Analyst bonuses down, but analyst salaries up

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After weeks of waiting patiently, we can now offer some insights into the state of the 2009 analyst bonus in IBD.

UBS and Citigroup have both announced, and the numbers aren't particularly pretty. However, it's less painful than it might be because salaries have increased to compensate.

According to persons specialized in the recruitment of analysts, bonus numbers at both banks are roughly similar as follows -

· Analyst 1: 10-20k

· Analyst 2: 20-30k

· Analyst 3: 30-45k

Needless to say, this doesn't compare particularly favourably to 2008, when we understood that analyst bonuses at the likes of Goldman and Morgan Stanley were:

· Analyst 1: 16-40k

· Analyst 2: 20-45k

· Analyst 3: 40-60k

Equally needless to say, this year's bonuses look even smaller compared to 2007's, when we understood that they averaged:

· Analyst 1: 48k

· Analyst 2: 63k

· Analyst 3: 77k

All this would be enough to make an overworked 23 year old weep, were it not for the fact that salaries have been increased to (partially) compensate.

We're hearing conflicting rumours on salary increases, however. On one hand, we understand that salaries for second year analysts are up a generous 10-15k. On the other, we hear everyone's simply been shunted into the salary band above, equating to an average 5k increase. Let us know if you can elaborate.