The 2023 banking bonus calendar
It's bonus season in investment banks, but like summer in the Northern Hemisphere, bonus season isn't a consistent event. It comes and it goes. There are spates of intensity and lulls when not much happens.
Following today's announcement at Bank of America, we're in a lull. The big US banks have now disclosed their numbers and staff are waiting to receive the amounts in their bank accounts. The next bonus dramas will involve European banks in February and March, and then Japanese banks on the cusp of mid-year.
For more detail on who gets paid when, check the chart below with approximate bonus announcement and payment dates from New York search firm Quest Group.
Headhunters are monitoring this year's payment dates with particular vigilance as they signal recipients' ability to switch jobs once the money is in their bank accounts. Quest Group managing director Michael Nelson says compensation compression at big banks is now here to stay: "Even in remarkably profitable years, banks are finding reasons not to pay their valued revenue earners and franchise carriers," he observes.
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