30th May 2024

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Business Industry and Financial

Investment bank analyst bonuses were… Pretty meh

You don’t need to be a top economist to realize that the market is in a bit of a hole at the moment. Investment banks are struggling with floundering revenues among other things (such as inflation).

It is not the best year in history, therefore, to be a banker. Especially for the (relatively) easily dispensable cogs in the machine, analysts. And it seems that banks aren’t exactly generous with their purse strings for their juniors. We’ve collated and crunched a few hundred bonus self-declarations found online and tried to iron out an idea of where the most (and least) generous analyst bonuses were this summer.

The result is… Somewhat surprising. Of the banks we’ve come across, it was Toronto Dominion’s analysts that had the best bonuses ($90k, on average) – and fellow Canadian bank BMO’s which had the worst ($41k, on average). It’s worth noting that there was a significant difference between first- and second-year analyst bonuses at BMO – $30k on average for the former and $53k for the latter.

We’ve covered the (relative) disappointment of Morgan Stanley’s analysts with their bonuses before. Whilst deciding whether their disappointment is warranted or not is a moral responsibility outside of our jurisdiction, it’s certainly worth pointing out that there are a number of banks that paid smaller bonuses than it – most notably, Barclays. Deutsche Bank analysts, however, really can’t say much – they were paid more than UBS and Lazard analysts, among others (including Morgan Stanley, obviously).

Though the vast majority of the figures were for New York bankers, there were a small number of London bankers (paid in pounds). Although their compensation fit into the general pattern, their results specifically were removed for consistency.

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