The complete ranking of investment banking pay for the first half
Which banks will be most generous to their investment bankers this year? Based on the always-fallible notion of average pay per head in the first half, we've assembled the definitive list below.
The ranking below shows how much each bank has set aside to pay its average member of staff for the first six months of 2013. Citigroup, Morgan Stanley and Bank of America are all absent because all they mostly break out compensation costs for their investment bankers, they don't say how many investment bankers they employ - making a per head calculation impossible. BNP Paribas and SocGen are absent for similar reasons.
RBS's results are due tomorrow - but as the British bank isn't known for the generosity of its pay packages anyway, we're assembling our pay league table ahead of time.
1.Goldman Sachs
Average pay per head 1st half 2013: $254k
Average pay per head 1st half 2012: $226k
Percentage change: 12% increase.
Cautionary note: Goldman's figures cover pay per head for the whole bank - including asset management, which may drag them down...
2. Jefferies
Average pay per head 1st half 2013: $224k
Average pay per head 1st half 2012: $228k
Percentage change: 2% decrease.
3. UBS investment bank
Average pay per head 1st half 2013: CHF185k ($199k)
Average pay per head 1st half 2012: CHF158k
Percentage change: Up 17%.
Cautionary note: UBS's pay per head figures will include severance pay for the 2,000 investment banking staff it's let go between the second quarter of 2012 and the end of June 2013.
4. Credit Suisse investment bank
Average pay per head 1st half 2013: CHF151k ($162k)
Average pay per head 1st half 2012: CHF171k
Percentage change: Down 12%.
5. Deutsche Bank, Corporate Banking and Securities
Average pay per head 1st half 2013: €116k ($154k)
Average pay per head 1st half 2012: €117k
Percentage change: Zero
Cautionary note: Deutsche's average includes pay for its corporate bankers, who almost certainly earn less than its investment bankers.
6. Barclays Investment Bank
Average pay per head 1st half 2013: £100k.($152k)
Average pay per head 1st half 2012: £104k.
Percentage change: Down 4%.
J.P. Morgan corporate and investment bank
Average pay per head 1st half 2013: $123k
Average pay per head 1st half 2012: $123k
Percentage increase: Zero
Cautionary note: Like Deutsche, J.P. Morgan has combined its corporate and investment bank, meaning that these figures aren't just for its investment bankers. Corporate bankers are paid less than investment bankers and are a drag on the average.
