Last week we were informed of the unbelievable news that 1st/2nd/3rd year sales&trading analysts head been led to believe (by their own assumptions) that they'd be getting 10k salary bumps because 1st/2nd/3rd year banking analysts got raises and fair is fair. Apparently not in Phil Mickelson's house! The s&t'ers got nothing, and what stung the most, we're told, is that HR didn't even think to say it was sorry for getting the junior rainmakers' hopes up. Today, it gets even worse. From an associate who, Bob Diamond I hope you're listening good and hard, is thisclose to considering the possibility of maybe leaving if a more desirable situation (a call back from Dick Fuld's new shop) presents itself:
Just a heads up, the same call/conversation took place with the IBD analysts/associates last week. The analysts had their conference call first in which they were told they would be getting a $10k bump to $70k/$80k/$90k (1st/2nd/3rd). All the associates heard the cheering on the floor and when we found out what was going on, expected the same bump on our call scheduled for 15 minutes after the analyst call. Needless to say, we didn't get the bump. We were told the firm would "reevaluate" the base salary situation in march (most likely after everyone has already left for other firms). What's more, the folks coming in through the Barclays side get paid $10k more than the Lehman associates.
So first year associates that came in from Lehman basically get paid $5k more than 3rd year analysts (guess that's the market value of an MBA these days). Everyone here agrees: barcap is the definition of bush league.