That time of year approaching. Please refer to last year’s thread for timing of various banks. Let’s keep this to hard data points only
Bank (Name / BB / EB / MM)
Level (As2/ As3/ VP1 etc)
Base / Bonus / TC
$ amount of bonus in stock
| +158 | Gifting Bonus to Parents? | 13 | 1d | |
| +113 | Dartmouth Partners Sucks. | 30 | 3s | |
| +94 | BofA Spiraling? | 41 | 31m | |
| +53 | Summer opportunities/suggestions for rising 12th grader | 22 | 1h | |
| +49 | Tips I Wish Someone Gave Me When I was Starting My Analyst Stint | 4 | 4d | |
| +42 | UBS 2024 Groups for Purely Exits | 27 | 1s | |
| +40 | Can anyone provide some insight into Canadian Target Schools | 29 | 57m | |
| +38 | Risks of lateral as a third year analyst | 8 | 23h | |
| +37 | Last minute college decisions (HC IB -> Life Sciences Buyside) | 8 | 6h | |
| +33 | Hearing Santander Doesn’t Care about Finra Licenses Anymore… | 14 | 16h |
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.
Based on the most helpful WSO content, it seems like the 2023 bonus season is indeed approaching. However, I'm sorry, but it looks like this may be out of my ability to answer... maybe some of the links below might help? I don't have the specific data points for the 2023 IB Bonus Megathread at this time. I recommend checking back on the WSO forums for the most up-to-date information.
GS leaking out that the bonus pool is very poor to mentally prepare its prestige obsessed bankers for donut-like bonuses. Shoulda joined RBC instead across the street, a real investment bank!
Pat on the back (by staffer) + GS cookie for junior bench
Our numbers coming out at the end of next week .. likely to be top bucket given reviews but not very hopeful about the bonus pool given revenues are down
---------------------------------------
Not sure why I am getting monkey shit...my numbers come out tomorrow but hearing some really bad numbers from other ASO1 in other groups that had their meeting today. No buckets disclosed but colleagues that think they are in middle/upper middle got $65-80K bonuses so ~40-45% of base.
—————————————————
Got 80K and was told I’m top performer FML
Why did bro get barraged with MS lmao
Update: I have decided to also MS bro. Why? Well why not?
This app is loaded with clowns (that includes me)
You were basically like:
“Damn….why they jumping him???!! Fuck it, Imma run his pockets.”
I worked at Goldman for 4 years and comp was always done in late January. What changed this year? Those numbers are terrible to hear, if true, but I’m kind of questioning the validity of that unless you tell me they changed when they announce comp in the last year or two?
Never said this was GS - this is at a reputable MM bank
Heard from my friend in management office that ubs bonuses will be pretty decent. They are taking whatever cs bonus pool existed and helping pay out the legacy ubs bankers with it(juniors included). Cs bankers will mostly be getting zeros
Well deserved for being forced to buy CS and then going through all the drama around the transaction and integration.
I’d be very surprised if any of that is true. Most leadership in US IB is not UBS, and UBS is betting on bankers that stayed from CS or came from
Barclays to not regret their decision (and FYI, many “guaranteed” are more soft-guarantees than something firmed-up on a piece of paper…)
Kind of messed up tbh...but expected
Where are these RBC numbers? Know they got told over last couple days. Jefferies is now / early next week as well.
I haven’t seen numbers yet. RBC has had junior retention due to lower base pay vs. street.
JEF - Carnage. Top group in JEF 75% across all levels. Do not come here place can’t pay like they used to and talent has dried up.
Thanks for first real data point. This was my expectation for most BBs = sub 90% bonuses
was 75% top-bucket?
Heard a lot worse for AS1. $65k bottom to $120k top. Some coverage groups were paid $65k bonus across all AS1s.
Can confirm
What was Jefferies historically paying to top and middle buckets?
Thought that range is normal for good performers in prior years (but I didn’t work at Jef)
Meh - what was it historically?
ASO 2 / 80k / mid bucket
Thank you for a real data point. Sorry to hear this. Just started at the firm- depressing outlook.
Bump
Hear Canadian banks have numbers recently. TD and RBC. Any data points?
Believe Scotia released also
BMO
As0 (A2A in July)
Base: $175k (no change until As2) / $35k stub / ~$290k all in (including summer bonus and base change)
VP2. $275k Base. Bonus +/- 100%
Was this at JEF or which bank? Buddy who is VP2 at PJT and got 750 top bucket and heard VP3s who got 800
Yes. Content with the # given deal flow for the year
Which geography is this?
Associate 1 at RBC, $150k bonus (top bucket, first full year as an associate so that doesn't include any stub)
This is not accurate. Associate 1 mid bucket is 50k and top bucket is ~75k. Associate 2 ranges from 80 to 110 (middle to top ).
Not correct on top range of ranges; 1+ got higher (although very few were handed out)
VP2: ~675 total comp at boutique. All considered given the year and market feel decent.
That’s pretty solid. I’m a VP1 at an EB too so hope I can trail you by $50-75k for being one year down. Any additional color you can add on what type of boutique you’re at?
VP at JEF and was way lower despite top rating in top group
Mind sharing range?
Is that all cash comp or also stock?
PJT is the only EB that has released bonus figures so far
Congrats. That's great. Which geography is this?
PJT released numbers today
can anyone share numbers?
bonuses at PJT are down 25% from last year, RIP
Anyone have ranges for AS1-4 and VP1-3? Hearing top buckets were 120% of base but does not seem real
People were pissed
Aren’t PJT bases flat at 250 for all Associates and 300 for VP 1-3?
What were PJT bonuses like
Any figures?
how were gugg bonuses this year? - heard they were top across the street for ana and aso but never got solid data points
Gugg banker here. Pay is always at the low end of boutiques. Always a discount to PJT/Moelis/Evercore.
could you provide any data points?
Analysts were strong
A1: $50-90k bonus
A2: $80-105k (?)
A3: $90-130k
agreed, looking at other threads and seeing Gugg analyst bonuses were top of street, which is why the above comment about gugg being mid surprised me (maybe for associate and above comp?).
other threads for reference: https://www.wallstreetoasis.com/forum/investment-banking/2023-consolida…
Jefferies
AS1 bonus $110k base $175k TC $285
New base $200k
Was told top bucket
While not great, does not seem like the carnage alluded to by someone earlier.
I think there are some silly people who thought the 2021 and 2022 bonuses were new baseline / market pay.
reality is banks were always going to offset the base raises with lower comp on An/AS levels but blowout year in 2021/2022 for some delayed that rollout.
I’ve never worked at Jefferies but it sounds like they talk up “paying above market” although I’ve never seen datapoints to back that up..excluding their houston team.
EB ASO1 (Coverage) - Top bucket $395k. Overall given the market, definitely pretty happy.
Can you share which EB?
I’m guessing centerview or dc advisory
That’s for all in I’m assuming?
Is this stub or 2022 MBA class?
What do you mean by coverage? PJT is the only EB that has announced and they have integrated M&A and Coverage like all other EB. Also heard they absolutely paid their top performing Associates across classes
Give us some numbers for top bonuses
Numbers!
It’s gonna be baaaad
Rbc 125k bonus mid bucket
What are top bucket aso3s getting?
Can someone please share Associate 2 or 3 bonus?
Sounds like RBC As1 range so far is $125-150K mid-top? That’s pretty good
MM ASO2 bonus $200K / TC $375K
Wow that's good, what firm?
Would be nice if this was HL CF given the abysmal numbers last year but doubt it
They don’t get bonus until near FYE I believe
Where do you work bro which mm?
RBC
VP2
275k base + 150k bonus (was told mid bucket)
Don't come here unless you're a beneficiary of virtue signaling
could be wrong but I'd say 425k for this market is good especially since RBC is no Centerview in terms of pay
Is some of that deferred too?
30% of every dollar over $100K
Damn thats rough I though mid bucket minimum for VPs was 200k. 150k feels like an Assoc2 mid bucket bonus
Same bank and same year as the poster from RBC but bonus almost 2x as high. Top part of top bucket though.
What were ASO numbers? Any for Aso2 and Aso3?
Any other boutiques give out numbers yet?
How about PWP?
Sounds like the only places that gave bonus numbers so far were rbc, td, pjt, and jefferies??
TD - Aso 1 pay is $175k base + $200k bonus for top bucket, every year after makes $50-75k more
Friend at RBC - Aso 2 pay is $200k + 180k bonus
Is this for all groups across the board? Mind sharing your coverage group and/or providing additional detail on anything else you've heard?
MM - 2 VP1s
$275k base
$75k bonus for one, $175k bonus for the other
Top bucket for the class was $520k all in
These are terrible. I got $150k as an Associate 1
CVP
ASO 1
200K base + 170K bonus
Mid Bucket
Very bad year vs past
Thats actually bad for amount of biopharma deals you guys closed this year.
Do you know what the bands were?
35-40% top to bottom. So massive bands.
There are third years who got that bonus. Think this might be lower mid bucket unless you’re an AS0
How were mid bucket aso1s getting similar bonuses as what a3s have gotten this year ..
Were people above and below. Don’t think every mid bucket got 100% of base for ASO. Otherwise everyone would be happy (which they weren’t).
What was AS2 comp last year?
Guess the writing is on the wall when the might of CVP and PJT are also substantially down YoY
CVP
AN2- mid bucket 110-125
AN3 - mid bucket 130-160
AN1 - 52 (unsure)
More tough of a year for associates, but not sure what other shop besides Qatalyst/Dyal/Allen/M Klein pays your first full year analysts 220k + 50k signing
Lol CVP has analysts making nearly 300k/year
Heard an AN2 with 135 (incl. partner pool). Thought that was mid. Is that top?
M. Klein comp was not that high this year - sucks because it has been materially above street in the past so not sure what happened this year but my buddy there was not happy about it and given the tradeoff you're making not going to a more name brand firm it was surprising, didnt seem fair from an outsiders perspective
What were PJT bonuses like?
Asos got between 350-500k this year
Any info on analyst comp?
At my bb Associate ranges have been from 90% to 105%
This year? What bank?
Canadian bb
Bb? No way? This Philly boy account has been trolling for a while and at best he works at bankrupted shop like CS or DB that can afford to pay $30k for associates
lol no. Not been trolling.
that was range for associates in my group
What were analyst and associate bonuses like for Evercore?
Not until February.
Lazard numbers come out?
Not until late January / early February
How about Moelis
Don’t they pay on a different cycle?
Why no pjt numbers?
Does laz pay more than evr?
30 person very niche boutique
AN2
100 / 25 + 16 + 12 + 44 + 6 / ~203
Not too shabby - got kinda lucky this year in regards to where comp typically is at my firm
Is this 100 base + 103 bonus paid in quarterly basis or something?
100 base with 25 guaranteed bonus and then the remaining bonuses are deal closing related
What firm? I need to join
BMO AS3 - top bucket: Base: $225k, bonus ~100%
Bmo is paying super well. Wtf am i doing
BMO stepped up their game
Is deal flow stronger at BMO this year? And if so, how?
BMO fires a ton of bankers before bonus season to afford bonuses
Do you know what the new base for VP 1 promotes are? Or is this compensation inclusive of the new salary and one time promotion bonus, if any.
$250K - and no, above is strictly base + bonus.
What did middle and bottom bucket get?
What’s analyst base there?
Any data for London?
I really hope $750/800 TC quoted above for VP3 at PJT is wrong otherwise I’m going to cry
As per the October report of efinancialcareers, at PJT a VP3 on a £200k base and a bonus of 100% at a 1.27 FX rate should make c.$500k so the NY guy makes 50% more
Thanks a lot
That was exactly my thinking - I know there’s a discount for London vs NY but 50% felt steep
It is true, know of someone who got in that range.
Thanks - sb’d
Which number is true 750k for VP2 or 800k for VP3? Both seem inflated to me based on my knowledge of what ASOs there made this year.
Anyone know Rothschild
Heard won’t be announced till late next month
I see, thanks
LMM Regional Boutique in Los Angeles
AN1 140k all in (80 base, 60 bonus)
no raise to base salary (this is "just how they do things")
was told i shattered expectations
does this seem fair?
the no raise is a bit shitty but thats a great bonus for a LMM firm imo.
Also a terrible and insulting base salary.
i would lateral. Street base is $110k. That is huge for LA where rent is high.
PWP?
Does pwp pay in this time of year or march cycle?
pwp comes out late Jan / early Feb
Anybody know about Natixis CIB?
Can more jefferies people post numbers please
Bump, now that it's the new year, any updates from anyone?
Impressive, very nice, now let's see the London numbers
TD Securities - VP 2
base 275 bonus 340 - ~10% deferred over 3 years was told top bucket
TD showing up this year wow
Excepturi atque velit culpa odit. Accusamus officia vero et ea est ea a. Modi velit molestias error sequi ipsum harum. Sed aut rem eos atque. Ducimus hic hic id recusandae nisi nihil eum. Soluta officia rerum id ea quisquam voluptas ducimus.
Est nemo excepturi pariatur consequatur quo. Placeat perferendis quaerat asperiores nesciunt neque. Iusto non porro maxime ea quo. Atque doloribus beatae occaecati. Quia consequatur occaecati consectetur at velit. Itaque sit saepe et.
Ut qui esse tenetur nesciunt repudiandae nihil et ipsum. Atque et aut quas qui. Natus laudantium voluptas quia. Qui voluptatem consequuntur rerum assumenda ut quia dolorem. Temporibus itaque ut neque ut incidunt qui eius. Cumque hic aut in facilis.
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...
Neque id est doloremque aut sed ea quas laudantium. Error error nostrum mollitia ut. Id aut est est. Incidunt commodi quo blanditiis et id.
Qui veniam dolores dolor recusandae eos. Et numquam corporis sapiente autem. Et labore necessitatibus dolor est neque quos. Aut ut eos facere deleniti exercitationem sapiente. Eaque facilis vitae nemo rerum officia iusto est.
Eius tempore et et explicabo qui unde et. Voluptate impedit et est excepturi reiciendis repellat dolor. Enim eum eos dolores delectus deserunt.
Harum error est ea aut. Velit provident sed nihil. Modi suscipit quas et eaque sunt quia. Dolor repellat voluptatem excepturi est officia. Nisi ut et explicabo.
Fuga illo suscipit in. Cum veritatis ut voluptatem itaque non. Consectetur enim provident eaque accusamus asperiores molestiae ratione. Error qui inventore sapiente illo doloremque dolorem.
Aspernatur aut rerum eveniet aspernatur enim error nulla ut. Facilis doloribus reiciendis est expedita maxime et. Nihil delectus occaecati in molestias ut et. Vero impedit illum sed.
At inventore voluptas aliquam ipsum. Expedita ipsum neque debitis aut. Molestiae dolores exercitationem suscipit et mollitia cupiditate necessitatibus. Est alias omnis sit alias quidem quam. Nihil soluta minima sint dolore voluptatem rerum. Reiciendis facilis aliquid et quasi voluptatem ut. Pariatur vero alias corporis perferendis nam molestias.
Totam quod quasi quos ut vel quos modi aut. Illum tempore aut qui. Esse asperiores aspernatur et.
Excepturi quis architecto est aut delectus voluptas eius. Velit doloribus aut est commodi et iusto ea. Perspiciatis reprehenderit deleniti impedit aut.
Rerum necessitatibus voluptatem natus aliquid accusantium deserunt sint. Et numquam accusamus nulla ea.
Delectus quia necessitatibus consequatur dolores iusto. Exercitationem qui ut cupiditate repellendus enim. Aut illo sequi perferendis voluptatem officia.
Quia quas aliquam facilis quia ut corporis dolores. Laborum quia non tempore cum expedita. Quisquam magnam voluptas omnis ut suscipit repellat qui. Repudiandae molestias repellat necessitatibus quis doloremque reprehenderit.
Ad quam similique eum dignissimos molestias labore reiciendis. Labore repellendus voluptatem impedit ea. Est eius amet earum ad quaerat odio est. Dolor aut magni recusandae. Sed quas eius sunt et quasi impedit itaque. Quibusdam temporibus et ad et quis dignissimos qui.
Voluptas iste ad maxime nihil occaecati delectus. Ipsa consequuntur dolores qui laudantium. Quo fuga voluptatem est sed ipsam aut. Voluptas et magni optio nisi possimus nihil nemo. Quasi sapiente nesciunt alias ab et aut. Delectus qui in odit nemo. Accusantium maxime optio sapiente et repellendus debitis non accusamus.
Mollitia aut iste modi animi. Quaerat magni non inventore. Eveniet quasi quidem molestiae. Ullam voluptatem iste fuga harum rerum pariatur. Minima fugiat aut debitis et.
Qui aperiam assumenda et. Veniam porro non qui consectetur. Pariatur ullam nesciunt quia officia maxime odit et. Iste sint facere et consequatur.
Minus aliquam sunt molestiae enim sed. Impedit ratione culpa quis deleniti ullam. Nihil cum neque non tenetur voluptatum. Et doloremque cumque id deserunt enim qui. Odit est aut numquam non reprehenderit quisquam voluptas.
Fuga nisi recusandae quis ut et illo nesciunt. Itaque animi quam sunt voluptatem eos qui quo. Nam unde omnis praesentium in culpa nobis ullam aperiam. Et et dolores ipsum.
Rerum est sit aliquam corporis magni a. Maiores quam fugiat est soluta molestiae. Vero enim et aliquam soluta suscipit porro expedita. Accusantium iste quam asperiores sunt commodi. Enim voluptate neque culpa inventore nisi.