BB vs EB total compensation

Im going to focus on senior bankers, because that is where the distinction really starts to show. The short answer is - it depends, and different bankers are suited for different platforms

The promotion path to MD, and the ability to generate revenue is more structured / "easier" at an BB because you have the bank platform and brand name to lean on. You can be an "average" MD and still generate revenue by virtue of legacy institutional relationships or financing arrangements. Companies always require capital and there usually plenty of financing fees to go around. A large part of a BB MD's annual budget may be attributable to ECM, DCM and other random treasury work like hedges or swaps (which can pay very well). Companies often dont hire a banker for an equity raise based on his/her individual talents - it is based on the bank's execution and distribution capabilities.

Unique M&A or structuring ideas are where a banker's talents may start to shine, but financing and global capabilities can also help win M&A work - for example, if your bank is the lead arranger on a company's term loan B , you are likely well suited to win future M&A business. or you may have a great APAC healthcare team which you can show to your client to help you win cross-border mandates. A big part of the BB MD role is showcasing and delivering the bank's global capabilities to your clients. This helps you win and there is less individual pressure on you, but on the flip side, you are sharing those fees with more mouths at the bank. There are plenty of MDs like this who can reasonably expect to earn $1-2 million per year. There are of course some very successful group heads who earn more (e.g. $5-10mm)

At the EBs, it is much more difficult to win business (or get promoted) because a) clients are not hiring the bank, they are hiring the individual(s), and b) you have no financing capabilities to help. But of course, it is direct drive revenue and "you eat what you kill". If a banker is successful on an EB platform its because clients genuinely like them and/or they have great market intel and/or unique transaction or structuring ideas. There are plenty of MDs who move from the BBs (including GS/MS) to EBs and vastly overestimate how much of their previous success was due to the bank name vs. their own capabilities or ideas. Then of course, there are the rainmakers who can crush it on any platform and they are compensated very well on an EB platform. The MD compensation at the EBs is a lot more variable, and there may be years where an MD can earn sub$1mm and then other years where they can earn $10mm+. M&A fees can often be more volatile than financing fees (i.e. a lot of M&A deals dont end up getting to the finish line

To recap, I'd say senior banker comp is higher at the EBs, but there is a lot more variability and the distribution is a lot wider due to a bunch of rainmakers (there are guys who are earning $20mm+) and some MDs who may be new to the EB platform who realize they cant win (=donuts)

The average comp at the BBs is lower, but the distribution is likely a lot tighter