INVESTMENT BANKING DIVERSITY STATS - As of September, 2026
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2024, 2025, YTD 2026. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Credit Agricole
16
98.6%
Scotiabank
01
97.1%
RBC Royal Bank of Canada
04
95.7%
Moelis & Company
No
94.3%
BMO Capital Markets
03
92.9%
JPMorgan
No
91.4%
B. Riley & Co.
09
90.0%
PJT Partners
17
88.6%
Bank of America Merrill Lynch
01
87.1%
BNP Paribas
09
85.7%
Raymond James Financial Inc.
17
84.3%
Morgan Stanley
03
82.9%
Perella Weinberg Partners
05
81.4%
Goldman Sachs
02
80.0%
Cantor Fitzgerald
04
78.6%
Citigroup
08
77.1%
Société Générale
04
75.7%
Deutsche Bank
05
74.3%
Evercore
10
72.9%
Standard Chartered Bank
24
71.4%
HSBC
02
70.0%
Greenhill
05
68.6%
MUFG
15
67.1%
TD Securities
04
65.7%
UBS AG
01
64.3%
Mizuho
04
62.9%
Oppenheimer
08
61.4%
Barclays
14
60.0%
Société Génrale CIB
05
58.6%
Stout Risius Ross
26
57.1%
Percentile rank on racial diversity based on how balanced companies are across five primary groups: Caucasian, Asian, African American, Latino/Spanish Origin and Other
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Female Representation
Firm
YoY Δ
Percentile
RBC Royal Bank of Canada (41.1%)
05
98.6%
Scotiabank (37.3%)
02
97.3%
UBS (34.1%)
02
95.9%
Nomura Holdings (30.5%)
01
94.5%
Lazard Freres (30.4%)
04
93.2%
Morgan Stanley (28.8%)
04
91.8%
CIBC World Markets (28.7%)
05
90.4%
AGC Partners (27.8%)
04
89.0%
Perella Weinberg Partners (27.2%)
04
87.7%
Harris Williams & Co. (27.0%)
16
86.3%
Mizuho (26.5%)
05
84.9%
Citigroup (24.7%)
06
83.6%
HSBC (24.5%)
16
82.2%
Macquarie Group Limited ABN (22.8%)
06
80.8%
Goldman Sachs (22.3%)
12
79.5%
UBS AG (22.3%)
09
78.1%
JPMorgan (22.1%)
02
76.7%
Oppenheimer (21.1%)
42
75.3%
Centerview Partners (20.7%)
04
74.0%
DC Advisory (20.4%)
10
72.6%
PJT Partners (20.4%)
10
71.2%
Natixis (19.8%)
16
69.9%
Evercore (19.8%)
01
68.5%
Rabobank Group (19.8%)
35
67.1%
Bank of America Merrill Lynch (19.8%)
03
65.8%
Lazard, Inc. (19.5%)
11
64.4%
Société Générale (18.9%)
10
63.0%
Credit Agricole (18.7%)
07
61.6%
Alantra (18.1%)
32
60.3%
Barclays (17.6%)
12
58.9%
Estimate percentage of females is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Athletic Representation
Firm
YoY Δ
Percentile
AGC Partners (40.9%)
No
98.6%
Stephens Inc (35.7%)
02
97.3%
Eastdil Secured (32.1%)
No
95.9%
Mizuho (30.1%)
08
94.5%
Natixis (29.2%)
17
93.2%
Robert W. Baird & Co. (24.6%)
No
91.8%
Rabobank Group (19.6%)
41
90.4%
MUFG (19.3%)
03
89.0%
Ducera (18.4%)
65
87.7%
PwC Corporate Finance (17.8%)
22
86.3%
Piper Sandler (17.7%)
03
84.9%
Carlsquare (17.4%)
51
83.6%
Cascadia Capital LLC (17.4%)
07
82.2%
Lazard, Inc. (17.3%)
04
80.8%
JPMorgan (17.3%)
06
79.5%
Financial Technology Partners (17.1%)
11
78.1%
William Blair (17.1%)
14
76.7%
Guggenheim Partners (16.8%)
06
75.3%
Deutsche Bank (16.1%)
23
74.0%
CIBC World Markets (16.0%)
05
72.6%
KeyBanc Capital Markets (15.5%)
14
71.2%
Scotiabank (15.5%)
27
69.9%
Houlihan Lokey (15.0%)
07
68.5%
Standard Chartered Bank (14.9%)
37
67.1%
UBS (14.9%)
44
65.8%
BNP Paribas (14.7%)
25
64.4%
Brown Gibbons Lang and Company (14.3%)
14
63.0%
Banco Santander (13.8%)
16
61.6%
Lincoln International (13.6%)
10
60.3%
Moelis & Company (13.6%)
08
58.9%
Estimated percentage of varsity athletes is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics.
Military Representation
Firm
YoY Δ
Percentile
PwC Corporate Finance (16.8%)
No
98.6%
Standard Chartered Bank (9.6%)
No
97.3%
Mizuho (7.5%)
02
95.9%
Banco Santander (6.8%)
02
94.5%
Guggenheim Partners (6.4%)
01
93.2%
Credit Agricole (6.1%)
02
91.8%
Lazard Freres (6.0%)
02
90.4%
Cantor Fitzgerald (5.6%)
05
89.0%
Piper Sandler (4.1%)
02
87.7%
Morgan Stanley (3.8%)
No
86.3%
Evercore (3.7%)
02
84.9%
Lincoln International (3.0%)
02
83.6%
Harris Williams & Co. (3.0%)
06
82.2%
Rothschild (2.6%)
12
80.8%
Moelis & Company (2.5%)
05
79.5%
Bank of America Merrill Lynch (2.3%)
No
78.1%
Citigroup (2.3%)
01
76.7%
PJT Partners (2.3%)
03
75.3%
Wells Fargo and Company (2.2%)
02
74.0%
Lazard, Inc. (2.2%)
02
72.6%
Deutsche Bank (2.0%)
04
71.2%
Perella Weinberg Partners (2.0%)
01
69.9%
Société Générale (1.7%)
12
68.5%
William Blair (1.4%)
63
67.1%
Goldman Sachs (1.0%)
02
65.8%
Houlihan Lokey (0.8%)
02
64.4%
JPMorgan (0.5%)
03
63.0%
Alantra (0.1%)
30
61.6%
Mediobanca (0.1%)
16
60.3%
BTG Pactual (0.1%)
07
58.9%
Estimated percentage of employees with military association is shown in parenthesis after the company name
Companies with only 10 or more submissions included
The up and down arrows next to each company represent the relative increase or decrease in position compared to the prior year report. The "= =" equal signs means there was no change and the "+ +" plus signs indicate a new company on the statistics
Thousands of Interview Questions Available by Firm
Methodology FAQ
How often is this data updated?
The rankings are constantly changing and evolving based on additional data we collect every day. The graphs and tables use the data from YTD and the prior 2 years. See tabs located above on this page to access previous year rankings.
Why do the average compensation numbers look so low?
Remember that the compensation you are accustomed to hearing for top performers in the top groups in New York is well above the average for cities around the world. The compensation average graphs are a global average which includes regional cities and groups that bring the average down. If you would like company and group specific compensation data, please visit the WSO Company Database.
Where does this data come from?
The compensation, review and interview data comes from WSO member submissions to the WSO Company Database. With over 50,000 submissions to date across thousands of companies, the database is solely a representation of what our members were paid and how they rank companies on various metrics. Please see below for a detailed breakdown of the member statistics for those that have contributed to the database.
What are the percentile rankings based on?
The percentile rankings of companies listed here are based on the current YTD and the prior two years of data for companies that received at least one vote. The simple average scores are converted into an Adjusted Score before the companies are ranked to take into account companies with a smaller sample size. This method uses Bayesian Statistics.
Why do you use Bayesian Statistics to adjust scores?
This methodology is used in order to account for standard deviation in rankings. As a company gets more rankings and data, we have more confidence that the average ranking is a true reflection of reality, so this is reflected in the adjusted scores and Percentile rankings. Learn more about Bayesian Statistics here.
Why don't I see company XYZ?
Some great smaller firms may not be represented in the rankings for the simple reason that we have not collected enough data to represent them accurately or for us to have enough data to display them at all.
What is the geographical representation of the submissions?
The WSO user base is very US-centric with approximately 70% of all submissions coming within the United States of America. Please see the detailed breakdown of the member statistics for those that have contributed to the database. For more company and city specific compensation, please visit the WSO Company Database.
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