Investment Banking Bonuses: What to Expect in 2024

“May the odds be ever in your favor.” The Hunger Games (2012)

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If you are looking to hire, please contact me [email protected] .

• JPM’s strong third-quarter results suggest that the Fed may have achieved the elusive "soft landing" for the U.S. economy, with lower inflation and healthy growth. The bank's CFO Jeremy Barnum, described the current economic situation as "Goldilocks," with consumers continuing to spend and big businesses remaining confident, despite some signs of stress among lower-income customers. This positive outlook, echoed to some extent by Wells Fargo, adds to economic data indicating a potential soft landing, although Jamie Dimon continues to express caution about macroeconomic and geopolitical risks.
• JPMorgan profit beats estimates on investment-banking strength, Investment-banking fees surged 31%, trading revenue up 8% (Reuters )
• Wells Fargo posts Q3 Earnings: Lower Profit On Squeezed Interest Income, But Investment Banking Fees Provides Cushion (Yahoo Finance )
• Bank of America and Goldman Sachs report Q3 earnings on 17 October, and Morgan Stanley reports on 18 October.
• Corporate M&A in enterprise SaaS has unexpectedly surged, particularly for VC-backed companies, with 62% of enterprise SaaS M&A in the first half of 2024 involving VC-backed firms, up from a historical average of 38%, according to our latest Enterprise SaaS M&A Quarterly Update. Despite a dip in private equity buyouts, deal activity across the SaaS industry is recovering. (Pitchbook )
• GS job is still the ‘golden ticket’—over 300,000 young bankers try to get one each year (Fortune )

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Investment Banking Bonuses: What to Expect in 2024

Investment banking professionals are poised for substantial rewards in 2024, as indicated by recent projections from Johnson Associates, a leading Wall Street compensation analysis firm. The forecast paints a particularly rosy picture for debt underwriting specialists and IPO handlers, who can anticipate bonus increases of 25% to 35% and 20% to 30%, respectively.?

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A Paradigm Shift on Wall Street: Unpacking this Year’s Bonus Pool

In a striking demonstration of resilience,?Wall Street ?has posted a remarkable financial performance for the first half of 2024, with pretax profits soaring to $23.2 billion—a 79.3% year-on-year increase. This surge, detailed in New York State Comptroller Thomas P. DiNapoli’s annual report, not only eclipses recent performances but also hints at a potential paradigm shift in the financial sector’s post-pandemic trajectory.

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Recruiting Update

If you are looking to hire, please contact me [email protected] .

• I have multiple roles in healthcare M&A and FIG (asset management and spec fin) M&A for elite boutiques that must be filled ASAP. These firms will buy out bonuses if necessary. Please review the detailed job listings and desired qualifications by clicking HERE .
• Hiring is starting to pick up, especially at some elite boutiques. Be prepared to lose some top junior talent. That being said most banks are still requesting to interview candidates with 2+ years top-tier banking experience or middle-market A2As. Hiring managers are demanding strong technical skills with CLOSED M&A deal experience (so if you have not closed an M&A transaction or three now is the time to cozy up to your staffer). No one wants to hear about hung deals anymore. You might as well take them off your resume especially those older than 6-months. RIFs, H1Bs and STEM-OPTs are still not in favor but hopefully that changes soon.
• Investment banking professionals are poised for substantial rewards in 2024 , as indicated by recent projections from Johnson Associates, a leading Wall Street compensation analysis firm. However, the bonus bonanza may not be evenly distributed across all levels of the industry.
• Many investment banks have been aggressively hiring expensive managing directors with generous compensation guarantees, potentially limiting the trickle-down effect to mid-level employees. This hiring strategy could create a disparity in bonus allocation, with top-tier executives capturing a larger share of the increased compensation pool at the expense of mid-level bankers.
• Moreover, although banks are busy closing deals, there's uncertainty about when the associated fee income will actually start hitting the balance sheet, which could further impact compensation decisions.
• Please consider following PRP on linkedin . I am hoping to grow connections on our business page since I am bumping up against my limit of 30,000 personal connections.
• Click Here for the full Money Chant from Wolf of Wall Street .

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