Which investment bank is the best one to work for?
Wall Street Oasis offers some possible answers in its latest report on the investment banking
industry, detailing compensation, employee satisfaction, and
growth opportunities at major banks and boutique firms. The
online group for financial professionals said its findings are
based on more than 50,000 submissions from its members.
JPMorgan Chase & Co. ranked as the highest paying
investment bank, with compensation nearing the 99th percentile.
Other well-paying banks include Wells Fargo & Co., Houlihan
Lokey, Bank of America Corp. and Goldman Sachs Group. BNP
Paribas, PNC Financial Services Group and HSBC Holdings trailed
peers in compensation, falling around the 60th percentile.
On average, employees at boutique and middle-market firms
earned more than their counterparts at larger banks, with
higher total compensation across all roles, according to the
report from Wall Street Oasis.
Analysts with three or more years of experience at
bulge bracket banks were paid $88,000 a year plus
$43,00 in bonuses. Their peers at middle market and boutique
firms earned $151,000 in total compensation, including $58,000
in bonus pay.
As for roles, associate-level bankers at the largest firms
made $180,000 including bonuses, while those at the smaller
banks raked in a total $216,000. Vice presidents at the big
banks earned an average $234,000, with base salaries of
$168,000. The typical vice president at a boutique firm made
$375,000, nearly half of which was bonus pay.
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Wall Street Oasis noted that these averages may appear low
to some as the sample include employees from a variety of
regions and companies not just the top performers
in the top groups in New York.
When it came to soft job attributes, like
employee satisfaction and job fairness, Wells Fargo led the
pack. The bank had consistently high ratings, including the
best scores in other categories such as performance feedback,
teamwork and overall competence of senior management.
Other standouts included Goldman Sachs, which had the best
reputation and most opportunities for career advancement. Bank
of America received the highest marks for supporting employee
time off and Credit Suisse Group for work-life balance.
Rothschild rated as the worst bank for work-life balance,
while employees at boutique firm Greentech Capital Advisors
reported they worked the most hours on average.