If you want to get paid in a Wall Street investment banking division (IBD) this year, you’ll need to be lucky. Figures from Dealogic suggest Americas investment banking revenues fell 17% year-on-year in the first quarter. This might explain why banks like Bank of America and Goldman Sachs have seen big reductions in their M&A revenues, and most banks’ IBD revenues are down on 2017.
The slow start to the year on Wall Street comes after some of the hottest teams in the industry received pay rises for 2017. Figures from search firm Options Group suggest leveraged finance bankers, in particular, received an average 20% pay hike for last year. Directors in LevFin are now on $1.4m.
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