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Technology bonuses in banks may have been awful for 2023. And that's not all

Banks love to talk a big game about their investments into technology, but that doesn't mean tech employees are benefitting too much when it comes to their bonuses. Technologists across banking seem to agree, they were quite dismal.

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One Morgan Stanley engineer said that "10-20% was the average, [of salary]" but some people received much less. A senior engineer at a major US bank in California said they received a 0% bonus, despite being promised one of 50%.

The Californian engineer says a key factor in deciding who gets the good bonuses is time spent in the office. "Remote workers, generally speaking, got poor or no bonuses this year," he said, "while in-office employees did markedly better."

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Quants and data scientists didn't fare too much better, either. One London based headhunter said bonuses "have been very low." There are complaints of poor pay among quant teams at US banks in Hungary.

The compensation issues may extend beyond just bonuses, however. One Morgan Stanley engineer said "the bonus wasn't the issue, the below inflation raise was." 

Deutsche Bank technologists said their salaries were held static. One Deutsche Bank tech VP in a low-cost office said that they had a 0% raise... and their bonus had been halved despite a year of strong performance. 

Deutsche Bank declined to comment. Bloomberg reported that Deutsche Bank cut investment bank bonuses by more than 10% this year. 

If you've received your bonus and this doesn't sound right to you, make your voice heard by answering our 2024 salary and bonus survey. (If it has, and you'd like to complain... fill it out too!)

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AUTHORAlex McMurray Editor

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