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WALL ST

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

Overview of Bonuses 2009 / 2010

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

Senior Vice President

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.

This is a copyrighted report. It is distributed for free.

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.

How is data gathered?


The data gathered in this report were submitted by investment bankers on a voluntary basis.
Individual submissions are anonymous and kept strictly confidential. No personal data is required
and the data is used on an aggregated basis only.

How reliable are the data?


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.

Which currency do you use?


All amounts are in U.S. dollars. We have asked each participant to convert his/her bonus (if it
were not received in USD) by using the following exchange rates:
1 = $1.30
1 = $1.55
These were the approximate exchange rates on December 1, 2010.

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%

Senior Vice President

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%

Senior Vice President

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

Bank of America Merrill Lynch

Large U.S. Bank

Barclays

Large U.S. Bank(*)

BNP Paribas

Large European Bank

Citigroup

Large U.S. Bank

Credit Suisse

Large European Bank

Deutsche Bank

Large European Bank

Evercore Partners

Boutique

Goldman Sachs

Large U.S. Bank

Greenhill

Boutique

HSBC Bank

Large European Bank

Jefferies

Boutique

JPMorgan

Large U.S. Bank

KPMG

Other

Lazard

Boutique

Moelis

Boutique

Morgan Stanley

Large U.S. Bank

Oppenheimer

Other

RBC Capital Markets

Other

UBS

Large European Bank

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

OVERVIEW OF BONUSES 2009 / 2010


Bonus by Year
Bonuses
2009

2010

Minimum

$0

$0

Maximum

1,700,000

950,000

Average

268,144

205,465

1st Quartile

100,000

75,000

2nd Quartile (Median)

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%

Senior Vice President

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%

Bonus by Year and Title


2009 Bonuses
Median

2010 Bonuses

Average

Median

Var. 2009 / 2010

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%

Senior Vice President

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

Wall Street Bonuses


15-year History

($ 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

Source: The Office of the State Comptroller, February 2011.

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:

Bonus = $193,080 + Rank * $39,474 - Bank * $34,076 - Location * $18,514


R2 = 0.181
Standard Error = $146,798

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

Large U.S. Banks


Large European Banks
Boutiques / Others

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

Large U.S. Banks


Average Bonuses
Average Portion Paid in Stocks
Bank of America / Merrill Lynch
Barclays
Citigroup
Goldman Sachs
JPMorgan
Morgan Stanley

39%

Large European Banks


Average Bonuses
Average Portion Paid in Stocks
BNP Paribas
Credit Suisse
Deutsche Bank
UBS

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%

Average 2010 Bonuses


Average 2009 Bonuses
Y-o-Y Increase

100%

Associate*

2010 Average Bonus


Vice President

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% )

* Does not include Associate 0

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%

2010 Average Bonus


Associate*
Vice President
$159,447
$313,757
141,658
208,750
158,588
267,607
137,000
40,000
275,904
$152,178
$285,577

SVP
$341,824
332,500
760,000
$359,136

2010 Average Bonus by Banks, Location and Title


Banks

Distribution

Associate*

2010 Average Bonus


Vice President

SVP

Large U.S. Banks


New York
U.S (ex - NY)
London
Europe (ex - London)
Asia

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

Large European Banks


New York
U.S (ex - NY)
London
Europe (ex - London)
Asia

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
-

Average 2010 Bonuses


Average 2009 Bonuses
Y-o-Y Increase

100%

$152,178
$166,359
(9% )

$285,577
$322,518
(11% )

$359,136
$524,556
(32% )

* Does not include Associate 0

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%

2010 Average Bonus


Associate*
Vice President
$169,136
$238,786
158,500
314,713
134,675
34,677
150,000
207,500
89,111
366,429
$152,178
$285,577

SVP
$409,000
350,000
90,000
272,000
750,000
$359,136

2010 Average Bonus by Banks, Groups and Title


Banks

Distribution

Associate*

2010 Average Bonus


Vice President

SVP

Large U.S. Banks


M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group

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
-

Large European Banks


M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group

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

Average 2010 Bonuses


Average 2009 Bonuses
Y-o-Y Increase

100%

$152,178
$166,359
(9% )

$285,577
$322,518
(11% )

$359,136
$524,556
(32% )

* Does not include Associate 0

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

2010 Bonus by Location

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%

2010 Average Bonus


Median
Average
$125,000
$132,632
115,000
110,000
165,000
160,000
$125,000
$127,321

Distribution
32%
57%
11%
100%

2010 Average Bonus


Median
Average
$125,000
$117,222
122,500
129,375
170,000
146,667
$125,000
$127,321

Stocks
Average
15%
0%
18%
13%
13%

2010 Average Bonus


Total
Stock
$128,333
13%
160,000
0%
165,000
18%
125,000
20%
55,000
0%
$126,667
10%
$127,321
13%

2010 Bonus by Location


Location
New York
U.S. (excluding NY)
London
Total Population

2010 Bonus by Group


Group
M&A
Industry Coverage
Other Group
Total Population

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%

2010 Average Bonus


Median
Average
$180,000
$176,250
150,000
131,400
137,000
137,000
160,000
156,450
$160,000
$160,874

Distribution
24%
57%
5%
10%
95%

2010 Average Bonus


Median
Average
$160,000
$169,400
175,000
176,000
119,350
114,350
150,000
150,000
$160,000
$160,874

Stocks
Average
18%
25%
7%
4%
15%

2010 Average Bonus


Total
Stock
$166,250
20%
161,000
8%
154,675
0%
145,000
40%
225,000
14%
200,000
57%
140,000
10%
$170,275
21%
$160,874
15%

2010 Bonus by Location

Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Total Population

2010 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
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%

2010 Average Bonus


Median
Average
$202,500
$178,688
215,000
192,417
$195,000
$174,500

Distribution
35%
39%
4%
22%
100%

2010 Average Bonus


Median
Average
$259,500
$227,375
225,000
186,944
150,000
145,000
45,000
72,400
$195,000
$174,500

Stocks
Average
14%
4%
29%
8%
11%

2010 Average Bonus


Total
Stock
$256,667
23%
190,000
17%
10,000
0%
297,500
0%
220,000
11%
285,000
22%
80,000
10%
312,500
28%
$206,458
14%
$174,500
11%

2010 Bonus by Location


Location
New York
U.S. (excluding NY)
Total Population

2010 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Other Group
Total Population

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%

2010 Average Bonus


Median
Average
$250,000
$257,700
200,000
228,400
243,307
243,307
165,000
194,059
$225,000
$233,477

Distribution
13%
61%
4%
13%
9%
100%

2010 Average Bonus


Median
Average
$175,000
$215,000
250,000
255,758
19,354
14,354
170,000
156,667
327,500
327,500
$225,000
$233,477

Stocks
Average
16%
41%
11%
17%

2010 Average Bonus


Total
Stock
$445,000
20%
235,000
14%
171,614
50%
260,000
30%
445,000
20%
305,000
20%
330,000
44%
$313,088
28%
$233,477
17%

2010 Bonus by Location


Location
New York
U.S. (excluding NY)
Asia
London
Total Population

2010 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Other Group
Total Population

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%

2010 Average Bonus


Median
Average
$280,000
$287,273
113,000
108,000
180,000
175,000
511,500
506,500
$277,500
$283,179

Distribution
36%
50%
7%
7%
100%

2010 Average Bonus


Median
Average
$275,000
$242,600
280,000
309,500
360,000
355,000
225,000
220,000
$277,500
$283,179

Stocks
Average
23%
17%
0%
15%

2010 Average Bonus


Total
Stock
$410,000
25%
363,833
21%
135,000
0%
355,000
25%
320,000
33%
270,000
25%
$308,972
22%
$283,179
15%

2010 Bonus by Location


Location
New York
U.S. (excluding NY)
Asia
London
Total Population

2010 Bonus by Group


Group
M&A
Industry Coverage
Capital Market: ECM / DCM
Other Group
Total Population

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%

2010 Average Bonus


Median
Average
$368,500
$367,000
207,500
207,500
35,000
40,000
432,000
437,000
460,000
465,000
$367,000
$344,238

Distribution
29%
48%
5%
19%
100%

2010 Average Bonus


Median
Average
$210,000
$247,500
403,500
400,900
45,000
50,000
305,000
421,250
$367,000
$344,238

Stocks
Average
26%
20%
2%
13%
17%

2010 Average Bonus


Total
Stock
$500,000
10%
455,000
2%
365,000
25%
432,000
60%
487,500
28%
420,000
30%
$443,250
26%
$344,238
17%

2010 Bonus by Location


Location
New York
U.S. (excluding NY)
Europe (excluding London)
Asia
London
Total Population

2010 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Other Group
Total Population

WallStreetComps.com 2006-2011

18

SENIOR VICE PRESIDENT


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
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%

2010 Average Bonus


Median
Average
$350,000
$341,824
365,000
332,500
755,000
760,000
$350,000
$359,136

Distribution
23%
55%
5%
14%
5%
100%

2010 Average Bonus


Median
Average
$350,000
$409,000
400,000
350,000
85,000
90,000
285,000
272,000
745,000
750,000
$350,000
$359,136

Stocks
Average
24%
8%
10%
8%
12%

2010 Average Bonus


Total
Stock
$395,000
25%
540,000
22%
635,000
30%
600,000
22%
236,667
0%
$481,333
20%
$359,136
12%

2010 Bonus by Location


Location
New York
U.S. (excluding NY)
Asia
Total Population

2010 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Other Group
Total Population

WallStreetComps.com 2006-2011

19

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WallStreetComps.com 2006-2011

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