Analysts at loss-making boutique still wondering where bonuses are
If you're an analyst at boutique M&A firm Greenhill & Co, you're not badly paid.
Salaries for first year analysts at Greenhill are $110k according to Wall Street Oasis. Information provided by Greenhill when it hires US analysts on H1B visas suggests second years are on $120k.
Bonuses are paid in addition to this. But this year, analyst bonuses are late.
Posts on both Instagram account Litquidity and on Wall Street Oasis suggest that analysts at Greenhill expected bonuses to be paid a few weeks ago and are still waiting for them to materialize. Several days after the initial whinge, they still haven't been forthcoming.
What's going on? Greenhill declined to comment on the apparent delay, but we understand it's no big deal. Greenhill's bonuses are always paid around this time of year, it's just that this year they're a few weeks later than usual. This is partly because Greenhill has no fixed bonus announcement date and partly because the firm is smaller than others with key people having multiple responsibilities, with the result that priorities shift.
So when will Greenhill go for the big reveal? We understand that analyst bonuses are announced next week and will paid shortly after that.
The question now is how generous they'll be. When Greenhill announced its results for the first half of 2022, it revealed a loss of nearly $19m. It didn't help that employee benefits and compensation alone were $43m and that revenues were just $36m.
Last year, the median employee at Greenhill earned $236k and CEO Scott Bok earned $4.2m. This year's loss suggests someone at the firm needs to take a 2022 pay cut. Greenhill's analysts will need to hope it's not them. They may want to point out that the going rate of total compensation for first years at Evercore is over $200k.
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