London BB&EBs Compensation Ranked
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GS is a 65k base yes, no EB pays 100-120 base, though that's a decent range for total comp at EBs. 65k is market, I believe PJT is the highest at 80 which is an anomaly - though theres talks HL is planning on matching that. Most EBs pay slightly above street at 70, though many like Moelis, Greenhill pay 65. Some BBs like MS also pay 70 so it's quite mixed. Most MMs range anywhere from 50 to 65.
Thank you, that makes more sense! My understanding is that total does not change that much between BB vs. EB. Also does the bonus change based on groups or is there a fixed percentage for each bank?
RJ/HW + a few others pay 75 base now
No, that's not true - EBs tend to pay a base of between £65k-£80k and its a similar range for BBs too.
£100k-£120k seems reasonable for a total compensation for both EBs and BBs (base + bonus)
Base salaries are pretty similar across the board in London. There are a few EBs / boutiques paying £80k but most BBs and EBs are £65-70k. From my understanding, the real difference occurs when you become senior. Someone who performs extremely well at an EB like Evercore or CVP will make more than someone who performs extremely well at a BB (based on what I've heard, I don't have any data points or direct insights).
EB associate/VP comp is also a lot higher than the BBs
Generally speaking, "street" TC is about £100-£110k. Lower end of this range (think boutiques) will be £60k + £30k. Upper end of this range will be the likes of PJT and CVP, closer to £75k + £50k.
Is TC £100-110k still what An1 should expect despite the bad market in 2023? So bonus of 50-60%?
PJT is £80 base + £10 sign on + 70-100% bonus
That would imply £160k TC ($200k). Doubt it.
more like 40-50% bonus as analyst
PJT is definitely NOT 100% bonus at AN1 in LDN. (Source - I work here)
Is this just for M&A or also for Capital Markets and S&T?
Is £100k-£110k the average for first year analyst at BBs in London?
Qatalyst paid £80k + £80k bonus this year
That's mad
pjt total comp in London for A1s is 130-150k depending on your ranking
80k base + 10k sign on + YE bonus of 35-50k + 5-7k random bonus in December
a2 is 90k base
a2a bonus is 30k
assoc 1 base is 125
PJT is certainly an outlier. From Dartmouth's Sept 2023 report, taking the mean across the BBs:
Good data point. I wonder how summer 2024 turns out. Last 6m were shit but the next 6m are looking busy af.
Anyone know which time window they would reference for the business performance to base analyst comp on?
Is deal activity increasing?
Did London not raise base salaries like in the US? 65k gbp is 82k usd, which is around what people were getting paid pre-Covid on base salaries
They did. Market An1 base salary pre-Covid was 50-55k gbp. There has never really been true comp parity with US in USD terms and it certainly got significantly worse with the deval of the pound post-2016.
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