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September 30, 2026
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Broadly, banks do no adjustments for cities/location. The only difference really is sometimes meal stipends can vary slightly for example, one firm I know of has $35 instead of $30 for meals in NY vs Chicago.
The lower cost of living is really a big deal—it’s not unreasonable to say you will save a grand a month in rent and an additional several hundred living in a not NY or SF city. It’s like an additional stub bonus over the course of a year.
Can confirm the 3 firms you listed (and any decent size MM) do not adjust comp based on city. A friend of mine who works at Stephens said they pay the same in Little Rock and NYC.
Guggenheim pays the same as large cap teams in Chicago.
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