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Goldman Sachs, JPMorgan, Morgan Stanley, Citi and BofA: top salaries & bonuses in London

If you thought managing directors at US investment banks received lower bonuses last year, you were right. But don’t be alarmed or concerned in the slightest: senior bankers are still getting huge pay packages. In some cases, they are also getting higher bonuses. Bonuses for top people at Bank of America were up 25% in 2023. Bonuses at JPMorgan and Citi fell around 7%. Average bonuses for senior people at Morgan Stanley were stable.

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The figures below were made public as part of the European Union's pay transparency requirements. The most recently available figures. The data refers only to salaries and bonuses for Material Risk Takers, or MRTs for short, defined as people whose “professional activities have a material impact on the risk profile of the firm,” per the UK’s FCA. All data is derived from Pillar III filings for each of the banks.

Where possible, we've broken out the data for MRTs in the investment banks only (labelled as 'investment banking MRTs' in the reports). These are front office MRTs only, working in areas like M&A as well as capital markets and sales & trading. The figures don't include MRTs in control functions like risk and compliance, or pay for members of management committees. 

The following subsidiaries are referred to by the name of their parent companies below:

  • Goldman Sachs: Goldman Sachs Group UK Limited
  • JPMorgan: J.P. Morgan Securities plc.
  • Morgan Stanley: Morgan Stanley International Limited Group
  • Citi: Citigroup Global Markets Limited
  • Bank of America: Merrill Lynch International (including its branches), Bank of America, N.A. London Branch, and Bank of America Europe Designated Activity Company London Branch 

The data suggests that JPMorgan paid its senior people in the investment bank the most among US banks last year, despite total compensation falling ever so slightly (from $1.71m per head to $1.68m). The biggest gains were at Bank of America, which paid its MRTs an average of $1.53m per head in 2023, an 14% increase on the $1.34m per head paid in 2022. 

Salaries and bonuses at Goldman Sachs London in 2023:

Number of regulated staff: There were 507 investment bank MRTs in Goldman Sachs’ London office in 2023.

Average salary: The average Goldman investment bank MRT in London earned $884k in fixed compensation in 2023.

Average bonus: The average Goldman investment bank MRT in London earned $696k in variable compensation in 2023.

Average compensation: The average Goldman investment bank MRT in London earned $1.6m in compensation in 2023.

Bonus breakdown: The average Goldman MRT (including, but not limited to, the investment bank) in London earned just 16% of their bonus in cash (none deferred); 84% were in shares (80% deferred).

Deferred bonus: The average Goldman MRT’s (including, but not limited to, the investment bank) bonus was 66% deferred (all shares).

Average severance payment: Goldman fired 21 MRTs (including, but not limited to, the investment bank) in 2023, who received $108k each in severance, on average.

Changes in compensation, 2022 vs 2023: The number of investment bank MRTs fell from 569 to 507, an 11% decrease. Average salaries went from $847k per head to $884k per head, a 4.4% increase. Average bonuses went from $635k per head to $696k per head, a 9.5% increase. Compensation as a whole therefore went from $1.48m to $1.58m, a 6.6% increase.

Distribution of staff earning over €1m:

Salaries and bonuses at JPMorgan London in 2023:

Number of regulated staff: There were 494 investment bank MRTs in JPMorgan’s London office in 2023.

Average salary: The average JPMorgan investment bank MRT in London earned $858k in fixed compensation in 2023.

Average bonus: The average JPMorgan investment bank MRT in London earned $820k in variable compensation in 2023.

Average compensation: The average JPMorgan investment bank MRT in London earned $1.68m in compensation in 2023.

Bonus breakdown: The average JPMorgan MRT (including, but not limited to, the investment bank) in London earned just 23% of their bonus in cash (19% of which was deferred); 77% was in shares (78% deferred).

Deferred bonus: The average JPMorgan MRT’s (including, but not limited to, the investment bank) bonus was 64% deferred (93% shares).

Average severance payment: JPMorgan fired 17 MRTs (including, but not limited to, the investment bank) in 2022, who received $353k each in severance, on average.

Changes in compensation, 2022 vs 2023: The number of investment bank MRTs went from 482 to 494, a 2.5% increase. Average salaries went from $828k per head to $858k per head, a 3.7% increase. Average bonuses fell from $880k per head to $820k per head, a 6.8% decrease. Compensation as a whole therefore fell from $1.71m to $1.68m, a 1.7% decrease.

Distribution of staff earning over €1m:

Salaries and bonuses at Morgan Stanley London in 2023:

Number of regulated staff: There were 420 investment bank MRTs in Morgan Stanley’s London office in 2023.

Average salary: The average Morgan Stanley investment bank MRT in London earned $706k in fixed compensation in 2023.

Average bonus: The average Morgan Stanley investment bank MRT in London earned $685k in variable compensation in 2023.

Average compensation: The average Morgan Stanley investment bank MRT in London earned $1.39m in compensation in 2023.

Bonus breakdown: The average Morgan Stanley MRT (including, but not limited to, the investment bank) in London earned just 23% of their bonus in cash (none deferred); 77% were in shares (71% deferred).

Deferred bonus: The average Morgan Stanley MRT’s (including, but not limited to, the investment bank) bonus was 55% deferred (all of which were shares).

Average severance payment: Morgan Stanley fired 41 MRTs (including, but not limited to, the investment bank) in 2023, who received $330k each in severance, on average.

Changes in compensation, 2022 vs 2023: The number of investment bank MRTs went from 418 to 420, a 0.5% increase. Average salaries fell from $749k per head to $706k per head, a 5.8% decrease. Average bonuses fell from $689k per head to $685k per head, a 0.6% decrease. Compensation as a whole therefore fell from $1.44m to $1.39m, a 3.3% decrease.

Distribution of staff earning over €1m:

Salaries and bonuses at Bank of America (BofA) London in 2023:

Number of regulated staff: There were 343 investment bank MRTs in BofA’s London office in 2023.

Average salary: The average BofA investment bank MRT in London earned $801k in fixed compensation in 2023.

Average bonus: The average BofA investment bank MRT in London earned $728k in variable compensation in 2023.

Average compensation: The average BofA investment bank MRT in London earned $1.53m in compensation in 2022.

Bonus breakdown: The average BofA MRT (including, but not limited to, the investment bank) in London earned just 12% of their bonus in cash (none deferred); 78% were in shares (100% deferred), and 10% were in “share-linked instruments or equivalent” (none deferred).

Deferred bonus: The average BofA MRT’s (including, but not limited to, the investment bank) bonus was 78% deferred (all shares).

Average severance payment: BofA fired 22 MRTs (including, but not limited to, the investment bank) in 2022, who received $154k each in severance, on average.

Changes in compensation, 2022 vs 2023: The number of investment bank MRTs fell from 368 to 343, a 6.8% decrease. Average salaries went from $748k per head to $801k per head, a 5.6% increase. Average bonuses went from $578k per head to $728k per head, a 26.0% increase. Compensation as a whole therefore went from $1.33m to $1.53m, a 15.3% increase.

Distribution of staff earning over €1m:

Salaries and bonuses at Citi London in 2023:

Number of regulated staff: There were 474 investment bank MRTs in Citi’s London office in 2023.

Average salary: The average Citi investment bank MRT in London earned $657k in fixed compensation in 2023.

Average bonus: The average Citi investment bank MRT in London earned $649k in variable compensation in 2023.

Average compensation: The average Citi investment bank MRT in London earned $1.31m in compensation in 2023.

Bonus breakdown: The average Citi MRT (including, but not limited to, the investment bank) in London earned just 23% of their bonus in cash (9% deferred); 76% were in shares (74% deferred).

Deferred bonus: The average Citi MRT’s (including, but not limited to, the investment bank) bonus was 58% deferred (96% of which was shares).

Average severance payment: Citi fired 40 MRTs (including, but not limited to, the investment bank) in 2022, who received $312k each in severance, on average.

Changes in compensation, 2022 vs 2023: The number of investment bank MRTs fell from 507 to 474, a 6.5% decrease. Average salaries went from $604k per head to $657k per head, a 8.8% increase. Average bonuses fell from $697k per head to $649k per head, a 6.9% decrease. Compensation as a whole therefore went from $1.30m to $1.31m, a 0.4% increase.

Distribution of staff earning over €1m:

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AUTHORZeno Toulon Reporter
  • Jo
    JoeA
    18 May 2022

    This is a stupid article, "risk takers" did they put their capital at risk. In banking, senior executives forget the back and middle office that makes sure all those trades are controlled and processed correctly. The trade does not stop with the trader it's a team. Anyway this is a stupid article.

  • Jo
    John Doe
    17 May 2022

    Citi is quite peculiar in that aspect, as absolutely anyone with a title of Trader and ranked VP or above would automatically get tagged as an MRT. I am a VP on a trading desk but in an analyst capacity (i.e. no risk-management responsibilities) and I am a MRT, with all the resulting ramifications (cash+bonus deferrals, etc.). And my total comp is far, far below the stated average haha That's why median figures would have been so much more useful.

  • He
    Hester Delt
    6 January 2020

    what happened to bonus caps?

  • Ci
    Cici
    17 February 2018

    Beside money, job security is also important. For example, a quick search of "bank thelayoff" on Google will show you how low the employee satisfaction is in this industry.

  • Ra
    Ravi
    5 January 2017

    Perhaps these high reward earners belong to the so called elite class and are able to get "close" networked individuals for business which the normal high calibre professional cannot get and are adequately rewarded. Professionals look elsewhere and demand your price well.

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