If you're an analyst in an investment bank with a salary of $110k+ and a bonus that could take your total compensation to $200k, what do you spend your money on? In the new realm of social media transparency, junior bankers on TikTok are offering some heavy insights.
One second year analyst in the TMT team of a major US bank in New York says she spent $1.6k in a weekend, of which over half went on clothes (including a $720 suit for work, which she says isn't a standard weekend purchase). There was a "lymphatic drainage massage" for $210, a personal trainer for $135 and an $11 slushi from Starbucks.
Another banker of indeterminate experience (but who also seems to be a second year analyst) working for a bank in LA, says he spent over $13k in August, including rent and a holiday in Thailand that he also paid for in the preceding months.
The analyst spending revelations come after one mid-ranking banker told us that after six years of careful living she'd paid her student loans back in full, while her colleagues failed to repay loans and blew their money on clothes, make-up and handbags.
Writing here four years ago, one Goldman associate said most of her colleagues saved almost nothing after spending on multiple vacations, branded clothing, devices and frequent impulse purchases. In a YouTube video last year, former JPMorgan analyst Ben Chon said he spent his entire $155k JPMorgan pay package on tax, rent, fun, investments and travel. It should be noted, however, that Chon left JPMorgan shortly after receiving his bonus and his spending included $15k on eight months of travel and $14.5k trying to launch a new clothing brand. Only $500 went on repaying his student loan.
The most successful people on TikTok are earning millions. However, they also have tens of millions of followers; even the top banking accounts have fewer than 100k.
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