I work in that industry, and that's not quite the case any more. Bonuses for junior analysts can reach up to around 50% (which nearly every other profession could never expect), but they would never exceed base salary.

Anybody saying otherwise has been reading too many tabloids.

You can find out more details about salaries in this area by using a site like glassdoor.com. This 100%+ bonus culture is simply not true (now).

100+% bonuses still exist, but for VP and higher and in high-performing groups. Analysts aren't getting those post-2008.

Typically a VP in a high-performing group will outrank an ED or MD in a lower-ranking group (say, $150+300k vs. $300+100k).

According to people working in the industry in NYC that I talked to, a lot of the bonuses dried up after the financial crisis. Nowadays, the income for someone starting out (not an intern, but as a full time job after college) is only $80-90k.