Is this a lowball offer?

Received an Associate offer in a MO group (Credit Risk) at DB/UBS/CS. Offer was $90K base which seems a little low.

I also did not receive money for relocation expenses. When I asked, the bank said they were not offering relo because NYC is so competitive and that they had so many candidates already in NYC or willing to move to NYC with no relocation expenses for the opportunity to work for a "Tier 1" bank.

Is this normal? I would assume it's not. I get the feeling that the bank is so pressed to keep comp down. I'm coming from a Top tier BB in another state halfway across the country.