Base Compensation Increase | IBD | London


Grateful if you can share the most recent base compensations across different positions / firm in London:

JPM - A1 - £75k

MS - A1 - £70k

PWP - A1 - £75k

GS - A1 - £70k

PJT - A1 - £70k

JEF - A1 - £70k

EVR - A1 - £63k

Rothschild - A1 - £62k

Citi - A1 - £70k

WB - A1 - £70k

HL - A1 - £65k

UBS - A1 - £60k

Barclays - A1 - £60k

Nomura - A1 - £60k

CVP - A1 - £65k

HSBC - A1 - £60k

LAZ - A1 - £60k

CS - A1 - £60k

BNP - A1 - £60k

BoA - A1 - £57.5k (to be raised in Feb-22)

Any insights into other banks? RBC / HL / LAZ / BAMLDB / NOMURA / BARCLAYS / CS / GHL / LIONTREE / QATALYST? 

What about A2 / A3 / Associate?

EDIT: Updated as per comments below

Comments (316)

Jun 22, 2022 - 7:58am
anon123456712, what's your opinion? Comment below:

Is A1 include those coming straight out of uni and into the grad programme?

Jan 19, 2022 - 5:04pm
thebear, what's your opinion? Comment below:

So these are incorrect??

Asking, as I am curious myself. 

  • Analyst 2 in ER
Jan 26, 2022 - 8:39am

GS confirmed £70k, across all of FO (including AM, ER, PWM...)

Engineering £65k now too... best w/l balance spot 

  • Incoming Analyst in IB-M&A
Jan 20, 2022 - 10:16am

I've either been shafted or this isn't true haha

  • 2
  • 1
  • Intern in IB-M&A
Jan 21, 2022 - 7:18am

Lol same

  • Intern in IB - Cov
Jan 20, 2022 - 4:58am

Do you know if they would change contracts for incoming SA?   Also I have heard interns were on 57k before instead of 60k for AN1, any ideas why?

Many thanks

  • Analyst 1 in IB - Gen
Jan 20, 2022 - 6:46am

My SA22 salary was changed a month and half ago. Got increased from 4.9k to 5.3k/month. Let's hope for another bump

  • Analyst 1 in IB-M&A
Jan 20, 2022 - 6:22am

William Blair:

A1: 70k

A2: 80k

A3: 90k

  • Intern in IB-M&A
Jan 20, 2022 - 3:22pm

Do you know when this was announced and when will it be effective?

  • Analyst 1 in IB - Cov
Jan 20, 2022 - 12:09pm

Analyst 1 in IB - Gen

Bofa A1 57.5k - getting increased in February but we havent been told by how much yet

Thanks for the info, how have bonuses been this year?

  • Intern in IB - Gen
Jan 20, 2022 - 9:55am

Funny how Rothschild is way stronger in London but pays way more in New York 

Jan 21, 2022 - 4:27am
LDNLAD, what's your opinion? Comment below:

Anonymous Monkey

Funny how Rothschild is way stronger in London but pays way more in New York 

Any numbers for Roth LDN yet?

  • Analyst 2 in IB-M&A
Jan 20, 2022 - 10:38am

Nomura A1 £60k and A2 £65k

Jan 20, 2022 - 11:09am
abcxyz2323, what's your opinion? Comment below:

Can anyone confirm if JPM london increased base for analyst 1? I'm about to join in July but haven't heard anything about pay rise, contract signed at 60k :( 

  • Analyst 1 in IB - Gen
Jan 20, 2022 - 3:47pm
  • Associate 1 in PE - Other
Jan 21, 2022 - 4:13am

Only Centerview is on the sell-side, think PWP is close to their US numbers as well. Large cap buyside funds indeed pay in USD and get paid the same as folks in US.

Jan 21, 2022 - 5:00am
Engineer Monke, what's your opinion? Comment below:

Can understand why MM shops in the UK have been clapped on resourcing - they're really lagging behind these numbers now.

  • Prospect in IB-M&A
Jan 21, 2022 - 5:20am

Yeah, MM is still at 50 with lower bonuses. Do you think they will raise?

  • Analyst 2 in IB-M&A
Jan 21, 2022 - 4:09pm

Phew, good thing they don't pay their A1s £60k. That extra £1k p.a. must be making all the difference to their bottom line! 

  • Intern in IB-M&A
Jan 21, 2022 - 6:43am

When did Citi announce the increase for the UK? I think the £70k for the UK is an assumption / if they follow the US (which in their case was officially confirmed). We have not had any announcements in the London office

  • Intern in IB - Cov
Jan 21, 2022 - 7:17am

Was wondering the same. Last time I heard it was still 60

  • Analyst 1 in IB-M&A
Jan 21, 2022 - 12:29pm

Heard internally that it is coming up really soon, following the announcement in the US

  • Associate 1 in IB - Cov
Jan 21, 2022 - 1:13pm

What's happening to Associate compensation?

Jan 21, 2022 - 4:56pm
Engineer Monke, what's your opinion? Comment below:

Quite a few places pay AS1s £100k+ now - HSBC and Jefferies are two I know definitely do from recent conversations.

  • Associate 1 in IB - Cov
Jan 21, 2022 - 5:30pm

Yes for sure they are £105k the majority of the BBs. I want to know if/how they will increase given An movements.

  • Analyst 1 in IB-M&A
Jan 22, 2022 - 1:43pm

Jesus. What % were bonuses this year? 80-100%?

Jan 23, 2022 - 5:28am
Engineer Monke, what's your opinion? Comment below:

This is what I will be benchmarking against in my own salary negotiations. Good content

  • Analyst 1 in IB-M&A
Jan 25, 2022 - 9:48am

A1 is 70k. This has been confirmed by staffers. I think there is a 5k signing bonus on top of that but base salary is indeed 70K. 

  • Prospect in PE - LBOs
Jan 28, 2022 - 4:43pm

Awesome! Thanks for letting us know. Going to need this heading into my MF analyst stint as well.

  • Analyst 1 in IB-M&A
Jan 22, 2022 - 7:40am

More ppl confirm this JPM increase?

Jan 22, 2022 - 6:15pm
nutmegger189, what's your opinion? Comment below:

Its very dependent on bank rn, just like IBD bases. You're gonna have to scavenge for the numbers a bit. Rn tho every BB American bank matches IBD base to Markets base.

  • Analyst 1 in IB-M&A
Jan 22, 2022 - 2:59pm

LOL those so called EBs are a joke..........

LAZ / EVR paying £60k / £63k vs RBC / JEF / Citi / GS / MS / etc paying £70k

Very elitist indeed. Ridiculous lol

  • Intern in IB-M&A
Jan 22, 2022 - 7:36pm

Guys most of them haven't even announced it yet...

  • Analyst 1 in IB-M&A
Feb 1, 2022 - 7:38am

Here is my method to convert like for like: 1. spot FX rate 2. CoL index via numbeo 3. Factor in tax rate via neuvoo tax calculator (don't remember exact name but Googling should do)

  • Associate 1 in PE - Other
Jan 23, 2022 - 4:28pm

Usually is mid-bucket full year bonus pro rated (for GS at least).

  • Associate 1 in PE - Other
Jan 24, 2022 - 12:48pm

Thank you. Does PJT still have 3y Analyst program or is A3 position for those who don't make it to Associate after 2y?

Jan 25, 2022 - 2:49pm
monkey_wso_2019, what's your opinion? Comment below:

Is JPM £70k or £75k? Seen sources saying £70k (

Jan 26, 2022 - 4:23am
nutmegger189, what's your opinion? Comment below:

Efinancialcareers literally always gets salaries wrong, wouldn't consider them that reliable. Someone above saying JPM 75k comes from 70k + 5k signing.

  • Intern in IB-M&A
Jan 25, 2022 - 5:40pm

I remember when An1 used to be £45k not too long ago (2015 class I believe). £70k in London as base salary out of school is really not that bad at all, much better than $110k in NYC imo, but I haven't lived in London in over 5 years so my perception may be off

  • Intern in IB-M&A
Jan 25, 2022 - 6:22pm

£45k in 2015 was about $67,500. Adjusted for inflation, it's about $80,000 - about £60,000 today (which is what Laz, BarCap, CS, UBS are paying - and above that of DB, BAML).

  • Intern in IB-M&A
Jan 25, 2022 - 8:27pm

The calculation is wrong. Regardless, mine was just a thought as an EU citizen now living in the US and who used to live in London, checking comp progression in London what that can afford there vs here in the US 

  • Intern in IB - Cov
Jan 26, 2022 - 5:06am

Curious to hear more about your take comparing LDN to NYC. Usually everybody on this forum shits on LDN - and if you think it is better here, what made you move to the US? Are you considering moving back?

  • Intern in IB - Cov
Jan 26, 2022 - 4:02am

When did GS raise to 70k? Is it confirmed ? 

Last Summer they increased to 65k and I haven't heard of another hike since 

  • Prospect in IB-M&A
Jan 26, 2022 - 12:25pm

I think they raised to 65k AN1

  • Intern in IB - Cov
Jan 26, 2022 - 12:34pm

Are none of the European banks matching US banks' pay??

  • Analyst 2 in ER
Jan 26, 2022 - 1:25pm

not yet, but I imagine they will have to soon... 

  • Analyst 1 in IB-M&A
Jan 27, 2022 - 9:56am

Very curious about LionTree / Qatalyst / Moelis? Anyone with insights?

  • Analyst 1 in IB-M&A
Jan 27, 2022 - 10:15am

No mate. Joke is Laz and CVP being £60k / £63k ...

  • Analyst 1 in IB - Gen
Jan 28, 2022 - 2:56pm

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Sequi ut est est consequatur est eum odio. Molestias dignissimos sint aut distinctio. Asperiores dolorem nesciunt totam quo inventore nostrum. Blanditiis similique cupiditate quisquam est sed ea quidem. Omnis labore a voluptatem quia vel neque. Vitae itaque facere distinctio veniam quaerat et.

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Jan 28, 2022 - 5:34pm
wtf is the 75 percent guy on, what's your opinion? Comment below:

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  • Associate 1 in ER
Jan 28, 2022 - 5:41pm

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Jan 29, 2022 - 6:03am
harveykeatingz, what's your opinion? Comment below:

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