Professional Documents
Culture Documents
Comps
Fifth Annual Investment Banking Compensation Survey
2010
www.WallStreetComps.com
WallStreetComps.com 2006-2011
TABLE OF CONTENTS
Disclaimer
FAQs
Information on Participants
Represented Banks
Regression Analysis
2010 Bonus
Distribution by Banks
Distribution by Location
10
Distribution by Groups
11
Distribution by Title:
Associate 0
12
Associate 1
13
Associate 2
14
Associate 3
15
Vice President 1
16
Vice President 2
17
Vice President 3
18
19
WallStreetComps.com 2006-2011
DISCLAIMER
WallStreetComps.com was created to keep investment bankers informed about the compensation
trends in the industry.
Please be advised that the data gathered in this report were submitted by investment bankers on a
voluntary basis and without consultation of their respective employers mentioned herein.
Although the results are screened for obvious mistakes or typos, WallStreetComps.com cannot
guarantee the validity of the information presented. However, due to the nature of this report and
the way data were entered, we are confident the information in this report is valuable and
accurate.
The information is being provided freely and none of the banks or anyone else connected with
WallStreetComps.com in any way whatsoever can be responsible for inaccurate information.
If you have any comments, questions or suggestions on how we can improve this survey for
next year, please email us at Webmaster@WallStreetComps.com
WallStreetComps.com 2006-2011
FAQS
What is WallStreetComps.com?
WallStreetComps.com was created by a group of former investment bankers to keep peers
informed about the compensation trends in the industry. The resulting compensation report is
free and is a way to share information with peers.
What is Associate 0?
When an MBA student is hired as an Associate following her graduation, she will generally be an
Associate for 17 months (from August of graduation year until December of the following year).
We define Associate 0 as the first 5 months of Associate 1, at the end of which a Stub bonus is
paid.
Why cant I see the name of my firm even though I participated in the survey?
If you were the only participant in your firm, we have decided not to disclose the name of that
firm to protect your privacy.
WallStreetComps.com 2006-2011
INFORMATION ON PARTICIPANTS
We have received a total of 358 responses. The distribution of responses is as follows:
Distribution by Employer
Large U.S.
Banks
Large European
Banks
Boutiques
Other
Total
Associate 0
28%
24%
20%
28%
100%
Associate 1
43%
7%
4%
46%
100%
Associate 2
62%
10%
10%
19%
100%
Associate 3
30%
22%
9%
39%
100%
Vice President 1
43%
13%
0%
43%
100%
Vice President 2
43%
29%
0%
29%
100%
Vice President 3
24%
14%
5%
57%
100%
27%
9%
5%
59%
100%
Managing Director
0%
132
0%
54
0%
24
100%
148
100%
358
M&A
Industry
Coverage
Fin. Sponsors /
Lev. Fin.
Capital Market
Other Group
Total
Associate 0
36%
48%
16%
0%
0%
100%
Associate 1
32%
57%
0%
0%
11%
100%
Associate 2
24%
57%
5%
10%
5%
100%
Associate 3
35%
39%
4%
0%
22%
100%
Vice President 1
13%
61%
4%
13%
9%
100%
Vice President 2
36%
50%
0%
7%
7%
100%
Vice President 3
29%
48%
5%
0%
19%
100%
23%
55%
5%
14%
5%
100%
Managing Director
0%
100
0%
184
50%
20
50%
20
0%
34
100%
358
Title
Total Population
Distribution by Group
Title
Total Population
Note: We closed the survey on March 20th 2011. All answers submitted after that date were not
taken into account in the survey.
WallStreetComps.com 2006-2011
REPRESENTED BANKS
Bank
Category
Barclays
BNP Paribas
Citigroup
Credit Suisse
Deutsche Bank
Evercore Partners
Boutique
Goldman Sachs
Greenhill
Boutique
HSBC Bank
Jefferies
Boutique
JPMorgan
KPMG
Other
Lazard
Boutique
Moelis
Boutique
Morgan Stanley
Oppenheimer
Other
Other
UBS
Wachovia
Other
(*)
Barclays has been classified as a U.S. Bank although its ultimate parent company is UK-based because it represents
the former Investment Banking U.S. operations of Lehman Brothers.
WallStreetComps.com 2006-2011
2010
Minimum
$0
$0
Maximum
1,700,000
950,000
Average
268,144
205,465
1st Quartile
100,000
75,000
200,000
170,000
3rd Quartile
375,750
293,750
4th Quartile
1,700,000
950,000
320
358
20
20
Number of Responses
Number of Banks
2010 Bonus, Base and Percentage of Bonus paid in Stock, by Title and Quartile
2010
Bonuses
Average
1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
Associate 0
$35,000
$40,000
$42,000
$73,000
$101,000
$40,280
2%
Associate 1
105,000
125,000
150,000
225,000
118,036
127,321
13%
Associate 2
145,000
160,000
190,000
260,000
127,738
160,874
15%
Associate 3
63,750
195,000
290,000
325,000
130,761
174,500
11%
Vice President 1
172,500
225,000
300,000
450,000
162,322
233,477
17%
Vice President 2
191,250
277,500
356,250
511,500
174,573
283,179
15%
Vice President 3
200,000
367,000
465,000
950,000
163,048
344,238
17%
185,750
350,000
447,500
760,000
182,108
359,136
12%
Managing Director
Average
Base
Bonus
Stock Bonus
nm
nm
nm
nm
262,500
nm
$75,000
$170,000
$293,750
$950,000
$143,312
$205,465
nm
12%
2010 Bonuses
Average
Median
Average
Median
Average
Associate 0
$40,000
$42,771
$40,000
$40,280
0.0%
(5.8%)
Associate 1
140,000
134,952
125,000
127,321
(10.7%)
(5.7%)
Associate 2
168,125
153,484
160,000
160,874
(4.8%)
4.8%
Associate 3
230,000
233,331
195,000
174,500
(15.2%)
(25.2%)
Vice President 1
355,000
326,211
225,000
233,477
(36.6%)
(28.4%)
Vice President 2
362,500
346,000
277,500
283,179
(23.4%)
(18.2%)
Vice President 3
263,500
297,875
367,000
344,238
39.3%
15.6%
557,500
524,556
350,000
359,136
(37.2%)
(31.5%)
nm
nm
nm
nm
n/a
n/a
Managing Director
Note: bonuses as reported by the bankers; include cash and stock portion as well as other types of deferred
pay.
WallStreetComps.com 2006-2011
($ bn)
$40
$34.3
$35
$33.0
$30
$25.6
-7.6%
$25
$22.5
$19.5
$20
$18.6
$20.8
$17.6
$15.8
$13.5
$15
$13.0
$11.2
$9.8
$9.8
$9.1
$10
$5
$0
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10E
After a significant increase in Wall Street bonuses in 2009 (+27.8%), bonuses were slightly down
in 2010. According to estimates released by New York State Comptroller Thomas DiNapoli, total
Wall Street bonuses were down 7.6% last year to $20.8 billion, compared with $22.5 billion in
2009. But these estimates do not include stock options or other types of deferred pay.
WallStreetComps estimates gathered directly from investment bankers show a similar picture:
2010 Median Bonuses were down 15.0% at $170,000 per banker and 2010 Average Bonuses
were down 23.4% at $205,465 per banker.
WallStreetComps Survey
($ in thousands)
$400
$367
$345
$350
$300
$283
$255
$250
$200
$150
$268
$255
$220
$200
$187
$148
$205
$170
$133
$90
$100
$50
$0
'04
'05
'06
Average Bonus
'07
'08
'09
Median Bonus
'10
However, median total compensation was only down 4.6% (or $15,000) to $310,000 due to a
significant increase in base salaries implemented last year by all major financial institutions.
Enjoy the Fifth Annual Wall Street Comps Survey!
WallStreetComps.com 2006-2011
REGRESSION ANALYSIS
For statistics aficionados, we ran a regression analysis for the bonuses paid in 2010 based
on years of experience, type of banks and location. We excluded from the regression stub
bonuses (bonus paid to Associate 0). The analysis yielded the following regression:
With:
Associate 1
Associate 2
Associate 3
Vice President 1
Vice President 2
Vice President 3
Senior Vice President
Rank
1
2
3
4
5
6
7
Bank
1
2
3
New York
London
Other
Location
1
2
3
WallStreetComps.com 2006-2011
DISTRIBUTION BY BANKS
2010 Average Bonus by Banks and Title
Banks
Distribution
39%
14%
Boutiques
Average Bonuses
Average Portion Paid in Stocks
Evercore Partners
Jefferies
5%
Others
Average Bonuses
Average Portion Paid in Stocks
Oppenheimer
RBC Capital Markets
Wachovia
Other
43%
100%
Associate*
SVP
$167,855
16%
168,824
172,333
213,870
118,333
205,000
$347,786
20%
432,500
294,227
453,333
362,500
370,000
373,500
$553,333
24%
400,000
540,000
640,000
600,000
$90,556
8%
10,000
187,500
75,000
$267,161
25%
138,333
176,614
301,667
391,667
$175,000
8%
350,000
-
$225,000
18%
230,000
225,000
$460,000
2%
460,000
$181,000
10%
181,000
$140,212
10%
105,000
312,500
172,333
119,925
$235,706
10%
347,333
228,925
$311,538
8%
236,667
750,000
267,273
$152,178
$166,359
(9% )
$285,577
$322,518
(11% )
$359,136
$524,556
(32% )
WallStreetComps.com 2006-2011
DISTRIBUTION BY LOCATION
2010 Average Bonus by Location and Title
Banks
New York
U.S (ex - NY)
London
Europe (ex - London)
Asia
Total Population
* Does not include Associate 0
Distribution
66%
20%
8%
1%
4%
100%
SVP
$341,824
332,500
760,000
$359,136
Distribution
Associate*
SVP
39%
$167,855
169,306
172,500
158,588
132,000
-
$347,786
351,786
400,000
307,875
373,500
$553,333
527,500
450,000
755,000
14%
$90,556
83,125
145,000
-
$267,161
278,750
260,000
171,614
$175,000
175,000
-
Boutiques
New York
U.S (ex - NY)
London
Europe (ex - London)
Asia
5%
$225,000
225,000
-
$460,000
460,000
-
$181,000
181,000
-
Others
New York
U.S (ex - NY)
London
Europe (ex - London)
Asia
43%
$140,212
166,031
109,889
-
$235,706
285,286
181,429
214,785
35,000
180,000
$311,538
317,000
293,333
-
100%
$152,178
$166,359
(9% )
$285,577
$322,518
(11% )
$359,136
$524,556
(32% )
WallStreetComps.com 2006-2011
10
DISTRIBUTION BY GROUPS
2010 Average Bonus by Groups and Title
Banks
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market
Other Group
Total Population
* Does not include Associate 0
Distribution
27%
53%
3%
6%
11%
100%
SVP
$409,000
350,000
90,000
272,000
750,000
$359,136
Distribution
Associate*
SVP
39%
$167,855
211,000
164,409
119,350
150,000
140,000
$347,786
305,000
354,885
50,000
210,000
700,000
$553,333
640,000
536,000
-
14%
$90,556
76,667
108,000
40,000
$267,161
515,000
255,231
185,000
$175,000
345,000
-
Boutiques
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group
5%
$225,000
241,667
225,000
165,000
$460,000
460,000
-
$181,000
176,000
-
Others
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group
43%
$140,212
155,545
164,167
150,000
61,400
$235,706
175,800
305,091
19,354
200,000
265,000
$311,538
351,250
253,333
90,000
285,000
745,000
100%
$152,178
$166,359
(9% )
$285,577
$322,518
(11% )
$359,136
$524,556
(32% )
WallStreetComps.com 2006-2011
11
ASSOCIATE 0
2010 Bonus by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Distribution
28%
24%
20%
28%
100%
Base
Average
$103,571
104,167
111,000
88,571
$101,000
Bonus
Median
$40,000
35,000
40,000
40,000
$40,000
Average
$42,000
35,833
43,000
40,429
$40,280
Distribution
68%
32%
100%
Base
Average
$106,176
90,000
$101,000
Bonus
Median
$40,000
35,000
$40,000
Average
$43,206
34,063
$40,280
Location
New York
U.S (ex - NY)
Total Population
WallStreetComps.com 2006-2011
12
ASSOCIATE 1
2010 Bonus, Base and Percentage of Bonus paid in Stock, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Bank
Bank of America / Merrill Lynch
Citigroup
Evercore Partners
JPMorgan
UBS
Total Sub-Group
Total Population
Distribution
43%
7%
4%
46%
100%
Base
Average
$123,750
130,000
130,000
110,000
$118,036
Bonus
Median
$125,000
55,000
170,000
125,000
$125,000
Average
$130,000
55,000
165,000
132,692
$127,321
Distribution
21%
4%
4%
18%
7%
54%
100%
Base
Average
$122,500
125,000
130,000
125,000
130,000
$126,500
$118,036
Distribution
68%
29%
4%
100%
Distribution
32%
57%
11%
100%
Stocks
Average
15%
0%
18%
13%
13%
WallStreetComps.com 2006-2011
13
ASSOCIATE 2
2010 Bonus, Base and Percentage of Bonus paid in Stock, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Bank
Bank of America / Merrill Lynch
Barclays
Citigroup
Credit Suisse
Lazard
Morgan Stanley
UBS
Total Sub-Group
Total Population
Distribution
62%
10%
10%
19%
100%
Base
Average
$136,000
140,000
107,500
104,875
$127,738
Bonus
Median
$175,000
147,500
227,500
101,000
$160,000
Average
$166,642
147,500
227,500
115,500
$160,874
Distribution
38%
10%
10%
5%
5%
5%
5%
76%
100%
Base
Average
$139,813
122,500
132,250
150,000
110,000
140,000
130,000
$132,080
$127,738
Distribution
57%
24%
5%
14%
100%
Distribution
24%
57%
5%
10%
95%
Stocks
Average
18%
25%
7%
4%
15%
Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Total Population
WallStreetComps.com 2006-2011
14
ASSOCIATE 3
2010 Bonus, Base and Percentage of Bonus paid in Stock, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Bank
Bank of America / Merrill Lynch
Barclays
BNP Paribas
Citigroup
Credit Suisse
Evercore Partners
JPMorgan
RBC Capital Markets
Total Sub-Group
Total Population
Distribution
30%
22%
9%
39%
100%
Base
Average
$153,214
122,000
165,000
110,556
$130,761
Bonus
Median
$290,000
45,000
250,000
150,000
$195,000
Average
$235,000
82,000
250,000
162,056
$174,500
Distribution
13%
4%
9%
9%
4%
4%
4%
9%
57%
100%
Base
Average
$160,000
130,000
100,000
151,250
150,000
170,000
160,000
100,000
$140,156
$130,761
Distribution
70%
26%
96%
Distribution
35%
39%
4%
22%
100%
Stocks
Average
14%
4%
29%
8%
11%
WallStreetComps.com 2006-2011
15
VICE PRESIDENT 1
2010 Bonus, Base and Percentage of Bonus paid in Stock, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Other
Total Population
Bank
Bank of America / Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank
Goldman Sachs
Morgan Stanley
UBS
Total Sub-Group
Total Population
Distribution
43%
13%
43%
100%
Base
Average
$179,000
199,632
134,452
$162,322
Bonus
Median
$250,000
265,000
187,500
$225,000
Average
$285,500
258,871
173,835
$233,477
Distribution
4%
30%
4%
4%
4%
4%
4%
57%
100%
Base
Average
$200,000
165,714
253,896
185,000
200,000
230,000
160,000
$199,230
$162,322
Distribution
43%
22%
9%
26%
100%
Distribution
13%
61%
4%
13%
9%
100%
Stocks
Average
16%
41%
11%
17%
WallStreetComps.com 2006-2011
16
VICE PRESIDENT 2
2010 Bonus, Base and Percentage of Bonus paid in Stock, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Other
Total Population
Bank
Bank of America / Merrill Lynch
Barclays
BNP Paribas
Citigroup
Deutsche Bank
Goldman Sachs
Total Sub-Group
Total Population
Distribution
43%
29%
29%
100%
Base
Average
$190,671
172,500
152,500
$174,573
Bonus
Median
$330,000
187,500
227,500
$277,500
Average
$356,917
227,500
228,250
$283,179
Distribution
7%
21%
14%
7%
14%
7%
71%
100%
Base
Average
$175,000
181,342
145,000
175,000
200,000
250,000
$187,724
$174,573
Distribution
79%
7%
7%
7%
100%
Distribution
36%
50%
7%
7%
100%
Stocks
Average
23%
17%
0%
15%
WallStreetComps.com 2006-2011
17
VICE PRESIDENT 3
2010 Bonus, Base and Percentage of Bonus paid in Stock, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population
Bank
Citigroup
Jefferies
JPMorgan
Morgan Stanley
RBC Capital Markets
UBS
Total Sub-Group
Total Population
Distribution
24%
14%
5%
57%
100%
Base
Average
$196,600
186,667
135,000
145,500
$163,048
Bonus
Median
$437,000
325,000
455,000
292,500
$367,000
Average
$461,400
328,333
460,000
289,750
$344,238
Distribution
10%
5%
5%
5%
10%
10%
43%
100%
Base
Average
$190,000
135,000
190,000
213,000
125,000
205,000
$176,333
$163,048
Distribution
76%
10%
5%
5%
5%
100%
Distribution
29%
48%
5%
19%
100%
Stocks
Average
26%
20%
2%
13%
17%
WallStreetComps.com 2006-2011
18
Bank
Bank of America / Merrill Lynch
Barclays
JPMorgan
Morgan Stanley
Oppenheimer
Total Sub-Group
Total Population
Distribution
27%
9%
5%
59%
100%
Base
Average
$240,000
202,188
175,000
152,846
$182,108
Bonus
Median
$540,000
175,000
181,000
285,000
$350,000
Average
$553,333
175,000
176,000
311,538
$359,136
Distribution
5%
9%
5%
9%
14%
41%
100%
Base
Average
$250,000
240,000
260,000
225,000
150,000
$225,000
$182,108
Distribution
77%
18%
5%
100%
Distribution
23%
55%
5%
14%
5%
100%
Stocks
Average
24%
8%
10%
8%
12%
WallStreetComps.com 2006-2011
19
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