SocGen Comp London/Europe
Hi, I was wondering what french banks, specifically SocGen, pay in London or Europe and if it's really as bad as some make it sound...
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Based on the most helpful WSO content, French banks like Société Générale (SocGen) are known for their strong presence in financing groups, particularly in project finance, energy, and utilities. However, when it comes to compensation, the pay at French banks in Europe, including SocGen, tends to be lower compared to their American or elite boutique counterparts.
For London specifically: - The standard base salary for a first-year analyst in London is around £50k, with bonuses ranging from £10k to £50k, depending on performance and ranking. - Intern pay in Continental Europe (e.g., Paris, Amsterdam, Frankfurt) is significantly lower, typically around €24k-30k/year (or €2-2.5k/month).
While SocGen and other French banks may not offer the highest compensation, they are valued for their expertise in specific sectors and their large balance sheets, which can provide excellent deal exposure and learning opportunities.
Sources: French banks-what’s your take?, Investment Banking in London (EMEA) - Strongest Players, League Tables, Salaries, Differences..., London SA 2023 Compensation, Entry level salaries low in London
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Short answer: yes, it is exactly as bad as everyone says. Base pay and bonuses are below / far below market, and the delta increases dramatically once you hit senior VP / D. Ds and MDs make around 50-60% of their BB peers.
Long answer: there is no anti-French conspiracy going on here. Nearly every one who has worked for a French bank will tell you that 1) management are completely delusional about their standing in the market, 2) comp is far below market, so the few good people they get every now and then just end up leaving and 3) the culture is toxic, political, very hierarchical and people are expected to work hard despite the inadequate pay.
Conclusion: avoid.
Thank you so much! Would you say BNP, SocGen, CACIB are the same in terms of pay in IB or is there a noticable difference?
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