Banks love to speak a giant recreation about their investments into technology, however that does not imply tech staff are benefitting an excessive amount of in relation to their bonuses. Technologists across banking appear to agree, they had been fairly dismal.

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One Morgan Stanley engineer stated that “10-20% was the average, [of salary]” however some individuals acquired a lot much less. A senior engineer at a serious US financial institution in California stated they acquired a 0% bonus, regardless of being promised one in every of 50%.

The Californian engineer says a key think about deciding who will get the nice bonuses is time spent within the workplace. “Remote workers, typically talking, obtained poor or no bonuses this 12 months,” he stated, “while in-office employees did markedly better.”

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Quants and knowledge scientists did not fare too a lot better, both. One London based mostly headhunter stated bonuses “have been very low.” There are complaints of poor pay amongst quant groups at US banks in Hungary.

The compensation points could lengthen past simply bonuses, nevertheless. One Morgan Stanley engineer stated “the bonus wasn’t the issue, the below inflation raise was.” 

Deutsche Bank technologists stated their salaries had been held static. One Deutsche Bank tech VP in a low-cost workplace stated that they’d a 0% elevate… and their bonus had been halved regardless of a 12 months of sturdy efficiency. 

Deutsche Bank declined to remark. Bloomberg reported that Deutsche Bank cut investment bank bonuses by greater than 10% this 12 months. 

If you have acquired your bonus and this does not sound correct to you, make your voice heard by answering our 2024 salary and bonus survey. (If it has, and also you’d wish to complain… fill it out too!)

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