A couple weeks back, a report circulated that Wall Street banks were considering freezing compensation for junior employees. The firms were hesitating, however, supposedly on account of the backlash they feared would occur from failing to keep “potential future stars…engaged and happy.” Yes, they were terrified at the consequences of how their junior mistmakers would react to the news and didn’t want to pull the trigger unless everyone promised to do the same, preventing a dire situation wherein a handful of first and second year analysts quit to join firms where their unique talents would be appreciated. Credit Suisse CEO Brady Dougan, for one, has decided not to be afraid anymore.
“Word is that second year Credit Suisse analysts will receive no base increase from 80k and no bonus this year (as for first years, it would seem unlikely that they’d get bumped from 70k to be making the same as second years). Third years getting promoted to associate are HOPING for 100k base. Last year first year associates made 125k base so this is a huge reduction of 25k. Much unrest and most expect huge drains as people find other jobs.”
"Yes, in the back. Take the gun out of your mouth and ask your question."
Associate numbers – base and bonus?
in other news Credit Suisse was seen recruiting at Baruch College – official word from the bank was that the students would be a natural fit as the campus is only a block away from its headquarters.
Going from making what a McDonald's employee makes per hour to what a Nike worker in China makes to per hour is not the NKI
"…most expect huge drains as people find other jobs." Sure, buddy
Working at the new Schnippers next to Credit Suisse is the NKI
His finger pointing makes me nervous.
"I want JEW."
-Uncle Brady
CS employees, we'd like to extend to all of you offers of employment in our newest "research park" in the Zhejiang province! We offer better salary and benefits, luxurious living conditions, a comprehensive meal plan, and, of course, free iPhone!
- Foxconn HR
Nervous Jew is examining your motives
"[M]ost expect huge drains as people find other jobs.”
SEEE????
-BO
I saw CS job flyers at Sophie's the other day.
- guy who likes Cuban food
LOL
Base: Go fuck yourself.
Bonus: You have a job.
Presumably these "huge drains of people" plan on leaving finance?
Well it did about $5mm on opening weekend and the real bonus was seeing Whoopi cross-dress in the role of the hard-charging Wall Street titan, Robert S. Cutter.
Seriously. Tell us who's clamoring to hire enough douches with a whopping 24 months of experience to "drain" that swamp.
and don't forget our dormitories' bouncy new safety nets!
It's one thing for a guy threatening to leave banking b/c he made 1m instead of 3m (and go where, indeed), but 80k all in is literally less than $20 an hour. In one of the most expensive cities in the country. Bad economy or not, there are lots of jobs out there these kids could get that will pay more, especially if they're not in NYC.
Does this also apply to CSAM (Asset Management)? I know 2nd year CSAM analyst in 2008 who got 90K bonuses..could be just IBD getting in the rear
Do not worry fellow Swiss bankers, we've all been there. Trust me on this, your bank will be back on it's feet and you will be able to afford your own Honda Civic in no time!
-UBS MD
Come on. No one gets in this business for $80 or $90 or even $125K. There are, sure, jobs where you can make more money. You could babysit kids and make more than $20 an hour.
The point is that in five years you're not going to be making $500,000 babysitting. You may or may not get there in finance. But – the thinking is – you have a CHANCE to. No one goes to Hollywood to wait tables and audition either.
CSAM troll
Calling all CS analysts – make an error in your pitches to protest this travesty!
Yes, except comp at the high end has been massively compressed also, and the industry is shrinking. So now the person contemplating an analyst job is looking at less money near term, less money long term (way less) and less job security. The investment banking vs. everything else comp delta has shrunk or arguably inverted when you factor in cost and quality of life.
All your base belong to Suisse.
The CSAM group that rewarded its analysts is CFIG – Customized Fund Investment Group – would love to be in that group
you have a CHANCE to win the powerball too. do you play it every day?
Not anymore.
Greg Skidmore
Yeah OK. Sounds like a madeup group lol
i can confirm the csam comment. that division isnt in same pool as ibd so makes senses
I'll make 1 on top of the normal ones!
-UBS Analyst
hey assholes – post numbers. base + bonus
- sh(c)iti banker
Can you read? See above? Where it says 80k (base) and $0 (bonus)?
that is one data point, i'm looking for associate/vp numbers. bottom line, bad bonuses hurt all of us. kill mobility, etc, some banks get bad ideas from other banks, etc…
That cannot possibly be true. Markets aren't that brutal. What are BAML analysts getting paid then??
Spirit points and a waiver of the $5 ATM surcharge?
Can someone at CS please confirm these rumours? Many thanks.
It's a fucking bad downcycle dude, relax. You'll get your 2006 someday if you're patient.
You'd love to join CFIG even after Arpey split, really? That's either short-sighted, ignorant or you know something about KW the rest of the world doesn't.
Nobody cares about analyst pay. Associate, VP and up.
This CS comp structure is too complicated for me
- UBS Quant MD
CS comp communication day is this Friday. Any numbers shared before then are bullshit. And Analysts are still on summer cycle at CS.
Damn I need to go back to grad school Stat!
Excellent – our proposed bonus payouts are within 2 standard deviations of our comps
Karsten Kengeter
Hey, for some reason this UBS pitch has one mistake less than usual.
- UBS Client
Yes, you're right. Nothing "shows them" like racking up more loans in a down economy….
You're the idiot – Kelly Williams is the man and can carry the firm. No need for that Carlyle Arpey boy to be there. Plus they got Alpha, Beta, Strategic Partners. CSAM will probably be sold
CS Client: Why are these two headings different shades of blue? This is unacceptable you've lost our business forever.
"…there are lots of jobs out there these kids could get that will pay more."
Hmmm — Care to list some of those "jobs"? Besides consulting w/ a top-tier group (McK, Bain, BCG) I'd say there are exactly ZERO other careers that pay kids 1-2yrs out of school $80k plus/yr. Them boyz aren't going anywhere.
lol
No just one cares about baseball. Write about hockey.