A few weeks ago we said that banks probably weren’t going to be increasing salaries, but now it looks like some of them are. In particular, BofA/Merrill appears to have increased its salaries already, with the result that its employees are rather pleased.
“Let’s just say that it’s very advantageous if you work here,” says one VP.
After multiple calls, we’ve elicited the following rough guidelines for how much salary a BofA/ML banker can expect to earn under the new system. If you work at either institution and think these are glaringly wrong (or can fill in the gap) please inform us instantly by saying so at the bottom of this post.
As well as increasing its salaries, BofA/Merrill is said to be offering long term retention packages to its most prized employees (many of whom have been leaving).
According to numerous headhunters, these comprise guarantees of minimum pay and bonus levels for the next 18-24 months. Front office bankers at the two firms can also take solace in the fact that most redundancies have now happened.
Citigroup is also said to be contemplating increasing salaries, and is expected to announce the results to a review at the end of May.