A 20-year-old first-gen college student with dwarfism shares how he landed an investment-banking job at Credit Suisse – and didn’t let a disability stand in his way

Kevin Truong, set to be Credit Suisse investment-banking analyst
Kevin Truong, 20, is set to join Credit Suisse as an investment-banking analyst next year.

  • Kevin Truong, 20, has lived with dwarfism since age of 5. His mother and sister share the condition.
  • Truong is now a first-generation college student attending the University of California, Berkeley.
  • He revealed that he’s going to work for investment bank Credit Suisse in a now-viral LinkedIn post.
  • See more stories on Insider’s business page.

Kevin Truong was diagnosed with dwarfism at age 5.

The native of Stockton, California, shares the condition with his mother and sister, who is currently a junior in high school.

“I got my fair share of people teasing me, asking why am I shorter than them,” Truong said in a recent interview with Insider. “In my early years, it was quite tough,” both physically and socially with other kids at school.

Truong, 20, comes from humble means. His parents are Vietnamese immigrants. His mother has largely stayed out of the workforce, he said, and his father is a professional landscaper and gardener. Vacations, generally, were an unfamiliar concept, and some of his earliest memories of being on an airplane came when he participated in diversity-recruiting initiatives in college.

He’s attending the University of California, Berkeley, where is now a senior studying business, thanks to roughly $30,000 in scholarships and tuition grants that he estimated he receives each year.

At Berkeley, Truong got his first taste of Wall Street through membership in Capital Investments, the school’s student-run investment fund. By the end of his first semester as a freshman, he’d begun the process of applying to a number of Wall Street banks’ internship programs, aiming to line one up for the summer after his sophomore year.

Just one firm reached back out to set up an interview: Credit Suisse. Truong was determined not to let the opportunity slip away.

The journey to Wall Street

Through a diversity-recruiting program at Credit Suisse, Truong ultimately partook in two internships at the firm. At the conclusion of his most recent internship, this past summer, he received a return offer to join its technology investment-banking coverage group after he graduates Berkeley next year.

He revealed the news in a now-viral post on LinkedIn earlier this month. It had garnered more than 66,000 reactions – mostly a mix of thumbs-up, hearts, and applause – as of mid-September.

“Three years ago when I came to Cal, I was fearful about how someone like me, a first generation college student from a low income background with no connections and no experience in the business world, could make it in a world seemingly dominated by students with vast networks and stellar resumes,” he wrote.

“Today, I am happy to say I proved myself wrong.”

For people with disabilities, finding employment can be a challenge

People living with disabilities continue to be marginalized in a variety of industries.

Just under 18% of people in the US who live with disabilities were employed in 2020, down slightly from the year before, according to a Bureau of Labor Statistics report published in February. Individuals living with a disability are likelier to work in service-oriented fields, the BLS said, and as many as a third work part-time.

It’s no different on Wall Street, which has long struggled to diversify its ranks. Indeed, just one disabled- and woman-owned floor broker operates on the New York Stock Exchange, CNBC reported earlier this month.

“Unfortunately I haven’t met anyone in the finance community that has dwarfism,” Truong said. “We’re definitely still very much a minority.”

Eventually, Truong hopes to pursue a role as an impact investor. Investing in social causes would enable him to expand on the work he’s done as an advising fellow with the Berkeley chapter of Matriculate, a nonprofit organization that supports students from low-income backgrounds in applying to university.

When Truong joins Credit Suisse after graduation, he’ll be on track to earn a starting salary of $100,000 before bonus. He’d like to experience travel, and a visit to his parents’ homeland of Vietnam is high on his list.

“I know my sister personally has always wanted to go to Hawaii,” he added. “I hope to take her there sometime in the next few years.”

Visits to Vietnam or Hawaii notwithstanding, though, Truong is traversing a different road now: the journey to Wall Street. He is adamant that no obstacle will prevent him from getting there.

Read the original article on Business Insider

Bank of America just announced sweeping changes to its senior leadership team complete with high-profile promotions and exits

BM   Photo by John Lamparski:Getty Images
Bank of America CEO Brian Moynihan

  • Bank of America just announced a series of changes to its senior leadership team.
  • More than 15 execs are seeing their role change, with several high-profile promotions and departures.
  • The bank had announced in August that COO Tom Montag is retiring at year end.
  • See more stories on Insider’s business page.

Bank of America is making changes to its top ranks.

The second-biggest US bank by assets just announced it’s adding five new members to the senior management team, three of whom are women. In addition, several long-serving execs are leaving the bank.

One notable change is Cathy Bessant, who had been chief technology and operations officer, becoming vice chair, global strategy. Her role will be split in two, with Aditya Bhasin named chief technology and information officer, and Tom Scrivener been named chief operations executive. You can read more about Bessant, Bhasin, Scrivener, and their teams at Bank of America here.

The bank also named a new CFO: Alastair Borthwick, who was heading up the firm’s commercial banking unit previously. Current CFO Paul Donofrio will become vice chair, overseeing sustainable finance.

In total, more than 15 execs are seeing their roles change.

The announcement follows the news in August that COO Tom Montag and fellow senior exec Anne Finucane would be retiring. Insiders had largely expected an eventual Montag departure, though the timing and nature of the announcement left many perplexed.

Sanaz Zaimi, who was known to be a key lieutenant to Montag as head of Fixed Income, Currencies and Commodities Sales, is leaving the bank, it was announced today. Zaimi had been the only female member of the management team who hailed from Montag’s global banking and markets division.

Insiders had said she wasn’t seen as a serious contender to take on a broader remit after Montag’s departure. Zaimi has also been described as a polarizing figure that hadn’t won her many allies outside of Montag, according to a NYT report as well as conversations with current and former employees who’ve worked with her.

Here are the big changes you need to know about:

  • Holly O’Neill has been appointed president of Retail Banking, joining the bank’s senior management team. She was most recently chief client care executive & head of Consumer Client Services
  • Wendy Stewart has been appointed president of Global Commercial Banking, joining the management team. She was most recently cohead of Global Commercial Banking in the southeast and head of Wholesale Credit Strategy.
  • Sanaz Zaimi, head of Fixed Income, Currencies and Commodities Sales and CEO of BofA Securities Europe SA, is leaving the bank.
  • Cathy Bessant will become vice chair, Global Strategy. She had previously been chief technology & operations officer for more than a decade.
  • Aditya Bhasin has been named chief technology and information officer, while Tom Scrivener has been named chief operations executive.
  • Paul Donofrio will step down as CFO and become vice chair, overseeing sustainable finance. He will be replaced as CFO by Alastair Borthwick, who was most recently president of Global Commercial Banking.
  • David Leitch will retire as global general counsel. He will be replaced by Lauren Mogensen at the end of this year.
  • Chief administrative officer Andrea Smith is retiring, and will be replaced by D. Steve Boland.
  • Dean Athanasia will assume responsibility for oversight of Global Commercial Banking and Business Banking, as president of Regional Banking
  • David Tyrie will become chief digital officer and add Global Marketing to his responsibilities.

You can get CEO Brian Moynihan’s full memo to staff right here.

Read the original article on Business Insider

These junior bankers quit $150,000 jobs at JPMorgan and Goldman Sachs to give careers advice on YouTube

Afzal Hussein
Afzal Hussein started his channel in 2018 after leaving Goldman Sachs.

  • Insider spoke to two junior bankers who quit six-figure jobs for YouTube.
  • One told Insider he earned more than $150,000 but quit to help care for his sick mom.
  • A second said he wants to help candidates from underrepresented groups breaking into finance.
  • See more stories on Insider’s business page.

Ben Chon knew what he was signing up for when he began his career as an investment banking analyst at JPMorgan’s San Francisco offices in June 2015.

His typical work week would range between 70 and 110 hours. At one point, he worked 28 hours consecutively.

“For the first six months, maybe a year I was pretty pumped to be at work because I was just learning so much because I was just working so many hours,” Chon told Insider, adding that it took him another year to really get comfortable with his job.

Chon lays out his experiences at a top-tier bank to his 40,000 subscribers and more than 1 million viewers on his YouTube channel, Rareliquid. In a typical video, Chon will talk about how to land a role at an investment bank, and what to expect when you get there. He also posts explainers on tech, markets, and cryptocurrencies.

He is one of a number of junior bankers who have given up the potential to earn a six-figure starting salary, instead starting social media channels to offer advice on breaking into the industry.

Now 28, Chon told Insider that he made the decision to quit banking in 2018 after his mother was diagnosed with ALS, an incurable neurological disease. He said it made him realize that nothing in life is certain.

After backpacking around the world for several months and setting up a short-lived clothing brand, he turned to YouTube, realizing there was demand from people who wanted advice on breaking into finance as a career.

“I thought maybe I can provide really good advice, do really good research, and maybe this will work,” he said.

Growing a YouTube channel enables him to earn while he remains in Korea helping care for his mother.

In Chon’s latest earnings update, which he posts monthly on his channel, he states he had earned $19,161 by July 2021 for the year to date – a roughly 87% drop on the $150,000 salary and bonus he says he earned at JPMorgan.

He makes money from ads running on his channel, brand sponsorships, and increasingly by offering courses and resume advice.

“I’m not actually viewing Rareliquid as a YouTube channel,” he added. “I have a lot of ideas for the different revenue streams and mini businesses within the whole business.”

A typical rareliquid video.
Ben Chon posts under the name “rareliquid.”

Like Chon, Afzal Hussein broadly enjoyed his career in finance, working in asset management at Goldman Sachs’ London office. He said he had always planned to reassess his career three years after starting.

“I thought: ‘I’m not really having an impact in the world by going to this bank, putting on a suit and tie and helping companies invest,'” Hussein told Insider.

Hussein’s channel, started in November 2018, now has 87,000 subscribers, and just under 6 million views across a range of videos that cover finance- and career-focused videos.

He describes himself as a “non-traditional Goldman story”.

He grew up on a council estate in London – equivalent to projects in the US – looked after by one parent managing five children. This upbringing instilled a desire in Hussein to help people from underrepresented backgrounds “get into roles that they previously didn’t think that they could.”

“If I had someone on YouTube who was sharing all this golden advice, that would have helped me save so much time throughout university,” said Hussein.

Hussein’s videos tend to be more career-focused. In a typical video, he’ll provide advice on what to do after you secure an internship, or how to find a graduate scheme, but he also provides insight into the daily routine of an investment banker.

He said a video series of him reviewing the finance-focused TV show “Industry” was also popular.

Hussein spends two to three days planning, scripting, filming, and editing to create up to three videos a week, and has multiple streams of income across his channel, as well as offering career coaching.

He plans to launch his own mentoring website, Simply.io, which aims to match aspirational teenagers with professionals.

Hussein won’t reveal specifics to Insider, but says his current earnings are higher than his Goldman’s salary. “I don’t like putting a number on it because I don’t want to get the young people carried away with focusing on numbers,” he said. “I don’t ever want to take it for granted.”

Another YouTuber, Angela, has racked up 10,000 subscribers to videos covering her typical day when she was working as an investment banker in New York, her reviews of industry news, and her advice on avoiding burnout. She declined an interview with Insider.

The fact that Gen Z is increasingly turning to social media for career advice stems partly from the fact that they have grown up in an economic climate where there is generally much less career certainty, according to Jim Meadows, chief marketing officer for Takumi, a media agency specializing in influencer marketing.

“There’s a real lack of that information from the kind of sources that you’d expect,” he said.”They’re generally becoming much more financially savvy, and seeking that information out for themselves in the channels where they like to spend their time.”

Read the original article on Business Insider

How much junior bankers are getting paid at 14 Wall Street firms after a frenzy of salary hikes

The Wall Street bull tempting suited hands with a one hundred dollar bill on a red background
Here’s the latest investment banker pay by level at different Wall Street banks.

  • Many Wall Street firms are raising base pay for junior investment bankers.
  • The going rate for first-year analyst base pay is now at least $100,000 at many banks.
  • Here’s a rundown of salaries at different levels across investment banking.

Across Wall Street, financial firms are competing to keep talent by raising pay. Some banks are also going on big recruiting pushes– though recruiters say the hiring pool is nearly tapped out for junior talent.

The going rate for base pay for first-year investment banking analysts is now at least $100,000 across many firms. And Evercore has bumped base comp to $120,000 for first-year analysts.

Some firms are also raising pay outside of just IB. Goldman Sachs has raised salaries for first-year analysts and some second-year analysts in markets, wealth, and research. And Bank of America’s latest pay raises applied to analysts in global corporate and investment banking, global markets, and global research.

And a second wave of pay hikes is emerging, with firms including Morgan Stanley telling staff about further bumps to pay that will go into effect in January 2022.

Trying to keep up with the latest on pay for junior bankers on Wall Street? Here’s a bank-by-bank breakdown of changes in salaries for analysts, associates, and other levels at firms like Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and more.

You can also see our full running list here.


Bank of America

Bank of America announced a second round of pay increases for junior investment bankers that will go into effect in the coming months.

The firm is bumping salaries for analysts in global corporate and investment banking, global markets, and global research divisions, according to an internal memo sent by the bank’s global banking and markets leadership team and reviewed by Insider.

See all the pay details here.


Citigroup

Analysts, associates, and vice presidents in Citigroup’s banking, capital markets, and advisory division will receive base salary increases.

The raises will be reflected in payments starting in August, according to an internal announcement first reported by Insider on July 2. Tyler Dickson and Manuel Falcó, co-heads of Citi’s BCMA group, sent the memo, which was reviewed by Insider.

Keep reading here.


Credit Suisse

The firm raised salaries for people in the global capital-markets and advisory group at the director level and below, which includes vice presidents, associates, and analysts. Salary raises took effect for directors, vice presidents, and associates as early as April.

See the full story here.


Evercore

Evercore bumped its base compensation for junior bankers to make it the top-paying investment bank for first- and second-year analysts. The firm is also bumping base comp for 2022 first-year associates, Insider has learned.

More on the latest pay here.


Goldman Sachs

Goldman Sachs is bumping pay for investment banking analysts and associates, Insider first reported on August 1. The move came months after the firm’s culture regarding junior bankers first came under scrutiny this spring.

The firm later moved to raise salaries for first-years in markets, wealth, and research.

Read the latest here.


Guggenheim Securities

Guggenheim Securities, a division of the financial-services firm Guggenheim Partners, has raised base compensation for investment-bank analysts for a second time in a matter of months.

Read the full story here.


JPMorgan

Wall Street’s biggest bank is rolling out pay bumps for junior workers in its investment bank, sources familiar with the situation told Insider on June 28.

More on JPMorgan raises here.


Lazard

Lazard is raising base comp for junior investment bankers in the US, a person familiar with the matter told Insider on August 3. New salaries went into effect as of the August 13 payroll and be retroactive as of July 1.

Keep reading here.


Morgan Stanley

Morgan Stanley is set to raise salaries for its junior traders and research analysts, as well as raising base compensation for junior investment bankers for a second time, Insider has learned.

More on Morgan Stanley pay here.


RBC Capital Markets

RBC raised analyst and associate base pay. The raises impacted US employees and went into effect in June.

See the full story here.


Raymond James

The firm is increasing base compensation for first-, second-, and third-year investment-bank analysts, according to an email sent by James Bunn, Raymond James’ president of global equities and investment banking. The raises will take effect on October 1.

While Bunn said in his email that the pay bumps should put Raymond James at the “high end of analyst salaries on the Street,” junior bankers may not end up taking home more total pay than before.

“Importantly, our primary focus is on total compensation (salary + bonus) and these salary increases are not intended to represent an increase in total comp,” said the email.

See all the details here.


UBS

The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter told Insider on July 21.

The raises were effective August 1. And analysts, associates, and directors across all regions are eligible for the raise.

Read the full story here.


Wells Fargo

Wells Fargo raised base comp for analysts and associates in its corporate and investment bank, a Wells Fargo spokesperson confirmed to Insider. These raises are retroactive to July 1.

“We can confirm the adjustment of base pay in certain client-facing positions across the Corporate and Investment Bank, which ensures we remain competitive and aligned with market practices,” the spokesperson said. “We are committed to offering compensation that attracts, motivates, and retains talent.”

See more here.


William Blair

William Blair is raising base salaries for bankers from first-year analysts to managing directors. The raises went into effect in the Aug. 15 payroll cycle. A person familiar with the matter told Insider that the raises apply to the firm’s investment bankers globally.

William Blair executives earlier this year told its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. 31 they would receive “a special, one-time spot bonus” in the amount of $20,000. More recent hires got smaller bonuses. The special bonuses hit accounts in the April 15 payroll cycle.

Keep reading here.

Read the original article on Business Insider

Bank of America is planning another pay bump for junior bankers after leading the charge on raises across Wall Street this spring

Brian Moynihan
Brian Moynihan, chairman and CEO of Bank of America.

  • Bank of America is planning another pay raise for junior bankers in the coming months, per an internal memo.
  • The raises will go into effect in February 2022.
  • The bank bumped juniors’ pay in the investment bank for the first time in April.
  • See more stories on Insider’s business page.

Bank of America announced Friday a second round of pay increases for junior investment bankers that will go into effect in the coming months, Insider has learned.

The firm is bumping salaries for analysts in global corporate and investment banking, global markets, and global research divisions, according to an internal memo sent by the bank’s global banking and markets leadership team and reviewed by Insider.

In all three divisions, first- and second-year analysts will make $100,000 and $105,000, respectively. Third-year analysts in global markets and global research will see their base pay bumped to $110,000.

The raises will take effect on February 1, 2022, and their goal, in part, is “fostering an environment where you can build a long-tenured career” the memo said.

A Bank of America representative confirmed the contents of the memo but declined to comment further.

Bank of America this spring kicked off a wave of pay increase on Wall Street for junior bankers, many of whom said they were approaching burnout thanks to understaffing amidst a busy dealmaking environment.

On April 8, Insider reported that the firm was bumping analyst pay by $10,000 and associates and vice presidents by $25,000.

Bloomberg first reported the news of Friday’s pay bump.

On Thursday, Insider reported Guggenheim Securities, a division of the financial-services firm Guggenheim Partners, raised base compensation for investment-bank analysts for a second time in a matter of months.

Previously, other investment banks have exceeded the recently-set $100,000 norm in the industry. Evercore Partners raised first- and second-year investment-banking analysts salaries to $120,000 and $130,000 respectively, Insider first reported.

Goldman Sachs, HSBC, and Lazard have also all announced pay bumps for analysts and associates in recent weeks.

At Lazard, Morgan Stanley, UBS, Deutsche Bank, PJ Solomon, Barclays, and JPMorgan, entry-level investment bankers now take home $100,000 in base pay.

Keep up with which investment banks have raised salaries or offered spot bonuses to analysts with our running list here.

Read the original article on Business Insider

How much junior investment bankers are getting paid at 14 Wall Street firms after a frenzy of salary hikes

The Wall Street bull tempting suited hands with a one hundred dollar bill on a red background
Here’s the latest investment banker pay by level at different Wall Street banks.

  • Many Wall Street firms are raising base pay for junior investment bankers.
  • The going rate for first-year analyst base pay is now at least $100,000 at many banks.
  • Here’s a rundown of salaries at different levels across investment banking.

Across Wall Street, financial firms are competing to keep talent by raising pay. Some banks are also going on big recruiting pushes– though recruiters say the hiring pool is nearly tapped out for junior talent.

The going rate for base pay for first-year analysts, the most junior full-time rank on Wall Street, is now at least $100,000 across many banks. And Evercore has bumped base comp to $120,000 for first-year analysts. Other levels have also seen recent pay bumps.

Trying to keep up with the latest on pay for junior bankers on Wall Street? Here’s a bank-by-bank breakdown at firms like Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and more.

You can also see our full running list here.


Bank of America

Bank of America raised salaries for analysts, associates, and vice presidents in its US investment-banking division, two sources familiar with the new measures told Insider in early April.

See all the pay details here.


Citigroup

Analysts, associates, and vice presidents in Citigroup’s banking, capital markets, and advisory division will receive base salary increases.

The raises will be reflected in payments starting in August, according to an internal announcement first reported by Insider on July 2. Tyler Dickson and Manuel Falcó, co-heads of Citi’s BCMA group, sent the memo, which was reviewed by Insider.

Keep reading here.


Credit Suisse

The firm raised salaries for people in the global capital-markets and advisory group at the director level and below, which includes vice presidents, associates, and analysts. Salary raises took effect for directors, vice presidents, and associates as early as April.

See the full story here.


Evercore

Evercore just bumped its base compensation for junior bankers to make it the top-paying investment bank for first- and second-year analysts.

More on the latest pay here.


Goldman Sachs

Goldman Sachs is bumping pay for investment banking analysts and associates, Insider first reported on August 1. The move came months after the firm’s culture regarding junior bankers first came under scrutiny this spring.

Read the full story here.


Guggenheim Securities

Guggenheim Securities, a division of the financial-services firm Guggenheim Partners, has raised base compensation for investment-bank analysts for a second time in a matter of months.

Read the full story here.


JPMorgan

Wall Street’s biggest bank is rolling out pay bumps for junior workers in its investment bank, sources familiar with the situation told Insider on June 28.

More on JPMorgan raises here.


Lazard

Lazard is raising base comp for junior investment bankers in the US, a person familiar with the matter told Insider on August 3. Salaries will go into effect as of the August 13 payroll and be retroactive as of July 1.

The memo added that bonuses for the year ending June 30 will be awarded to investment-banking analysts during the week of August 9.

Keep reading here.


Morgan Stanley

Morgan Stanley has raised pay for first-year and second-year analysts in the investment-banking and GCM divisions, a person familiar with the matter told Insider on July 28. The changes went into effect on August 1 for analysts in both of the divisions globally.

More on Morgan Stanley pay here.


RBC Capital Markets

RBC raised analyst and associate base pay. The raises impacted US employees and went into effect in June, according to the post.

See the full story here.


Raymond James

The firm is increasing base compensation for first-, second-, and third-year investment-bank analysts, according to an email sent by James Bunn, Raymond James’ president of global equities and investment banking. The raises will take effect on October 1.

While Bunn said in his email that the pay bumps should put Raymond James at the “high end of analyst salaries on the Street,” junior bankers may not end up taking home more total pay than before.

“Importantly, our primary focus is on total compensation (salary + bonus) and these salary increases are not intended to represent an increase in total comp,” said the email.

See all the details here.


UBS

The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter told Insider on July 21.

The raises were effective August 1. And analysts, associates, and directors across all regions are eligible for the raise.

Read the full story here.


Wells Fargo

Wells Fargo is raising base comp for analysts and associates in its corporate and investment bank, a Wells Fargo spokesperson confirmed to Insider. These raises are retroactive to July 1.

“We can confirm the adjustment of base pay in certain client-facing positions across the Corporate and Investment Bank, which ensures we remain competitive and aligned with market practices,” the spokesperson said. “We are committed to offering compensation that attracts, motivates, and retains talent.”

See more here.


William Blair

William Blair is raising base salaries for bankers from first-year analysts to managing directors. The raises will go into effect in the Aug. 15 payroll cycle. A person familiar with the matter told Insider that the raises apply to the firm’s investment bankers globally.

William Blair executives earlier this year told its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. 31 they would receive “a special, one-time spot bonus” in the amount of $20,000. More recent hires got smaller bonuses. The special bonuses hit accounts in the April 15 payroll cycle.

Keep reading here.

Read the original article on Business Insider

How much junior investment bankers are getting paid at 12 Wall Street banks after a frenzy of salary hikes

The Wall Street bull tempting suited hands with a one hundred dollar bill on a red background
Here’s the lasted investment banker pay by level at different Wall Street banks.

  • Many Wall Street firms have bumped base pay for junior investment bankers.
  • The going rate for first-year analyst base pay is now at least $100,000 at many banks.
  • Here’s a rundown of salaries at different levels across investment banking.

Across Wall Street, financial firms are competing to keep talent by raising pay. Some banks are also going on big recruiting pushes– though recruiters say the hiring pool is nearly tapped out for junior talent.

The going rate for base pay for first-year analysts, the most junior full-time rank on Wall Street, is now at least $100,000 across many banks. And other levels have also seen recent pay bumps.

Trying to keep up with the latest on pay for junior bankers on Wall Street? Here’s a bank-by-bank breakdown at firms like Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and more. You can also see our full running list here.


Bank of America

Bank of America raised salaries for analysts, associates, and vice presidents in its US investment-banking division, two sources familiar with the new measures told Insider in early April.

See all the pay details here.


Citigroup

Analysts, associates, and vice presidents in Citigroup’s banking, capital markets, and advisory division will receive base salary increases.

The raises will be reflected in payments starting in August, according to an internal announcement first reported by Insider on July 2. Tyler Dickson and Manuel Falcó, co-heads of Citi’s BCMA group, sent the memo, which was reviewed by Insider.

Keep reading here.


Credit Suisse

The firm raised salaries for people in the global capital-markets and advisory group at the director level and below, which includes vice presidents, associates, and analysts. Salary raises took effect for directors, vice presidents, and associates as early as April.

See the full story here.


Evercore

Evercore just sent out offer letters for next year’s class of entry-level bankers, Insider has learned. In May, Insider reported Evercore had previously planned to pay summer 2022 investment-banking interns on a pro rated basis of $95,000 per annum.

More on the latest pay here.


Goldman Sachs

Goldman Sachs is bumping pay for investment banking analysts and associates, Insider first reported on August 1. The move came months after the firm’s culture regarding junior bankers first came under scrutiny this spring.

Read the full story here.


JPMorgan

Wall Street’s biggest bank is rolling out pay bumps for junior workers in its investment bank, sources familiar with the situation told Insider on June 28.

More on JPMorgan raises here.


Lazard

Lazard is raising base comp for junior investment bankers in the US, a person familiar with the matter told Insider on August 3. Salaries will go into effect as of the August 13 payroll and be retroactive as of July 1.

The memo added that bonuses for the year ending June 30 will be awarded to investment-banking analysts during the week of August 9.

Keep reading here.


Morgan Stanley

Morgan Stanley has raised pay for first-year and second-year analysts in the investment-banking and GCM divisions, a person familiar with the matter told Insider on July 28. The changes went into effect on August 1 for analysts in both of the divisions globally.

More on Morgan Stanley pay here.


RBC Capital Markets

RBC raised analyst and associate base pay. The raises impacted US employees and went into effect in June, according to the post.

See the full story here.


Raymond James

The firm is increasing base compensation for first-, second-, and third-year investment-bank analysts, according to an email sent by James Bunn, Raymond James’ president of global equities and investment banking. The raises will take effect on October 1.

While Bunn said in his email that the pay bumps should put Raymond James at the “high end of analyst salaries on the Street,” junior bankers may not end up taking home more total pay than before.

“Importantly, our primary focus is on total compensation (salary + bonus) and these salary increases are not intended to represent an increase in total comp,” said the email.

See all the details here.


UBS

The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter told Insider on July 21.

The raises were effective August 1. And analysts, associates, and directors across all regions are eligible for the raise.

Read the full story here.


William Blair

William Blair is raising base salaries for bankers from first-year analysts to managing directors. The raises will go into effect in the Aug. 15 payroll cycle. A person familiar with the matter told Insider that the raises apply to the firm’s investment bankers globally.

William Blair executives earlier this year told its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. 31 they would receive “a special, one-time spot bonus” in the amount of $20,000. More recent hires got smaller bonuses. The special bonuses hit accounts in the April 15 payroll cycle.

Keep reading here.

Read the original article on Business Insider

Goldman Sachs CEO promises to protect junior bankers’ Saturdays off following survey detailing ‘inhumane’ conditions

David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills
Goldman Sachs CEO David Solomon told junior bankers the firm would try harder to give them Saturdays off in a Sunday voice message viewed by Insider.

  • Goldman Sachs CEO David Solomon responded to complaints by junior bankers.
  • Solomon in a message to staff said the firm will work harder to give junior bankers Saturdays off.
  • 13 junior bankers detailed “inhumane” conditions in a survey that made the rounds on social media.
  • See more stories on Insider’s business page.

Goldman Sachs’ chief executive said the firm will address issues raised by a group of junior bankers who described “inhumane” working conditions, poor mental health, and sleep deprivation in a brutal internal survey.

“This is something that our leadership team and I take very seriously,” Goldman Sachs CEO David Solomon said in a voice message sent to staffers Sunday, according to a transcript viewed by Insider.

The investment bank will work to more strictly enforce its “Saturday rule,” which stipulates that junior bankers shouldn’t be expected to be in the office from 9 p.m. Friday to 9 a.m. Sunday, Solomon said. It will also accelerate hiring and shift employees to the firm’s busiest divisions to ease the workload on junior bankers.

In an informal survey posted to social media, a group of 13 first-year investment analysts at Goldman described being so overworked that they were left with barely any time to shower, eat, or sleep.

The analysts said they worked an average of 98 hours per week since January and slept an average of five hours per night. All respondents said their work hours had negatively affected their relationships, and they rated their satisfaction with their personal lives at a 1 out of 10.

“The sleep deprivation, the treatment by senior bankers, the mental and physical stress … I’ve been through foster care and this is arguably worse,” one unnamed analyst said.

Read more: Some Goldman analysts are fed up with 98-hour workweeks from their bedroom as a year of WFH forces Wall Street to reevaluate junior bankers’ workload

All 13 respondents said they have frequently experienced unrealistic deadlines, and 83% said they had frequently experienced excessive monitoring or micromanaging. Seventy-five percent of respondents said they had sought or had considered seeking mental-health counseling due to work-related stress.

At the end of the survey, the analysts suggested several solutions to management, including capping workweeks at 80 hours and giving junior bankers Saturdays off unless they’re given advance notice. First-year analysts are often assigned “quick” work on Saturdays, and it is “incredibly hard to push back,” they said.

Solomon attributed the high-stress conditions to a boom in business amid the pandemic. He also said that working from home has made it more difficult to strike a work-life balance.

“Clients are active, and volumes in a lot of our businesses are at historic highs. Of course, the combination of the pandemic and all this activity put stress and strain on everyone at Goldman Sachs,” Solomon said. “We recognize that people working today face a new set of challenges. In this world of remote work, it feels like we have to be connected 24/7.”

Although grueling hours and heavy workloads are expected on Wall Street – and they’re generally counterbalanced by hefty paychecks – the junior analysts indicated they were unlikely to stay with the bank if working conditions didn’t improve.

“Being unemployed is less frightening to me than what my body might succumb to if I keep up this lifestyle,” one analyst said.

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UBS investment banking co-president Robert Karofsky will become sole head following the departure of Piero Novelli

FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo
FILE PHOTO: Logo of Swiss bank UBS is seen in Basel

  • UBS’ co-president of investment banking, Robert Karofsky, will become its sole head, the bank announced Monday.
  • Current investment banking co-president Piero Novelli will step down at the end of March.
  • Under Karofsky, UBS has pushed to bring together its investment banking services with other units, like wealth management.
  • Visit the Business section of Insider for more stories.

UBS named Robert Karofsky as sole president of its investment banking arm on Monday.

His current co-president, Piero Novelli, is to retire from the banking industry, effective March 31. Novelli will move to the Euronet NV stock exchange, serving as chairman.

Karofsky joined UBS in 2014, leading the equities business globally. Both he and Novelli were named co-presidents of the investment bank in 2018.

The pair reorganized the unit and last year delivered its strongest results since 2012, the bank said in a statement. 

Read more: UBS is doubling down on efforts to link its wealth-management business to its investment

Karofsky and Novelli have also pushed ways of boosting the business by linking closer with other UBS services.

Wealth management, for example, has been a big priority for UBS since the global financial crisis. Linking its $2.75 trillion wealth management business with investment banking has proven an effective strategy amid the boom in SPACs. 

UBS had the fifth-highest underwriting volume for SPACs in 2020 among investment banks, according to SPAC Research. It’s found that in some cases, SPAC sponsors already have wealth management accounts with UBS, and it leverages that relationship to get its investment banking arm involved in the deal.

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The top 20 dealmakers of 2020, ranked

rainmakers list 2x1
Meet the top dealmakers of 2020.

Dealmaking got off to a rough start in 2020, with mergers and acquisitions temporarily going over a cliff in the springtime as the world was met with a series of lockdowns and harsh restrictions to confront the spread of the coronavirus.

But by late summer and into the autumn, activity roared back, albeit with some notable differences – such as virtual meetings in lieu of in-person management presentations, and limited celebratory fanfare for completed deals. 

In spite of a stormy start for M&A, top dealmakers at firms like Goldman Sachs and Morgan Stanley still managed to deliver a series of marquee deals like S&P Global’s $44 billion all-stock planned acquisition of data firm IHS Markit, chipmaker Nvidia’s $40 billion acquisition of SoftBank-owned British competitor Arm Holdings, and Salesforce’s $27 billion acquisition of Slack.

Ultimately, 2020’s M&A volumes were down just 5% compared to the year before. 

To take a closer look at the people behind the numbers, Insider has partnered with MergerLinks, a financial intelligence platform that tracks deals and individual bankers, to present our second-annual edition of “The Rainmakers,” a league-table ranking of the top-20 M&A bankers based on the size of the deals they orchestrated in North America last year. 

So who was the top rainmaker when it came to M&A in 2020?

While Goldman Sachs had the most representation with four bankers cracking the top-20, the No. 1 spot went to Anthony Armstrong, Morgan Stanley’s global head of technology M&A. Armstrong, who joined Morgan Stanley in 2015 after a long run at Credit Suisse, landed several megadeals in 2020, including a role advising chipmaker Nvidia on its $40 billion cash-and-stock acquisition of Arm Holdings, the the SoftBank-backed semiconductor giant. 

Click here to see the full list of the 20 top North American dealmakers for 2020 

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