So, how bad were associate bonuses?
2022 was a tough year for banking. And when it’s a tough year for banking, it’s a tough year for bonuses.
Posters on finance social media site Wall Street Oasis have been sharing the bonuses they’ve been told they’ll receive this year – and the results are generally underwhelming. In the words of one banker, “These numbers are awful, wow.” Or as another said, “game over this year.”
A wide variety of banks were represented in the posts, although a number chose to post without revealing their affiliation. Citi was the most represented bank on the list, followed by Canadian bank RBC and Wells Fargo.
There were more complaints about bonuses at Morgan Stanley, with one poster suggesting that MS bonuses were lower than Citi's for last year.
Citi was widely held to pay its juniors badly when analyst bonuses were awarded last year, but it seems to have made amends in the recent bonus round. One junior banker said they were “pretty impressed” with the numbers, “all things considered.” Another said Citi was “killing it this year.”
Even at boutique banks we’ve covered such as Lazard and Evercore, it seems that pay has taken some mighty hits – not to mention the once-spotless compensation record of private equity giants such as Blackstone.
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