Salaries and bonuses for top performers at Goldman Sachs, JPMorgan, Citigroup, BofA and Morgan Stanley in London

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Salaries and bonuses for top performers at Goldman Sachs, JPMorgan, Citigroup, BofA and Morgan Stanley in London

Once, it was a mystery how much banks paid their top performers. - Headhunters had information as did pay benchmarking firms, but the data was always parsed through third parties. Nowadays, we know exactly how much banks pay their most valued staff in London by virtue of the British BIPRU rules on remuneration disclosure.

The BIPRU rules state that all banks operating in London - U.S. banks included, must disclose the amounts they pay their material risk takers, plus the way their compensation is structured, plus how pay for these high earners is distributed.

These disclosures are typically made up to a year after those payments were made. Goldman, JPMorgan, Citi, Bank of America and Morgan Stanley have all now lodged their disclosures for 2019, meaning we know exactly how much they paid their most important staff over 12 months ago. The pertinent data from each bank's filing is shown below. Bonus figures are only for bonuses awarded in 2019; they don't include bonuses awarded previously that vested last year.

There are a few things to note from the 2019 filings. Firstly, JPMorgan and Citi appear to pay more than Goldman and Bank of America, with average compensation of around $1.3m per head. However, this is likely to be because JPM and Citi's filings pertain only to their trading sales and trading arms, whereas Goldman and Morgan Stanley's are for their full UK businesses, and senior investment bankers typically earn less than senior traders. Secondly, Morgan Stanley appears to pay a lot more than the rest, largely by virtue of some enormous salaries. However, Morgan Stanley only classifies 360 of its UK staff as material risk takers - so its sample is likely to be skewed towards the highest of its high earners.

Salaries and bonuses at Goldman Sachs Group UK (in 2019)

Number of regulated staff:  There were 560 material risk takers in Goldman's investment bank last year (excluding control staff).

Average salary (fixed remuneration) paid to each member of UK regulated staff in the investment bank in 2019: $727k. 

Average cash and stock bonus paid to each member of UK investment bank code staff in 2019 (based on share price at the end of the year): $336k. 

Average total compensation per member of UK code staff in 2019: $1.1m (Down from $1.5m in 2018). 

Total value of sign-on bonuses paid during 2019:  Goldman Sachs International made six sign-on payments to material risk takers in 2019, worth a combined $3.5m. One person alone got $1.5m. 

Distribution of compensation among code staff earning more than €1m at Goldman Sachs in 2019:

Eleven people earned more than €9m at Goldman in 2019, up from nine in 2018.

Source: Goldman Sachs

 

Salaries and bonuses at J.P Morgan in the UK (in 2019) 

Number of regulated staff at the corporate and investment bank in the UK in 2019:  628.

Average salary (fixed remuneration) paid to each member of UK regulated staff in 2019: $743k. 

Average bonus paid to each member of UK code staff in 2019: $652k.

Average total compensation per member of UK regulated staff in the investment bank in 2019: $1.4m. 

Total value of sign-on bonuses paid during 2019:  JPMorgan made three sign-on payments to regulated staff in 2019, worth a combined $1.2m. 

Distribution of compensation among code staff earning more than €1m at JPMorgan in 2019:

Source: JPMorgan

Salaries and bonuses at Citigroup Global Markets in 2019

Number of regulated staff in the UK in 2019:  485 in the Institutional Clients Group at Citigroup Global Markets, excluding control functions and senior management.

Average salary (fixed remuneration) paid to each member of UK code staff in 2019:  $464k

Average bonus in 2019: $514k

Total average compensation per member of code staff in non-control roles at Citigroup global markets in 2019: $1.3m.

Total value of sign-on bonuses paid during 2019:  Zero.

Distribution of compensation among code staff earning more than €1m at Citi in 2019:

Three people earned more than €10m in Citi's global markets business in 2019, up from one person in 2018.

Source: Citi

Salaries and bonuses at Bank of America in the UK (in 2019)

Number of regulated staff in global banking and markets (excluding independent control functions) in 2019: 478

Average salary paid to regulated global banking and markets staff in the UK in 2019: $604k.

Average bonus for regulated staff in 2019: $465k.

Total average compensation per member of BofA global banking and markets staff in the UK in 2019: $1m. 

Distribution of compensation among code staff earning more than €1m at Bank of America in 2019:

Source: Bank of America

Pay at Morgan Stanley International (in 2019) 

Number of regulated staff: 360

Average salary (fixed remuneration) paid to each member of UK institutional securities regulated staff in 2019: $1.1m.

Average bonus for regulated staff in 2019: $729k

Total average compensation per member of UK Morgan Stanley UK code staff in 2019: $1.8m. 

Distribution of compensation among code staff at Morgan Stanley in 2019:

Source: Morgan Stanley 

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Photo by Harshil Gudka on Unsplash

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