What banks have increased pay in London?

In London, I'm aware banks have started to increase Associate 1 base salaries. It would be great if anyone can provide insight into what banks are doing this, so far I have the below data points.

Banks increasing salary:

BAML: Analyst 1 (57.5k), Analyst 2 (£67.5k), Associate 1 (£110k)

Credit Suisse: Associate 1 (£110k)

RBC: Associate 1 (£105k)

Banks not increasing salary:

JP Morgan

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May 24, 2021 - 11:53am

So they used to pay 60k for Ana2 when they moved to a 2yr analyst program (effectively killing the 2nd year analyst role). I did not know the GBP amount but they did raise pay in April (+$10k) to follow other banks improving junior pay etc. 

  • Intern in IB - Gen
May 24, 2021 - 12:42pm

So these increases that happened around April aren't included in the 20/21 Arkesden report? Is their any report about these increases across firms?

  • Intern in IB - Gen
May 24, 2021 - 12:40pm

Banks do occasionally hire ex Accounting and Audit in particular as analyst laterals / sometimes associates. Dartmouth and others advertise these roles when they open

  • Analyst 2 in IB-M&A
May 25, 2021 - 7:58am

All of the EBs and European banks take people from Big 4, less common with US BBs. Roths and Laz are the biggest hirers here and even have regular on-cycle programmes for recruiting and on-boarding newly qualified ACAs

Most Helpful
May 25, 2021 - 9:40am

LOL - none of the EBs have had a pay rise. What a joke


  • 3
  • Analyst 1 in IB-M&A
May 25, 2021 - 11:07am

They will have to at some point - one of the biggest selling points for candidates who might otherwise go to BBs

  • Associate 1 in IB - Cov
Aug 25, 2021 - 7:00am

As of now, this is their new final pay and no plans to bump again.

They claim to make up for the lower base with their 'high' bonuses but the truth is their bonuses are also slightly below other EBs.

Associate 1s get around 75-100% on £95k vs other EBs who pay 100% bonuses on a £110-125k base.

  • Intern in IB - Gen
Aug 25, 2021 - 9:56am

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  • Analyst 1 in IB - Gen
Sep 7, 2021 - 9:17am

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Total Avg Compensation

December 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (40) $360
  • Associates (237) $235
  • 2nd Year Analyst (145) $156
  • 3rd+ Year Analyst (34) $154
  • Intern/Summer Associate (107) $146
  • 1st Year Analyst (515) $136
  • Intern/Summer Analyst (396) $84