Bank of America Merrill Lynch first-year analysts can look forward to a nice paycheck at the end of August, even if it is lower than in the past.Sources with knowledge of compensation for the first year analyst class of 2011 said bonuses ranged from $25,000 to $60,000, with the median approximately $50,000.
One source said those first years in the bottom tier would likely have difficulty making it through the bank’s aggressive cost cuts about to hit the investment bank.
As a reminder, Merrill’s average starting salary for first years is $70,000 within the corporate and investment bank.
In comparison, Deal Breaker’s Bess Levin recently reported that Wells Fargo offered similar bonuses to its first year class, although the bottom range started at $45,000.
If you have figures for firms that have yet to communicate bonuses, send them to [email protected]