Bonuses, Reviews and Compensation Summary and Analysis

The end of each year at DLJ was marked by performance reviews, and these reviews determined annual raises, promotions, and bonus amounts. All associates eagerly awaited their reviews, not for the "nice" words relative to performance, but, rather, for the amounts of bonus and salary raise. DLJ was typically the last investment banking institution to hold the reviews, because its policy was to see what the industry was generally giving and then to increase those amounts by just enough to keep their associates on board. A check with friends in other institutions usually gave DLJ associates a fair idea of what their packages would be, but they were sworn to secrecy about their own, once received. A few associates had agreed to divulge their packages to one another, and, among them, the flattery and promise...