INVESTMENT BANKING DIVERSITY STATS - As of December, 2019
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2017, 2018, 2019. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Loop Capital Markets
06
99.1%
Goldman Sachs
No
98.3%
Natixis
14
97.4%
JPMorgan
01
96.6%
Banco Santander
04
95.7%
BNP Paribas
23
94.9%
RBC Capital Markets
12
94.0%
Morgan Stanley
07
93.2%
Citigroup
No
92.3%
MTS Health Partners
New
91.5%
Rothschild
22
90.6%
Deutsche Bank
01
89.7%
Lazard Freres
10
88.9%
Bank of America Merrill Lynch
02
88.0%
Cantor Fitzgerald
01
87.2%
Barclays
10
86.3%
Société Générale
04
85.5%
Scotiabank
41
84.6%
IndustryPro
15
83.8%
PJT Partners
21
82.9%
Cowen Group
13
82.1%
Macquarie Group Limited ABN
12
81.2%
TD Securities
15
80.3%
Perella Weinberg Partners
02
79.5%
Fifth Third Bank
New
78.6%
HSBC
12
77.8%
Evercore
07
76.9%
Greenhill
23
76.1%
Moelis & Company
01
75.2%
UBS AG
07
74.4%
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
Skandinaviska Enskilda Banken SEB (34.3%)
03
99.3%
Citic Securities International （中信证卷） (34.3%)
01
98.6%
China International Capital Corporation (32.7%)
01
97.8%
China Securities (31.6%)
New
97.1%
Alpha Capital Holdings (30.1%)
New
96.4%
RBS Royal Bank of Scotland (28.1%)
03
95.7%
Cain Brothers (27.6%)
01
95.0%
GP Bullhound (27.4%)
New
94.2%
BDA Partners (24.3%)
New
93.5%
Greentech Capital Advisors (24.3%)
05
92.8%
Crosstree Capital Partners (24.2%)
New
92.1%
Union Square Advisors (21.5%)
01
91.4%
HSBC (21.4%)
04
90.6%
Deutsche Bank (21.3%)
06
89.9%
Loop Capital Markets (20.4%)
37
89.2%
Centerview Partners (19.8%)
12
88.5%
Harris Williams & Co. (19.2%)
63
87.8%
Standard Chartered Bank (18.7%)
35
87.1%
Credit Suisse (18.6%)
02
86.3%
Morgan Stanley (18.4%)
06
85.6%
Bank of America Merrill Lynch (18.3%)
01
84.9%
Janney Montgomery Scott (18.0%)
01
84.2%
Goldman Sachs (17.8%)
08
83.5%
Barclays (17.8%)
07
82.7%
Macquarie Group Limited ABN (17.7%)
09
82.0%
RBC Royal Bank of Canada (17.6%)
15
81.3%
Citigroup (17.3%)
03
80.6%
Fifth Third Securities (17.3%)
75
79.9%
Capstone Headwaters (17.1%)
02
79.1%
Piper Sandler (17.0%)
New
78.4%
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
Black Arch Partners (51.2%)
New
99.3%
Seaport Global Securities (40.9%)
01
98.6%
Alpha Capital Holdings (36.1%)
New
97.8%
Headwaters (34.5%)
02
97.1%
Copper Run Capital (31.8%)
New
96.4%
Harris Williams & Co. (31.3%)
04
95.7%
Stephens Inc (29.4%)
02
95.0%
AGC Partners (28.8%)
03
94.2%
Progress Partners (28.5%)
25
93.5%
GP Bullhound (27.6%)
New
92.8%
Janney Montgomery Scott (26.9%)
22
92.1%
Bentley Associates (26.2%)
New
91.4%
Stout Risius Ross (25.7%)
03
90.6%
Capstone Headwaters (25.6%)
10
89.9%
Piper Sandler (25.4%)
New
89.2%
Centerview Partners (25.2%)
No
88.5%
MHT Partners (24.3%)
32
87.8%
Berenberg Bank (24.3%)
01
87.1%
TAP Advisors (24.3%)
65
86.3%
Capstone Partners (24.1%)
12
85.6%
Raymond James Financial Inc. (23.3%)
09
84.9%
Sandler ONeill (22.4%)
03
84.2%
BTG Pactual (22.4%)
New
83.5%
Cain Brothers (21.6%)
02
82.7%
Eastdil Secured (20.9%)
New
82.0%
Loop Capital Markets (20.6%)
01
81.3%
Mizuho (20.5%)
07
80.6%
Canaccord Genuity (19.4%)
09
79.9%
Oppenheimer (19.4%)
14
79.1%
Tudor Pickering Holt and Co (19.0%)
06
78.4%
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
DBS Group (33.4%)
No
99.3%
Headwaters (16.8%)
01
98.6%
H.C. Wainwright & Co. (13.4%)
01
97.8%
Cain Brothers (12.2%)
No
97.1%
Marlin and Associates (8.5%)
New
96.4%
Black Arch Partners (8.5%)
New
95.7%
Ducera (6.8%)
37
95.0%
Nomura Holdings (6.3%)
02
94.2%
PwC Corporate Finance (5.3%)
04
93.5%
BDA Partners (4.8%)
New
92.8%
UBS AG (4.1%)
07
92.1%
HSBC (4.0%)
05
91.4%
Harris Williams & Co. (3.5%)
05
90.6%
Moelis & Company (3.3%)
05
89.9%
Alantra (3.0%)
71
89.2%
Raymond James Financial Inc. (2.9%)
02
88.5%
Morgan Stanley (2.9%)
11
87.8%
Citigroup (2.9%)
05
87.1%
KeyBanc Capital Markets (2.8%)
08
86.3%
Oppenheimer (2.8%)
88
85.6%
TD Securities (2.7%)
91
84.9%
JPMorgan (2.6%)
07
84.2%
Goldman Sachs (2.5%)
03
83.5%
Robert W. Baird & Co. (2.4%)
92
82.7%
Lazard, Inc. (2.2%)
04
82.0%
Houlihan Lokey (2.2%)
01
81.3%
Greenhill (2.1%)
11
80.6%
Lincoln International (2.1%)
01
79.9%
Natixis (2.0%)
71
79.1%
RBC Capital Markets (1.8%)
09
78.4%
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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