so I'd be quite surprised if that 31.3k was accurate.
Posted by guest , Jun 19, 2008 10:08AM
I'll tell you that a first year's base salary is north of GBP 30,000 and let you figure out the rest.
Posted by guest , Jun 19, 2008 10:09AM
Sorry. I did 10:07 and put "his" where "he" should be. Rupes has us studying the UK Sun's stylebook here at the Journal and I haven't had enough coffee this morning.
Posted by guest , Jun 19, 2008 10:12AM
Bonus Watch posts always attract the dumbest questions. It's amazing this many stupid people get analyst jobs.
All you boom hires thank your lucky stars you were born in 1985-1987 because you would be sweeping up after hours at Starbucks otherwise.
Posted by guest , Jun 19, 2008 10:14AM
"$140k bonus for third years in reasearch? what planet are you living on my friend?"
My friend in MS research got $250k in total comps last year (his base was around 95k). It was his 2nd year in the job as an associate and he was an average performer. so yeah $140 bonus for research is in the normal range for bulge brackets. junior associate in research is equivalent analyst in banking.
Posted by guest , Jun 19, 2008 10:22AM
research assistant is equivalent of analyst in banking.
Posted by guest , Jun 19, 2008 10:28AM
thats absurd. if 23yo equity research kids made 250k nobody would start in IB
Posted by guest , Jun 19, 2008 10:29AM
Actually, the titles in research depend entirely on the firm.
However, the $95k base should give it away. He was clearly a post-mba.
These numbers are for pre-mba.
Posted by guest , Jun 19, 2008 10:35AM
reseach assistant/junior associate basically the same thing. base should be roughly on par with IB analyst but the bonus really doesn't compare.
Posted by guest , Jun 19, 2008 10:35AM
know from experience, 2nd year associates at MS research earn around $190-$220k all in, base is around $100k.
Posted by Judson_Clark , Jun 19, 2008 10:36AM
I find it hard to believe an analyst that remains at JPM after the Bear hires (well, I guess this is London) would make about 30-35% in a bonus of what they did last year. This would be the widest range of bonuses in a long, long time. Call me skeptical - these look just as fishy as the original sheet dealbreaker posted. Get a clue, clowns.
Posted by guest , Jun 19, 2008 10:42AM
research assistant is not an equivalent to analyst in banking (at least at bulge brackets I know).
I worked in research for a couple of years and I know this for a fact.
1st year Junior associate = 1 year out of college = 1st year analyst in banking
1st year Associate = 3 years out of college = 3rd year analyst in banking
1st year Analyst = 5 years out of college = 2nd year associate in banking (ACP)
The compensation for an average performer in research last year (bulge bracket)
1st year Junior associate = $120k
2nd year Junior associate = $160k
1st year associate = $220k
2nd year associate = $250k
3rd year associate = $330k
1st year analyst (VP) = $450k
Posted by guest , Jun 19, 2008 10:43AM
are you saying that first year analysts received 200k bonuses in london last year?
holy fucking shit.
Posted by guest , Jun 19, 2008 10:46AM
@ 10:35, know from PERSONAL experience that FI research at another BB 2 yr associate comp in more than that Actually low comp is more than the high you quoted. You are right on the base though.
Posted by guest , Jun 19, 2008 10:50AM
@10:42 1st year analyst in research is not a 2nd year banking associate. in research when you become a fully analyst, you have all your own companies, your own coverage, your own clients, you receive your own II votes and run your own team.
2nd year banking associate is usually some toolbox 2 years out of b school who is still asking 3yr ib analysts for advice on how deals work.
Posted by guest , Jun 19, 2008 10:51AM
10:42, The associate numbers looks right. The junior associate number (equivalent to banking analyst) are off. All kids first year out of school in this BB FI floor (trading, research, analytics) for the same bonuses 80-90k.
Posted by guest , Jun 19, 2008 10:51AM
Judson: You are comparing the bottom of this year's range versus the top of last year's range.
See a problem with that?
Posted by guest , Jun 19, 2008 10:52AM
@10:46, 10.35 didnt say anything about high comp he said average performer, so what are you objecting to?
Posted by guest , Jun 19, 2008 10:56AM
@10:42's progression (and terminology) doesn't ring true to my experience. People in equity research don't move lockstep by year like in banking. Associates can get their own coverage and VP titles pretty quickly if things break the right way.
Posted by guest , Jun 19, 2008 11:00AM
10:56 agreed, i was in equity research for a few years. but most firms will start calling an associate an analyst if he starts publishing under his own byline.
also, people in research almost always feel they are undercompensated to those in banking (this should be the case, since research is a loss leader not a revs generator) so why you say they should be making the same is beyond me.
Posted by Judson_Clark , Jun 19, 2008 11:04AM
Yeah, but I can still wear a three-piece suit to work. High.
Posted by guest , Jun 19, 2008 11:18AM
I know a VP in research who made 850k last year and she's an idiot. She's just an accounting advisor. She came in at 9 and leave at 5pm. just walk around talking non sense all day.
Posted by guest , Jun 19, 2008 11:19AM
I know a 34 year old VP in research who made 850k last year and she's an idiot. She's just an accounting advisor. She came in at 9 and leave at 5pm. just walk around talking non sense all day.
Posted by guest , Jun 19, 2008 11:29AM
In most research departments, people don't even know what their corporate title is (analyst vs associate) until they hit vice president. Then, it follows the typical vice president, director, managing director structure.
This is confused by the equity analyst (sell or buy side) roles of "analyst" (which means someone who is leading coverage of stocks) and "associate" (meaning someone who works for an analyst). You could have an MD "analyst" with a VP "associate."
As far as pre-MBA and post-MBA, in most research departments, you can become the equivalent of a post-MBA associate in your third year after college. This is common among ex-bankers who enter equity (or fixed income, for that matter) research. These guys are getting paid a 95K base plus 90-125K bonus (likely to be less this year) at age 25-26. What's strange in research is that you also get 32 year old post-MBA career switchers who are earning the same salary/bonus. Of course, these units are vulnerable to layoffs.
Posted by guest , Jun 19, 2008 11:45AM
Not to brag, but as a 3rd year analyst in '07 at Citi in London, I picked up a £70k cheque. Numbers above look right.
Posted by guest , Jun 19, 2008 11:48AM
Why all the discussion of analyst versus associate?
We're talking about 1st year, 2nd year, and 3rd year analysts in the JP Morgan IB in New York. These are people just out of college starting careers on Wall Street.
Does anyone know if the English structure and pay scale of JP Morgan in Britain parallel the structure of the JP Morgan IB in New York?
These figures are low in comparison to what was posted on Bess' earlier chart.
Posted by guest , Jun 19, 2008 11:53AM
Yeah, either these numbers are BS or the numbers on the previous chart are BS. There wouldn't be such a wide variation from London to New York, would there?
Posted by guest , Jun 19, 2008 11:54AM
We finally found someone that believed in the bonus bumper chart!
Posted by Master of None , Jun 19, 2008 11:57AM
@11:29
You're wrong about 1st year out of MBA being equivalent to a 3rd year out of undergrad, at least in research.
While it's true the responsibilities / skills are roughly equivalent, incoming MBAs make about double incoming undergrads. Would be hard to hit that as a 3rd year out of undergrad, especially in salary.
Posted by chad , Jun 19, 2008 12:00PM
i make 28k a year and a 3k bonus if i dont break anything
Posted by guest , Jun 19, 2008 12:22PM
Master of None,
Incoming MBAs do make more than incoming undergrads. I was comparing undergrads 3 years out with incoming MBAs.
Posted by Suits , Jun 19, 2008 12:23PM
If we could just compare penises outright it would save us all a lot of time.
Posted by guest , Jun 19, 2008 12:59PM
JPM london i-bank bases are higher than you would expect based on US, consider this. think 40, 50, 60k GBP
Posted by guest , Jun 19, 2008 1:05PM
Anyone have an idea on S&T bonuses?
Posted by guest , Jun 19, 2008 2:26PM
Question - As a laidoff JPM US first year should I prepare to be dicked on my bonus based on this wide range? Is London usually on par with the US?
Posted by guest , Jun 19, 2008 3:01PM
@2:26 - as a laid off JPM first year you should prepare to get dicked on your bonus based on the fact that you're a laid off JPM first year. Has nothing to do with the range.
London bonuses are lower than US bonuses because bases are higher. All-in comp should be about equal.
Posted by guest , Jun 19, 2008 3:11PM
there is one serious HR person on here I've noticed over the past few months
Posted by guest , Jun 19, 2008 3:56PM
@3:01 - London bonuses are lower than US bonuses because bases are higher. All-in comp should be about equal.
Thanks! Any chance you know the normal starting base for an Analyst in London?
Posted by guest , Jun 19, 2008 4:54PM
@3:56 - last year london earned way more than their U.S. counterparts because the dollar kept falling. expect it to be at least as bad this year...
Posted by guest , Jun 19, 2008 5:10PM
London base salary for 1st is somewhere bet'n $66K - $78K
Posted by guest , Jun 20, 2008 2:22PM
London bonus=NY bonus only base is different to cover for higher living costs
Posted by Judson_Clark , Jun 20, 2008 3:54PM
I think you mean London Comp = NY Comp, only you are paid more on a monthly basis to cover for higher living costs.