US Banks and their spending on perks: revealed
When it comes to a career in banking, most people prefer money in their already massive pay packages than in the companies benefits budget. That being said, a free meal now and again or an on-site gym can make the difference, especially when banks are so insistent that their staff come back to the office.
Most firms can't quite compete with the massive perk spends at hedge funds, but still have a lot to offer.
But which US bank spends the most? Are there any that offer interesting and unique benefits? Using an estimation from Levels.fyi based on confirmed perks, we have them ranked:
5. Bank of America: $7,200
At the bottom, albeit by fine margins, is BofA. Generally, they provide the basics: health, life and dental insurance (among others), maternity and paternity leave and a custom workstation.
Rather than an on-site gym, they provide gym discounts and a wellness reimbursement.
Perhaps their most interesting benefit is an employee relief fund, where employees can receive $2.5k for a qualified disaster of $5k for an emergency hardship. They will also match charitable donations 100% up to $5k.
Their 401k plan is respectable also. They match employee donations 100% up to 5% of their base salary with an annual 2-3% contribution regardless of employee contribution.
4. Morgan Stanley: 7,368
Coming in just above BofA is Morgan Stanley. While some of their perks are lacking in comparison, they provide a few extra ones that bring their spend up.
Morgan Stanley's 401k plan is the worst of the five, though not terrible by any means. It's just a simple 100% match up to 4% of base salary.
They bring up their spend by providing free lunches to in-office staff twice a week and providing an on-site gym. One glassdoor review says "the quality of the gym and the trainers are great."
They also offer a charitable gift match. Glassdoor reviews claim this to be just 5% but do not indicate a limit.
3. JPMorgan: $7,998
JPMorgan's perk spend is a fair ways higher than the previous two but still falls short of the $8k mark.
As with Morgan Stanley they provide an on-site gym (alongside a wellness reimbursement) but rather than free food, they offer free drinks.
Their 401k plan is by-and-large similar to BofAs. They match 100% up to 5% of salary and match vests with a three year cliff.
2. Citi: $9,240
There's a significant jump from three to two, with Citi's spend being driven by a competitive 401k and some unique perks.
Citi's 401k plan is equal to the bank in first place, with them matching 100% of contributions up to 6% of your salary.
It's the health side where their perks get interesting. They provide prescription drug benefits of $1.5k per individual or $3k per family, and provide fertility assistance up to $24k.
They don't provide an on-site gym, but do offer a wellness reimbursement.
1. Goldman Sachs: $10,533
Up at the top, somewhat expectedly, is Goldman Sachs. Goldman doesn't offer anything particularly unique, but if it offers something, it tends to be worth more than others doing the same.
Goldman spends the most on fitness. They've got an on-site gym with fitness classes and their wellness reimbursement reaches $800 monthly.
Their 401k, like Citi, is the most competitive, matching up to 6% of your salary.
Also like Citi, Golmdan offers fertility assistance, including egg donation, retrieval and freezing stipends. Like JPMorgan they offer free drinks in the office.
Have a confidential story, tip, or comment you’d like to share? Contact: alex.mcmurray@efinancialcareers.com in the first instance.
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