- While bonuses at all levels were down (20%-30%), MDs took the brunt of the hit. Their compensation, which is the most tightly linked to deal activity, fell by nearly 50%this year.
- Bankers in regional offices took a 10-15% larger financial haircut than those in NYC or SF.
- Banks paid and promoted who they wanted to keep. The range of bonuses paid out (both between groups and within the same group) was very large.
- Jr. Analysts got hit hard as did Associate 3s and VP3s and Directors who did not receive a promote. Seasoned associates and VPs not up for promote were paid the most.
- Although pay between IB tiers (Bulge Bracket (BB), Elite Boutique (EB), Middle Market (MM)) is within a somewhat narrow band at the analyst level it gapped out substantially at the associate level and beyond.
- Elite Boutiques Consistently Paid the Highest Total Comp in 2022
- MMs Analyst 2s made 90% of total comp vs EBs; MM VP3s made 67%
- BBs Analyst 2s made 93% of total comp vs EBs; BB VP3s made 73%
