Compensation Differential NYC/London

"I know at US based BBs that the IB comp is abysmal compared to the US guys"

I think you're misguided. I'm an incoming intern this summer and I've researched this topic as I was myself contemplating whether to pick NY or London.

Analyst 1 compensation in NY at a BB is $85k base, c.80% bonus(i) (that is, around $150k). Analyst 1 compensation in London at a BB is £50k, c.80% bonus(ii) (that is, around £90k). In nominal terms, then, Analyst-1s in London make around $115k (a big 'cut' - of 23% - to New York numbers).

But, in real terms, $1 in London gets you the same things around $1.29 does in New York(iii). In real terms, then, Analyst-1s in London make c.$148k of New-York-value-dollars.

Now, take into account the fact that 100-hour work weeks in New York become 80-hour weeks in London, the fact that you can (and, in fact, are encouraged!) to take 3/4 weeks off in London (compared to, what, 1 week in New York?), and the fact that London is just a better and more fun place to party and go out to nice restaurants. I wonder which I'd pick?

Also don't forget that, as degrees in the UK are three, as opposed to four, years long AN2 London pay is a better comparison for AN1 pay in New York.

The same logic applies, I assume, for the funds.

(i) see extensive data on WSO (ii) https://news.efinancialcareers.com/uk-en/277526/banking-salaries-and-bo… (iii) https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Unite…

(plug in £50,000 into the calculator and you'll see: "You would need around 69,418.58£ (86,787.11$) in New York, NY to maintain the same standard of life that you can have with 50,000.00£ in London")