Early indications suggest banking VPs are getting the biggest bonus increases

Most banks have yet to announce bonuses for 2024. A few, however, have done it already. Early figures from this very small sample suggest bonuses for last year are being skewed towards senior vice presidents (VPs).

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Meridith Fielder Dennes at search firm Prospect Rock Partners in New York, says senior VPs at banks that have announced bonuses already have received average total compensation increases of between 15% and 16%. By comparison, junior associates have seen increases closer to 10% and managing directors (MDs) have had their total pay cut. 

As a result, Fiedler Dennes' initial (small) sample of bonus data for 2024 suggests that experienced VPs in investment banking jobs actually earned more than directors for last year, with $603k in total compensation. 

The data may change as bonus numbers come out at big US and European banks. Banks that have announced so far include Canadian banks like RBC, Jefferies and some boutiques. 

US banks like JPMorgan and Citi are expected to start announcing bonuses next week. European banks like UBS and Deutsche typically announce in February and March.

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