Goldman Sachs & JPMorgan not always the best paying banks
Where should you work as a junior M&A banker? If you want to maximize your compensation early in your career, the answer may not necessarily be JPMorgan and Goldman Sachs. When you're an analyst or associate in London, some other big US banks are also contenders.
The new salary and bonus report from recruitment firm Dartmouth Partners suggests that while first year analysts at Goldman Sachs are now paid the most in London, they're closely followed by the first years at Bank of America and Credit Suisse. And, if you want to earn the most as a second year analyst, you now need to work for...Citi.
Dartmouth says Goldman Sachs' first years earned average total compensation of £107.5k this year. Bank of America's first years earned £104k on average. And Credit Suisse's first years earned £102k.
Credit Suisse appears to have made a very special effort. It hiked first year analyst pay by a massive 26% this year. (This may or may not be related to the fact that it's battling to attract and retain junior talent ahead of an expected restructuring of its investment bank to be announced in late October.)
JPMorgan, meanwhile, slashed total compensation for its first year analysts, in what looks like an effort to save money in a year when its global investment banking revenues are down 47%.
When it comes to second year analysts, it's different again. Dartmouth says the highest paid cohort are to be found at Citi, which outdid rivals by paying combined salaries and bonuses of £138.5k. Citi was followed by Goldman Sachs, which paid £131k.
The new averages might incline analysts to head to Citi. However, it's conceivably that this year's high payments for Citi second years were simply to make amends for what were apparently very low bonuses the previous year...
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