How much will you earn as an analyst, associate, or vice president in an investment bank on Wall Street in 2021? Following competitive salary hikes across top investment banks in the past few months, salaries are diverging.
The chart below shows our estimation of current and recent salaries for bankers by level at Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Guggenheim, Morgan Stanley and UBS. The figures are based on banks' stated salary increases and previous information on their pay, taken from both Wall Street Oasis and the H1B salary database for New York City.
Guggenheim Securities is an anomaly as a small player among the bigger banks listed, but we've included Guggenheim's pay figures due to the comparative clarity on their salaries before and after the raise.
As the chart shows, the increases have created various discrepancies, particularly at senior levels. While the standard increase appears to be $15k for analysts and $25k for associates and VPs, not all banks have applied increases of this magnitude at all levels, and the earlier banks to offer raises offered a one-off bonus increase instead. JPMorgan, for example, is only offering its pay rise to analysts, as is Deutsche Bank (although first year associates at DB are getting a $25k rise too). UBS, however, is being far more generous and hiking salaries right up to director level.
We've added the details of the increases we're aware of below the chart. If you work at any of the banks listed and have information to add, get in touch at the email address below. After Morgan Stanley hiked salaries for first and second year analysts today, only Goldman is an outlier. However, the Goldman salary figures shown - taken from the H1B salary database - suggest Goldman may be in less need of increasing salaries than rivals anyway: its salaries already seem to correspond to the new rates.
If you're viewing this article on a cellphone, you might want to revisit it on a desktop as the chart is more easily viewed there...
- Bank of America: $10k and associate and vice presidents salaries by $25k, starting May 1st.
- Barclays: Analysts' salaries are increasing by $15,000 and its U.S. associates and vice presidents by $25,000.
- Citi: Salaries are increasing by $15,000 to $25,000 for analysts, associates and VPs.
- Credit Suisse: $20k lifestyle bonuses for VP and below, plus unspecified salary increases, rumored to be $5-$10k.
- JPMorgan: $15k salary rises for first year, second year, third year analysts.
- UBS: First-year analyst base salary now $100k, second year $105k, third year $110k. First year associate $175k, second year associate $200k, third year associate $225k. Director salary $275k.
Photo by Aditya Vyas on Unsplash
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