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Investment Banking:
2009 Salary Examples

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

Note: the examples in this table are based on conversations with individuals primarily located in New York, mostly at major bulge bracket firms. Salaries varied fairly significantly by geography, even moreso by industry/product group, and most sharply of all by the bank's susceptibility to public and government pressure.

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.

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