Examples of 2008 / Early 2009 Bonuses in Investment Banking Positions
Firm	Area	Level	Base	Bonus	All-in 08 Comp
Bank of America	Investment Banking Coverage	Executive Director, New York	$150,000	$0	$150,000
Barclays Capital	Investment Banking	Associate 2nd Yr, New York	$95,000	$130,000	$225,000
Boutique Firm	Investment Banking	New Analyst, starting in June 2009	$70,000	$15,000	$85,000
Boutique Firm	Investment Banking	First Year Associate, New York	$120,000	$70,000	$190,000
Boutique Firm	Investment Banking	Managing Director, New York	$120,000	$300,000	$420,000
Boutique Firm	Investment Banking	Managing Director, New York	$140,000	$500,000	$640,000
Citigroup	Investment Banking	Associate 3nd Yr, New York	$110,000	$80,000	$190,000
Citigroup	Investment Banking	Director	$150,000	$170,000	$320,000
Credit Suisse	Sales & Trading (High Performer)	Managing Director, New York	$135,000	$900,000	$1,035,000
Credit Suisse	Investment Banking Coverage	Vice-President, New York	$110,000	$250,000	$360,000
Goldman Sachs	Investment Banking	Partnership MD, New York	$600,000	$2,000,000	$2,600,000
JP Morgan	Investment Banking	Managing Director, New York	$200,000	$500,000	$700,000
JP Morgan	Investment Banking	Group Head	$200,000	$2,300,000	$2,500,000
JP Morgan	Investment Banking	Vice-President, New York	$125,000	$240,000	$365,000
JP Morgan	Investment Banking (Median performer)	Associate 3rd Yr, New York	$90,000	$60,000	$150,000
Merrill Lynch	Investment Banking Coverage (High Performer)	Managing Director, New York	$200,000	$850,000	$1,050,000
Merrill Lynch	Investment Banking M&A	Managing Director, London	$150,000	$600,000	$750,000
Morgan Stanley	Investment Banking	Associate 2nd Yr, New York	$120,000	$160,000	$280,000
UBS	Investment Banking Coverage (High Performer)	Group Head (guaranteed)	NA	NA	$6,000,000
UBS	Investment Banking Coverage (High Performer)	Managing Director, New York	$180,000	$0	$180,000
UBS	Investment Banking	Second Year Analyst	$70,000	$15,000	$85,000
Notes from Discussions With Bankers Worst Bonuses Bank of America (mainly zero bonuses) UBS ("Donut Central") - only bonuses paid were to persons with guarantees Best Bonuses Boutiques Credit Suisse (high bonus receivers asked to take "legacy assets") Goldman Sachs Merrill Lynch (highly controversial end of firm bonuses paid by John Thain) Morgan Stanley Average Bonuses Citigroup (bonuses not bad considering - but insiders expect pay to be way down) JP Morgan (bonuses reasonable) Other Notes A key trend was that firms that pay earlier with November fiscal year ends tended to pay better than those who paid later such as BofA and UBS. A number of shops including B of A "banked" part of bonuses. They can only be taken out one third of the time in each of the next three years. Others put in four year vesting, particularly for MDs over $1 million. No cash over $1 million at JPM. Merrill bankers anticipate getting paid quite poorly at B of A given that the B of A bankers got little last year. Very fractious situation. Deals good at Moelis and Evercore. Bankers getting offered revenue sharing and upside in firm performance.