Centerview’s Newest Associates Offered $200,000 Bonuses to Stay
(Bloomberg) -- Centerview Partners is the latest Wall Street firm throwing cash at junior bankers in an attempt to minimize turnover, according to people with knowledge of the matter.
The boutique advisory firm is offering $200,000 retention bonuses to analysts being promoted to associates this summer, one of the people said. The bonuses are contingent on employees staying for at least two years, the person said.
Centerview is also formalizing a policy banning work during a junior employee’s four weeks of vacation each year. Wall Street’s analysts, who already face grueling hours, are subjected to demands from senior dealmakers during time off.
A Centerview spokesman declined to comment.
The move by Centerview, founded by rainmakers Blair Effron and Robert Pruzan, comes as banks, law firms and alternative asset managers seek to stem departures at a junior level. Some firms -- including Apollo Global Management Inc. -- have offered six-figure cash bonuses.
Most perks were instituted following the circulation of a stinging deck by a group of analysts from Goldman Sachs Group Inc. who complained of being over-taxed. They offered solutions including maxing out work weeks at 80 hours.
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