Wall Street Bonuses Set to Soar in 2024: Here's What You Need to Know
Meridith Fiedler Dennes
Talent Acquisition (Lateral Hires) | Investment Banking | Private Equity | Corporate Development | Training & Development
“The whole reason that our capitalist system works the way it does is because there are cycles, and the cycles self-correct.” - Seth Klarman
Good Afternoon,
If you're looking to hire, please click here to contact me via email.
Resource Center
Wall Street Bonuses Set to Soar in 2024: Here’s What You Need to Know
The financial services industry is experiencing its most significant?compensation ?rebound since the record-breaking year of 2021. According to?Johnson Associates ’ ?latest report, financial services professionals across nearly all sectors can expect higher year-end?bonuses , marking a decisive shift from the downward trend of recent years.
Investment Banking Bonus Schedules: Top Banks’ Payout Dates
Bonus announcement and payment schedules vary across banks. Here’s a snapshot of possible schedules for various investment banks:
Recruiting Update
If you are looking to hire, I can be reached at [email protected] . Please review the detailed job listings and desired qualifications by clicking HERE . All my jobs are listed on site. I don't have any secret jobs.
Please CLICK HERE to follow PRP on Linkedin .
The investment banking sector is showing robust signs of recovery, with Johnson Associates projecting the first significant compensation increase since 2021's record-breaking year. The most notable surge in recruitment has emerged in the aftermath of the November election, marking the strongest hiring activity in 18 months. Bulge bracket institutions have aggressively re-entered the hiring market, while elite boutiques maintain their selective, opportunistic approach to talent acquisition.
The breadth of hiring activity is particularly noteworthy, with multiple new mandates emerging across healthcare, technology, consumer, energy, financial institutions (FIG), and restructuring sectors. Banks are demonstrating urgency in their recruitment efforts, extending offers swiftly while simultaneously making strong counteroffers to retain their top talent. The majority of high-quality professionals affected by recent reductions in force have successfully secured new positions. Although start dates are typically being scheduled for post-bonus season, this hasn't dampened the pace of hiring activity. In terms of immigration policy, banks are beginning to reassess their stance on H1B visas, though STEM OPT candidates continue to face significant challenges in securing positions.
There has been notable mobility within the industry, particularly for exceptional performers at less prestigious institutions. These successful transitions have been limited to candidates demonstrating consistent excellence, including multiple promotions within the same firm and substantial deal closure experience. Firms maintain stringent preferences for candidates with stable career trajectories, actively avoiding those with complicated employment histories or frequent job changes. This emphasis on stability and proven performance reflects a more measured approach to talent acquisition compared to previous hiring cycles.
While the current market shows clear momentum, banks have not yet returned to offering guaranteed compensation packages. However, such incentives could potentially resurface in 2025 if the robust market conditions persist. It's important to contextualize these positive indicators: while the recovery is significant, current conditions have not yet matched the extraordinary levels witnessed in 2021. The overall landscape suggests a more strategic and sustainable approach to growth, with firms prioritizing proven talent and stable career histories over aggressive expansion.
Hot Jobs
Prospect Rock Academy
How to Land a Summer Internship in Investment Banking
Prospect Rock Academy introduces a cutting-edge course tailored for the next generation of investment banking leaders. This program equips ambitious undergraduates and MBA students with the strategic acumen necessary to secure a summer internship in investment banking.
How to Break into Investment Banking
How to Break into Investment Banking is a comprehensive course designed to equip career changers with the skills and resources needed to secure full-time investment banking roles. This program covers essential networking strategies and provides a planning roadmap, a comprehensive target bank list, networking and interview trackers and a recruiting contact list. It also includes industry-standard templates for every step of the recruitment process.