INVESTMENT BANKING DIVERSITY STATS - As of June, 2025
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2023, 2024, YTD 2025. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
BNP Paribas
No
98.5%
BMO Capital Markets
09
97.0%
Scotiabank
02
95.5%
Centerview Partners
27
94.0%
JPMorgan
02
92.5%
Evercore
08
91.0%
Citigroup
08
89.6%
Credit Agricole
12
88.1%
Goldman Sachs
10
86.6%
Bank of America Merrill Lynch
18
85.1%
Oppenheimer
01
83.6%
Barclays
06
82.1%
Deutsche Bank
01
80.6%
Morgan Stanley
02
79.1%
RBC Capital Markets
13
77.6%
TD Securities
12
76.1%
Raymond James Financial Inc.
17
74.6%
Moelis & Company
25
73.1%
Wells Fargo and Company
03
71.6%
PJT Partners
07
70.1%
Banco Santander
09
68.7%
Nomura Securities
19
67.2%
UBS AG
04
65.7%
Financial Technology Partners
22
64.2%
HSBC
04
62.7%
RBC Royal Bank of Canada
09
61.2%
CIBC World Markets
22
59.7%
Société Générale
07
58.2%
Perella Weinberg Partners
16
56.7%
Macquarie Group Limited ABN
24
55.2%
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
Nomura Securities (46.8%)
No
98.6%
UBS (46.0%)
No
97.1%
Mizuho (39.8%)
28
95.7%
RBC Royal Bank of Canada (38.4%)
05
94.2%
Scotiabank (36.3%)
02
92.8%
Nomura Holdings (36.1%)
01
91.3%
Société Générale (31.0%)
08
89.9%
Perella Weinberg Partners (30.6%)
08
88.4%
China International Capital Corporation (30.4%)
05
87.0%
Macquarie Group Limited ABN (28.1%)
29
85.5%
Credit Suisse (28.0%)
No
84.1%
Centerview Partners (27.8%)
No
82.6%
Morgan Stanley (27.7%)
13
81.2%
CIBC World Markets (26.6%)
04
79.7%
PJT Partners (26.2%)
10
78.3%
Citigroup (24.5%)
07
76.8%
Financial Technology Partners (24.0%)
33
75.4%
Evercore (24.0%)
04
73.9%
JPMorgan (22.2%)
No
72.5%
Goldman Sachs (22.1%)
02
71.0%
Harris Williams & Co. (22.1%)
17
69.6%
Deutsche Bank (21.6%)
02
68.1%
Lazard, Inc. (21.2%)
31
66.7%
Guggenheim Partners (20.3%)
27
65.2%
Bank of America Merrill Lynch (19.7%)
08
63.8%
HSBC (18.7%)
17
62.3%
Eastdil Secured (18.1%)
35
60.9%
Moelis & Company (17.9%)
07
59.4%
MUFG (17.8%)
28
58.0%
Lazard Freres (16.7%)
17
56.5%
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
Stephens Inc (46.0%)
01
98.6%
Eastdil Secured (34.4%)
01
97.1%
Robert W. Baird & Co. (21.9%)
13
95.7%
KeyBanc Capital Markets (21.9%)
11
94.2%
Perella Weinberg Partners (21.2%)
18
92.8%
MUFG (21.1%)
06
91.3%
Cantor Fitzgerald (20.8%)
06
89.9%
Piper Sandler (20.7%)
No
88.4%
Stifel Financial (18.7%)
03
87.0%
Lincoln International (18.5%)
08
85.5%
Alantra (18.4%)
02
84.1%
Moelis & Company (17.8%)
22
82.6%
Raymond James Financial Inc. (17.6%)
12
81.2%
Truist Securities (17.5%)
29
79.7%
Stifel Nicolaus and Company, Inc (17.4%)
32
78.3%
Canaccord Genuity (17.4%)
34
76.8%
Société Générale (16.6%)
38
75.4%
Lazard Freres (16.6%)
02
73.9%
Cascadia Capital LLC (16.3%)
22
72.5%
CIBC World Markets (15.3%)
32
71.0%
Brown Gibbons Lang and Company (15.1%)
04
69.6%
Financial Technology Partners (15.1%)
37
68.1%
TD Securities (14.7%)
04
66.7%
PJT Partners (14.6%)
08
65.2%
JPMorgan (14.6%)
06
63.8%
Houlihan Lokey (14.2%)
07
62.3%
Guggenheim Partners (13.5%)
19
60.9%
DC Advisory (12.9%)
06
59.4%
Centerview Partners (12.5%)
08
58.0%
Nomura Securities (12.0%)
08
56.5%
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
Standard Chartered Bank (10.6%)
03
98.6%
Piper Sandler (6.9%)
10
97.1%
Cantor Fitzgerald (6.7%)
05
95.7%
Credit Agricole (6.3%)
06
94.2%
Guggenheim Partners (5.0%)
14
92.8%
Lincoln International (4.2%)
01
91.3%
Harris Williams & Co. (3.6%)
02
89.9%
Moelis & Company (3.5%)
03
88.4%
Wells Fargo and Company (3.5%)
04
87.0%
PJT Partners (2.9%)
01
85.5%
HSBC (2.6%)
25
84.1%
Bank of America Merrill Lynch (2.5%)
08
82.6%
BNP Paribas (2.4%)
16
81.2%
Perella Weinberg Partners (2.4%)
08
79.7%
Evercore (2.3%)
01
78.3%
JPMorgan (2.1%)
14
76.8%
Société Générale (2.1%)
22
75.4%
Banco Santander (2.0%)
15
73.9%
Deutsche Bank (1.8%)
03
72.5%
Jefferies & Company (1.6%)
02
71.0%
Citigroup (1.6%)
14
69.6%
Morgan Stanley (1.2%)
05
68.1%
Houlihan Lokey (0.7%)
14
66.7%
Goldman Sachs (0.6%)
07
65.2%
Commerzbank AG (0.1%)
33
63.8%
Eastdil Secured (0.1%)
15
62.3%
Black Arch Partners (0.1%)
40
60.9%
Cascadia Capital LLC (0.1%)
37
59.4%
Mizuho (0.1%)
47
58.0%
Mediobanca (0.1%)
26
56.5%
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
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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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