Stub bonuses for 1st year analysts in S&T at Bearpont Morgan Chase came out yesterday, set to hit the bank by next Tuesday. According to one “disappointed and depressed” analyst in the House of Dimon, the goody bags are between $2k (structured products) and $7k (commodities).
— Advertisement —
Comments (102)
Leave a comment
You can log in with your account or comment as a guest below.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Substitute the word playoffs with 1st years, and that’s how I feel about 1st years…
http://www.youtube.com/watch?v=p3-eavMSBnk
HADOUKEN
The high end (annualized) is only down 23% from what Lehman payed sales & trading analysts in the ’97 class. Just FYI
if u are a first year what do you do.
stick it out and hope u will get paid one day or career change or back to school?
if u are a first year what do you do.
stick it out and hope u will get paid one day or career change or back to school?
i was a second yr and career changed ~2 months ago. inv banking is so fcked… even if the business comes back, compensation probably won’t.
you bend over and say “thank you, can I please have another”. That or become a doctor.
6 This has been discussed before. The bottom line is that the risk/potential reward tradeoff in banking is hard to beat. In this environment its not the slam dunk that it used to be, but I still don’t see a better alternative. As far as going back to school, that’s just a delaying tactic. Your thought? I assume youre not working in Starbucks.
3 There’s some justice in that, if you consider say where the S&P500 has gone over 10 years: essentially flat
8 – this is 6. my thoughts are your opinion has been valid until now. down years were down and good years were up. however, the investment banks didn’t vanish in the past. there were still independent banks that had mgmt willing to take outsized risks and cost structures that enabled high comp.
today, you have banking operations focused in bigger and bigger institutions. these banks have disparate operations and are much more interested in true risk mgmt (or at least they will be after this passes). mgmt teams came up through different ranks (i.e. ken lewis). the banks are more intertwined and will inherently be less independent. advisory services will fall significantly. capital raising will slowly be more and more of a commodity. compensation has fallen and will have a much harder time rebounding in the future. all in all, i think boutiques will benefit and large cap bankers will see their position and pay crippled.
for a young prof, banking is still a good place to start. experience is good, but the sacrifice (especially with bonuses like the rumors i’ve heard) is pretty stiff. my recommendation is stick it out for at least 1 year. learn what you can from working in this economy. leverage it to whatever extent you can and move on. easier said than done though in this job mkt.
and no, not at starbucks… yet.
I think you can qualify for food stamps and section 8 housing with numbers like that….jesus….
10 Thanks for that, which is extremely insightful. But begs the question: move onto what? Everything I can think of – PE, VC, asset management, corporate finance (i.e. treasury work at an industrial) – is flawed as well.
@11 – that’s about right. With those numbers, 1st years can pay maybe a month’s rent in their shared-with-5-other-recent-grads shitty downtown apt.
10 This is 12 again. I read carefully, and it sounds like you’re advocating developing some skills at a big bank then moving to a boutique. Good strategy. Problem of course is that by nature, boutiques don’t hire very many people. So this is not gonna be a good option for most.
doubtful associates know anything about the real bonus payouts.
8 and 6/10 – I have been having this conversation with my partner quite often resently. He would agree with 6/10 and I would agree with 8.
All I see for ibankers is a tonne of friggin’ hard work and very little return going forward.
I hope my partner is correct and comp levels return, however I can’t help but think everyone is in for alot of pain and disappointment
IB is not very hard work at the moment so the risk/reward point is moot. I work 10 hour days, no weekends and still get a massive base salary.
That should serve as a warning… your hours are probably either going to 80-100/week or 0.
@17 – massive base salary? you’re either lying or have really small ambitions…
@17 you are full of shit. fuck off.
@17 – massive base salary ? yeah right, massive compared to your bonus ! you are a complete nut.
Any word on IB stub?
@17 I assume you’re joking. If you’re not, you’re an idiot
@ 16 – think about working for the gov’t or a regulator and use that to feed into something else once (hopefully) the market turns.
17 here, massive compared to any other 1st year graduate job. Think 2x.
@25 – what other first yr grad job? consulting / industry? are you making 300 base?
Anyone based in UAE? What are first year assoc numbers in Dubai?
Kidding – seriously is anyone based in Abu Dhabi? Need to insight into life/work there.
Thnx
@26 – I don’t understand you.
But no, not 300k.
Anyone based in UAE? What are first year assoc numbers in Dubai?
Kidding – seriously is anyone based in Abu Dhabi? Need to [get some] insight into life/work there.
Thnx
@26- he’s an analyst. He means 2x the avg salary of some kid out of undergrad.
Anyone based in UAE? What are first year assoc numbers in Dubai?
Kidding – seriously is anyone based in Abu Dhabi? Need to [get some] insight into life/work there.
Thnx
#29 – Surprisingly they dont celebrate the same conquests over there that they do in the western world.
signed, Vince (it seemed like a good idea at the time) Acors
Anyone based in UAE? What are first year assoc numbers in Dubai?
Kidding – seriously is anyone based in Abu Dhabi? Need to [get some] insight into life/work there.
Thnx
My question [27,29,31 & 33...sorry for the re-post] is not comp related. May have an opportunity to go over there and want some perspective.
Forgive me for being naive, but as a soon to be (fingers crossed that my offer is not pulled) banker, what is a “stub bonus?” For the 1/2 year worked, assuming July start?
I worked in Dubai significantly over the past year and had several (american) friends in the PE sector as well. The UAE is a disaster right now. They are in a complete standstill frozen by fear. They never thought that the global recession would hit them and when it did, they were caught with their pants down. The country is like a deer in head lights right now.
@35
Yes
@37
Thanks. Much appreciated.
-35
I work in Dubai PE as a first year analyst. My base is 275,000DHS or about 75,000 USD non-taxable. Bonus was 110,000Dhs or 30,000 USD. Total was about 115,000 USD non-taxable.
I work in Dubai PE as a first year analyst. My base is 275,000DHS or about 75,000 USD non-taxable. Bonus was 110,000Dhs or 30,000 USD. Total was about 115,000 USD non-taxable.
Did you ever wonder what it was like during The Terror of the French Revolution? Like this.
see 35: I too remember those heady days. In your last year in school, offer in hand, dreaming of moving to NY, working and playing hard and at the end of the month being rewarded with a big fat check. And at the end of the year an even fatter bonus check. Unfortunately a different reality has set in.
@42
so true and so sad …
what do we do now
@42
so true and so sad …
what do we do now
@43/@44: you’ll actually have to work & think for your pay dumb@ss… not just sit around mindlessly waiting for the next coffee-order from your MD.
@39/40
75+30=115???
I would have thought they used arabic numerals over there…or maybe you’re just practicing to play Madoff with the Dubai Shakespeare company once you’re fired?
115 includes sign on bonus 75+30+10 = 115
forgot to specify that
@40 does that apply to AD? Tax free? You’re always accountable for US federal taxes….
2008 Wall Street Comps Survey
Dear Colleague,
We are pleased to announce the launch of the Third Annual Investment Banking Compensation Survey: http://www.wallstreetcomps.com/survey_enter_data.asp
This survey is to keep you and your peers informed about the compensation trends in the industry. The resulting compensation report will be free and will break down compensation by title, location, groups and banks.
The survey should take approximately one minute to complete. Individual submissions are anonymous and kept strictly confidential. No personal data is required and the data is used on an aggregated basis only. The survey will only remain open until the end of February, so please participate as soon as you are able to do so. Results will be released around mi March.
Even though previous participations were already high – available for free download at http://www.wallstreetcomps.com – more submissions will result in more statistically relevant data points from which to draw comparisons and insights. Additionally, we strive to diversify our participant base across firms and tenure. You can help to meaningfully increase the value of the survey by participating and by encouraging your friends and colleagues to participate. The power of the survey is in the depth of participation.
Thank you.
The Wall Street Comps team
Webmaster@wallstreetcomps.com
http://www.wallstreetcomps.com
lp9G0Q A big thank you for your blog article.Really thank you! Fantastic.
Say, you got a nice article post.Really thank you! Keep writing.
Very neat blog article. Will read on…
Thank you ever so for you blog article. Cool.
I truly appreciate this article post.Thanks Again. Much obliged.
Really enjoyed this blog post.Thanks Again. Want more.
Fantastic article post.Really looking forward to read more. Cool.
Very good blog post.Really looking forward to read more. Really Cool.
Very good blog.Really looking forward to read more. Cool.
Im grateful for the article.
Very neat article.Thanks Again.
Muchos Gracias for your blog article.Really looking forward to read more. Really Great.
A round of applause for your article.Much thanks again.
A big thank you for your blog post.Really looking forward to read more. Keep writing.
Really enjoyed this article.Really looking forward to read more. Really Great.
I cannot thank you enough for the blog post. Really Great.
Thanks again for the blog.Much thanks again. Really Cool.
I value the blog post.Thanks Again. Really Great.
I really enjoy the blog article.Much thanks again. Much obliged.
I value the post.Much thanks again. Keep writing.
Enjoyed every bit of your post.Much thanks again. Much obliged.
Muchos Gracias for your blog.Really looking forward to read more. Cool.
Major thanks for the article post.Really thank you! Awesome.
Enjoyed every bit of your article post.Thanks Again. Much obliged.
Thanks again for the post.Thanks Again. Really Cool.
A round of applause for your blog post.Really looking forward to read more. Great.
Major thankies for the blog.Really thank you!
Thank you for your article post.Really thank you! Will read on…
I value the article.Really thank you! Really Great.
I truly appreciate this blog.Much thanks again. Great.
I truly appreciate this post.Much thanks again. Keep writing.
I really enjoy the blog article. Much obliged.
Muchos Gracias for your blog post. Fantastic.
Major thankies for the blog article.Thanks Again. Awesome.
Thank you ever so for you blog article.Much thanks again. Cool.
Hey, thanks for the article post.Really looking forward to read more. Awesome.
Muchos Gracias for your blog article.Really thank you! Awesome.
Major thankies for the post.Really thank you! Really Great.
I loved your article post.Much thanks again. Much obliged.
Great, thanks for sharing this blog article. Great.
Very good post.Really thank you! Great.
Say, you got a nice article post. Great.
Hey, thanks for the post.Really thank you! Great.
Appreciate you sharing, great article.Really thank you!
Thanks for sharing, this is a fantastic blog article.Really looking forward to read more. Cool.
Thanks for sharing, this is a fantastic blog post.Thanks Again. Much obliged.
Really informative blog post.Much thanks again. Want more.
I cannot thank you enough for the blog post.Really thank you! Want more.
Im obliged for the blog post.Much thanks again. Great.
Im obliged for the blog.Really thank you!
Thanks for the article post. Fantastic.
A big thank you for your blog.Really looking forward to read more. Awesome.
This is one awesome article.Really looking forward to read more. Fantastic.