INVESTMENT BANKING DIVERSITY STATS - As of December, 2023
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2021, 2022, 2023. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Intrepid Investment Bankers
06
99.0%
UBS
No
98.0%
BNP Paribas
12
97.1%
Qatalyst Partners
01
96.1%
J.P. Morgan
04
95.1%
RBC Capital Markets
01
94.1%
Morgan Stanley
03
93.1%
Natixis
10
92.2%
Scotiabank
18
91.2%
Deutsche Bank
01
90.2%
Goldman Sachs
03
89.2%
Citigroup
07
88.2%
Credit Suisse
04
87.3%
RBC Royal Bank of Canada
04
86.3%
Wells Fargo and Company
07
85.3%
Société Générale
10
84.3%
Evercore
04
83.3%
PNC Financial Services
07
82.4%
Bank of America Merrill Lynch
06
81.4%
JPMorgan Chase
03
80.4%
Lazard Middle Market
05
79.4%
TD Securities
10
78.4%
HSBC
01
77.5%
MUFG
06
76.5%
Centerview Partners
12
75.5%
PJT Partners
12
74.5%
Credit Agricole
19
73.5%
Agentis Capital
04
72.5%
Jefferies & Company
09
71.6%
UBS AG
04
70.6%
Percentile rank on racial diversity based on how balanced companies are across five primary groups: Caucasian, Asian, African American, Latino/Spanish Origin and Other
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Female Representation
Firm
YoY Δ
Percentile
Cowen Group (35.7%)
05
99.1%
BDA Partners (35.7%)
03
98.2%
UBS (32.3%)
21
97.2%
Centerview Partners (29.9%)
03
96.3%
Nomura Holdings (28.4%)
04
95.4%
DNB Markets (27.6%)
16
94.5%
CIBC World Markets (27.1%)
20
93.6%
PJT Partners (27.0%)
No
92.7%
Capstone Partners (26.7%)
04
91.7%
Lazard Middle Market (26.4%)
08
90.8%
China International Capital Corporation (26.0%)
09
89.9%
Intrepid Investment Bankers (25.5%)
02
89.0%
Scotiabank (25.3%)
02
88.1%
Perella Weinberg Partners (24.2%)
01
87.2%
RBS Royal Bank of Scotland (24.2%)
14
86.2%
Credit Suisse (24.1%)
02
85.3%
Evercore (24.1%)
08
84.4%
Credit Agricole (24.0%)
21
83.5%
TD Securities (22.9%)
01
82.6%
JPMorgan Chase (22.7%)
03
81.7%
Goldman Sachs (22.7%)
No
80.7%
Greenhill (22.5%)
27
79.8%
Bryan Garnier and Co (22.4%)
61
78.9%
Natixis (22.3%)
12
78.0%
J.P. Morgan (22.1%)
08
77.1%
RBC Royal Bank of Canada (22.0%)
03
76.1%
DC Advisory (21.6%)
08
75.2%
RBC Capital Markets (21.2%)
No
74.3%
Moelis & Company (21.1%)
09
73.4%
Citigroup (20.8%)
04
72.5%
Estimate percentage of females is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Athletic Representation
Firm
YoY Δ
Percentile
Drake Star Partners (40.9%)
No
99.1%
FMI Corporation (34.4%)
04
98.2%
AGC Partners (34.2%)
27
97.2%
Duff & Phelps (33.7%)
03
96.3%
Intrepid Investment Bankers (29.0%)
05
95.4%
Edgemont Capital Partners (27.5%)
56
94.5%
Cambridge Wilkinson (25.8%)
04
93.6%
National Bank Financial Markets (25.6%)
03
92.7%
Fifth Third Securities (23.3%)
15
91.7%
Alantra (22.3%)
02
90.8%
PJ SOLOMON (21.7%)
09
89.9%
Oppenheimer (21.6%)
03
89.0%
Moelis & Company (20.1%)
43
88.1%
Ziegler (19.7%)
01
87.2%
DC Advisory (19.4%)
23
86.2%
Stifel Financial (19.4%)
05
85.3%
LionTree Advisors (18.8%)
42
84.4%
MUFG (18.7%)
09
83.5%
Shea & co (18.4%)
03
82.6%
Stephens Inc (18.3%)
16
81.7%
Piper Sandler (18.0%)
14
80.7%
D.A. Davidson & Co (17.7%)
09
79.8%
BBVA (17.4%)
26
78.9%
Agentis Capital (17.4%)
13
78.0%
Lincoln International (16.9%)
15
77.1%
Raymond James Financial Inc. (16.5%)
02
76.1%
RBS Royal Bank of Scotland (16.4%)
01
75.2%
Macquarie Group Limited ABN (16.4%)
15
74.3%
TD Securities (15.9%)
15
73.4%
B. Riley & Co. (15.6%)
28
72.5%
Estimated percentage of varsity athletes is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Military Representation
Firm
YoY Δ
Percentile
Intrepid Investment Bankers (28.6%)
No
99.1%
Qatalyst Partners (27.4%)
No
98.2%
Miller Buckfire (8.5%)
13
97.2%
Standard Chartered Bank (7.8%)
02
96.3%
Moelis & Company (7.6%)
09
95.4%
PJT Partners (7.3%)
09
94.5%
Bryan Garnier and Co (7.3%)
No
93.6%
J.P. Morgan (5.5%)
13
92.7%
Lazard Freres (5.2%)
04
91.7%
Evercore (4.7%)
12
90.8%
Centerview Partners (4.7%)
07
89.9%
MUFG (4.6%)
No
89.0%
RBC Royal Bank of Canada (4.2%)
11
88.1%
TD Securities (3.5%)
03
87.2%
Jefferies & Company (3.5%)
15
86.2%
Credit Agricole (3.4%)
08
85.3%
Morgan Stanley (3.4%)
12
84.4%
Lincoln International (3.4%)
09
83.5%
Truist Securities (3.3%)
07
82.6%
BNP Paribas (3.2%)
29
81.7%
RBC Capital Markets (3.1%)
22
80.7%
Macquarie Group Limited ABN (3.0%)
26
79.8%
Barclays (2.9%)
09
78.9%
Houlihan Lokey (2.9%)
07
78.0%
China International Capital Corporation (2.6%)
15
77.1%
Wells Fargo and Company (2.6%)
10
76.1%
Deutsche Bank (2.5%)
02
75.2%
Bank of America Merrill Lynch (2.5%)
No
74.3%
Stifel Financial (2.4%)
06
73.4%
Greenhill (2.3%)
09
72.5%
Estimated percentage of employees with military association is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics
Thousands of Interview Questions Available by Firm
Methodology FAQ
How often is this data updated?
The rankings are constantly changing and evolving based on additional data we collect every day. The graphs and tables use the data from YTD and the prior 2 years. See tabs located above on this page to access previous year rankings.
Why do the average compensation numbers look so low?
Remember that the compensation you are accustomed to hearing for top performers in the top groups in New York is well above the average for cities around the world. The compensation average graphs are a global average which includes regional cities and groups that bring the average down. If you would like company and group specific compensation data, please visit the WSO Company Database.
Where does this data come from?
The compensation, review and interview data comes from WSO member submissions to the WSO Company Database. With over 50,000 submissions to date across thousands of companies, the database is solely a representation of what our members were paid and how they rank companies on various metrics. Please see below for a detailed breakdown of the member statistics for those that have contributed to the database.
What are the percentile rankings based on?
The percentile rankings of companies listed here are based on the current YTD and the prior two years of data for companies that received at least one vote. The simple average scores are converted into an Adjusted Score before the companies are ranked to take into account companies with a smaller sample size. This method uses Bayesian Statistics.
Why do you use Bayesian Statistics to adjust scores?
This methodology is used in order to account for standard deviation in rankings. As a company gets more rankings and data, we have more confidence that the average ranking is a true reflection of reality, so this is reflected in the adjusted scores and Percentile rankings. Learn more about Bayesian Statistics here.
Why don't I see company XYZ?
Some great smaller firms may not be represented in the rankings for the simple reason that we have not collected enough data to represent them accurately or for us to have enough data to display them at all.
What is the geographical representation of the submissions?
The WSO user base is very US-centric with approximately 70% of all submissions coming within the United States of America. Please see the detailed breakdown of the member statistics for those that have contributed to the database. For more company and city specific compensation, please visit the WSO Company Database.
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