Investment Banking in London (EMEA) - Strongest Players, League Tables, Salaries, Differences...
Here is a summary of Investment Banking in London.
In Europe, Goldman Sachs and Morgan Stanley are traditionally the strongest banks that get the most high profile transactions. They are followed by the 'Elite Twins in London' Lazard and Rothschild and the remaining 'big five' US banks - JPM, BAML and Citi. These top 7 banks in Europe are followed by Credit Suisse which proved to be particularly strong recently and the rest of the bulge bracket banks. Difference with the US league tables is surprisingly weaker Barclays and certain Elite Boutiques and much stronger Rothschild.
Here is the most recent league table according to Bloomberg. (Europe, Last Twelve Months, M&A Advisory). Market share based on total deal value in brackets.
- Morgan Stanley (24%)
- Goldman Sachs (19%)
- BoA Merrill Lynch (17%)
- JP Morgan (16%)
- Rothschild (14%)
- Citi (13%)
- Credit Suisse (11%)
- Lazard (10%)
- Barclays (9%)
- Deutsche Bank (8%)
Salaries in London are significantly lower compared to New York (and apparently Hong Kong too). Even after taking into consideration exchange rates and real purchasing power, bankers in New York are better off.
Standard base salary in London for a first year analyst is £50k. Bonuses depend on the analysts ranking and range from 10k - 50k. Certain elite boutiques pay better than £50k but the difference is not that significant. Average total compensation would be around £70k before tax. This is still a great salary if we consider that average UK graduate salary is around £20-£30k.
Spring weeks are a major thing in EMEA. Spring weeks take place in the first year (sophomore in the US). They are 1 week long programmes that allow students to get a flavour of life at banks and be fast-tracked and secure summer internships for the following year. Summer Analysts in London are paid same as 1st year analysts - £50k, which is around £10k for the whole 10 week internship.
Work Life Balance
Same as New York.
Big thing in London too. In the UK, it would be Oxbridge, LSE, Imperial and UCL. Then there are Warwick, LBS and others. There are European targets such as Bocconi, St Gallen, Rotterdam and others.