1. The "Bonus Resignation" Cliff

The day after bonuses are deposited into bank accounts is often referred to as "Resignation Day." Recruitment activity spikes immediately following these dates. Candidates who have been interviewing "under the radar" for months will finally pull the trigger, leading to a sudden influx of available talent—and a sudden need for firms to backfill vacated seats.

2. The Compensation "Buyout" Negotiation

If a firm wants to hire a candidate before their bonus date, they must navigate the bonus buyout.

• The Cost: The hiring firm may have to pay the candidate a cash sign-on bonus equivalent to the accrued bonus they are forfeiting.

• The Strategy: Most firms prefer to wait until after payout to avoid this massive upfront expense, which is why lateral hiring often feels "clumpy" rather than a steady stream throughout the year.

3. Junior Talent "Staging."

For Analysts and Associates, the months leading up to a bonus are spent "staging"—networking and interviewing so that they have an offer in hand the moment the wire transfer clears.

.^{2025 Bonus Schedule}

November 2025 – January 2026

• BMO: Announced Nov/December | Paid January

• Jefferies: Announced Nov/Dec | Paid January 31

• PJT: Announced Nov/ Dec | Paid January

• Raymond James: Announced December| Paid Mid-December

• RBC: Announced December | Paid Mid–December

• Scotia Announced Mid-December l Paid Mid-December

• TD Cowen: Announced December | Paid January

Mid Cycle: January – March 2026

• Bank of America: Announced Late January | Paid Mid-February

• Citi: Announced Mid-January | Paid Late January

• Goldman Sachs: Announced Mid-January | Paid Early February

• JPMorgan: Announced Mid-January | Paid Late January

• Moelis: Announced Late January | Paid Mid-February

• Morgan Stanley: Announced Mid-January | Paid Early February

• MTS: Announced January | Paid February

• Oppenheimer: Announced January | Paid Mid-February

• UBS: Announced January | Paid Late February

• Wells Fargo: Announced Late January | Paid Early February

• BNP Paribas: Announced Early March | Paid Mid-March

• Deutsche Bank: Announced Early March | Paid Mid-March

• Evercore: Announced March | Paid March

• Piper Sandler: Announced Feb 1 | Paid February 28

April – June 2026

Firms with March 31 End Dates:

• Houlihan Lokey: Announced May 1 | Paid May 15

• Macquarie: Announced March | Paid May

• Mizuho: Announced March | Paid May

• Nomura: Announced May | Paid June