Front-office salary - What should I expect? Newbie? (2 Viewers)

[§eraphim]

What is the typical front-office salary package like for a grad trader in fixed income in a major investment bank eg Citi? Newbie, and others, I'd like to get your input.

 

[Newbie]

i dont know maenz
citi ficc haha its rough out there these days

meanwhile ib this year pays ~95 except macq which pays 90

 

[velox]

As Newbie said, probably $85-95k plus 50-100% bonus. Although I have a slight feeling the bonus component will be curtailed for FI (for this year anyway)

 

[§eraphim]

In terms of the range of packages, who is near the bottom? Do US banks pay more than European ones?

Are Corporate Finance packages really that comparable with those for trading? I would have thought most IBers would be nervous given rates are on the rise so fewer debt-financed acquisitions.

 

[velox]

In terms of the range of packages, who is near the bottom? Do US banks pay more than European ones?

Are Corporate Finance packages really that comparable with those for trading? I would have thought most IBers would be nervous given rates are on the rise so fewer debt-financed acquisitions.

Probably less hiring in ECM/DCM, base will stay the same - probably bonus will be cut. Euro banks are around 60 000 pounds all up for grads (inc bonus). 40 base + 20bonus roughly.

I think Australia is near the bottom for salaries. But in the UK cost of living is much higher, so it'd be about even.

 

[Newbie]

with the exchange rates and all, aussie grads are killing it, not to mention the half year stub which is quite sexy. the worst off is the people heading to ny since its 60+10 with no housing. if we ever get 1:1 parity, they would be basing less than ops people here. the upside is you aint baller til you survive the ny office

all the firms are still spamming the recruitment letters but i suspect its for show. headcount is definately lower. its a depressing world out there. FUCK YOU SUBPRIME

 

[jonathan__]

This sounds very much like a thread from wallstreetoasis, which is a good thing! Is the position mentioned above under Sales & Trading (I'm guessing it is) or Asset Management? Also, would any of you have the expected starting base/bonus figures for Asset Management and/or PWM at a bulge bracket IB? It'd be great to weigh up salary against lifestyle choice for those 2 and in IBD. Cheers

 

[Omnidragon]

Holy man!! FI is like the place not to be right now! And of all firms, you had to ask about Citi!!!!!!!

Edit: I reckon the Australian media has been covering up heaps of things. It is getting very very very serious in London and NYC.

 

[Rorix]

As Newbie said, probably $85-95k plus 50-100% bonus.

Surely not for grad traders. Newbie was talking about IB. AFAIK its about 95-100k allin for trading

 

[§eraphim]

It's not Citi, but in the same league.

I'm inclined towards interest rate/FX vanilla and exotic options.

Newbie, u started working full-time yet?

 

[velox]

Surely not for grad traders. Newbie was talking about IB. AFAIK its about 95-100k allin for trading

? Optiver and IMC are offering $100k + Bonus. And IBs pay better than marketmakers.

Optiver - 100K + bonus for a wholesale trader - http://ozbankers.com/forum/viewtopic.php?f=3&t=15

 

[Omnidragon]

Yea but that's nota grad progmra right

 

[§eraphim]

But that's just market making vanillas. What about the structured derivatives area?

 

[Rorix]

? Optiver and IMC are offering $100k + Bonus. And IBs pay better than marketmakers.

Optiver - 100K + bonus for a wholesale trader - http://ozbankers.com/forum/viewtopic.php?f=3&t=15

Not sure if thats the grad program or not. Either way there's no way first year traders (who aren't contributing to P/L) are getting >100 + 50-100% bonus.

 

[Newbie]

grad optiver is paying 100k, my mate just got it lol

 

[Omnidragon]

Yea just confirmed with a mate tonight too. This guy who interned at Macq IB and turned it down.

 

[velox]

But that's just market making vanillas. What about the structured derivatives area?

I doubt pay would be any higher.

Newbie, kudos to your friend, the test is so hard. And the way it is written with strange dutch symbols;slows you down heaps.

Was he an actuarial student?Good grades?

 

[jase_]

I personally wouldn't whinge about any of these salaries! Though given that you are selling your life away to the company in return, I suppose you'd want some sort of good compensation. I personally prefer a good work-life balance though, with an emphasis on the life. I mean, what's the point of a high salary when you can't even enjoy it properly? Unless you just do it for a few years, save up, and then go into a more relaxing job knowing you have a fair bit saved up already. Hmm that's a pretty good plan actually...!

 

[§eraphim]

Grads get fired too easily at Optiver.

 

[La Divina]

What's Optiver? I'm not bothered googling.