Barclays associates are also griping about bonuses
If you're an associate in an investment bank and you're happy with your bonus this year, you're probably either a glass-half-full type person who's happy just to have a job, or someone who migrated into banking from the Big Four.
Most associates have been paid down significantly this bonus season. Barclays' associates, who were informed of their bonuses this week, are no exception.
Insiders at the bank say the average associate received a bonus equivalent to 50%-60% of base salary 2022 and that "this is not considered a good amount." Last year, plenty of people received over 100%.
The bonus cuts come after Barclays increased salaries for its London associates to £105k ($126k) for associate 1s, £120k for associates 2s and £135k for associate threes in 2021. However, sources at the bank say there were no comparable increases last year.
Barclays declined to comment on the claims. The apparent bonus cuts for junior bankers come after average bonuses for material risk takers (typically senior bankers an traders) at the bank were reduced by 22%.
Barclays cut some juniors before Christmas and another round of cuts was feared but has not been forthcoming. Despite the complaints, its associates appear to have been better off than at other banks - at Morgan Stanley, some top ranked associates were said to have received 25%.
On Wall Street, average associate bonuses across the Street are thought to have been around $118k for first years, $145k for second years and $213k for third years. Associate salaries at top banks are between $225k and $250k, so it looks the era of 100%+ bonuses is over.
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