For Recruiters
Where can you earn the highest banking salary?

Here's what Goldman, J.P. Morgan, BAML and Morgan Stanley pay in the U.S.

Following a record 2021, Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America and Citi have endured a tougher start to the year as a market downturn has hit deal volumes. In the six months to June 30, the big five posted an average 43% drop in investment banking division revenues.

That will mean lower bonuses for 2022, but all have hiked salaries considerably for junior talent, which continues to be in demand. In particular, associates have benefitted from a big uplift in pay over the last 18 months.

We’ve compiled the latest average salary data for each of these firms and it reveals some variation. JP Morgan and Goldman Sachs remain the banks to beat in the investment banking league tables, but they lag their rivals in terms of pay, according to Wall Street Oasis (WSO), the forum website.

Banks don't provide a breakdown of compensation according to seniority, but WSO says JPMorgan paid its analysts and vice presidents lower than the rest of the Street. Similarly, JPMorgan is near the bottom of the pack when it comes to associate pay.

According to WSO, Goldman Sachs is middle of the pack. It pays its analysts an average salary of $92k, and its VPs earn $232k, less than Bank of America and Morgan Stanley. Its associates earn less than the rest of its big rivals, according to WSO. Of course, this could be due to a skewed data set.

WSO says Citi pays its analysts an average salary of $96k, more than anyone else on the street.  It also pays its associates an average of $169k, putting it in second place behind Morgan Stanley 

Morgan Stanley pays its associates $175k, according to WSO. It also looks after its  vice presidents (VPs). In previous years, the bank was bottom when it came to pay for this cohort but it now pays them an average salary of $274k, almost on a par with Bank of America, which is the most generous with $275k.

Bank of America paid its new starters the most last year but this year it’s been relegated to second spot by arch-rival Citi, according to WSO.  It pays its analysts an average salary of $94k and its associates $168k.

Data is hard to come by for managing directors (MDs). However, fixed salaries for MDs start at around $500k. The total package of salary plus bonus can be multiples of that once bonuses are included. The size of the bonus depends on a number of things – the total revenue your team brought in, as well as your own contribution to the top line...

Although those are the average numbers, recruitment and banking sources say a tight labour has pushed base salaries higher than WSO suggests, with all five big US banks paying $110k salaries to analysts, and $175k to associates.  They say that directors at Goldman and Morgan Stanley earn $250k, while Bank of America, Citi and JPMorgan pay $275k.

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