INVESTMENT BANKING DIVERSITY STATS - As of December, 2020
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2018, 2019, 2020. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Loop Capital Markets
No
99.2%
J.P. Morgan
New
98.4%
IndustryPro
16
97.5%
Banco Santander
01
96.7%
Goldman Sachs
03
95.9%
TD Securities
17
95.1%
JPMorgan
04
94.3%
BNP Paribas
02
93.4%
Morgan Stanley
01
92.6%
UBS
New
91.8%
Natixis
07
91.0%
RBC Capital Markets
05
90.2%
Bank of America Merrill Lynch
02
89.3%
Citigroup
05
88.5%
PJT Partners
05
87.7%
Société Générale
01
86.9%
UBS AG
12
86.1%
Lazard Freres
05
85.2%
Drake Star Partners
New
84.4%
Credit Suisse
11
83.6%
Evercore
06
82.8%
Centerview Partners
14
82.0%
LionTree Advisors
30
81.1%
Fifth Third Bank
01
80.3%
Cambridge Wilkinson
New
79.5%
Deutsche Bank
14
78.7%
HSBC
01
77.9%
Barclays
12
77.0%
Nomura Holdings
04
76.2%
Scotiabank
12
75.4%
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
China Securities (51.1%)
04
99.3%
China International Capital Corporation (35.7%)
02
98.6%
Arma Partners (34.2%)
33
97.9%
GP Bullhound (34.1%)
05
97.2%
RBS Royal Bank of Scotland (33.7%)
02
96.5%
Cain Brothers (30.4%)
02
95.8%
BDA Partners (29.5%)
03
95.1%
Alpha Capital Holdings (27.5%)
02
94.4%
PJ SOLOMON (25.8%)
New
93.7%
Standard Chartered Bank (24.6%)
10
93.0%
Harris Williams & Co. (24.4%)
08
92.3%
Sandler ONeill (24.1%)
33
91.5%
Credit Suisse (23.7%)
08
90.8%
Nomura Holdings (23.6%)
35
90.1%
National Bank of Canada (23.3%)
83
89.4%
Crosstree Capital Partners (22.9%)
04
88.7%
Loop Capital Markets (22.3%)
No
88.0%
Barclays (21.8%)
08
87.3%
Perella Weinberg Partners (21.4%)
16
86.6%
RBC Royal Bank of Canada (21.1%)
08
85.9%
Wells Fargo Securities (21.0%)
20
85.2%
Bank of America Merrill Lynch (20.5%)
No
84.5%
JPMorgan (20.4%)
10
83.8%
Deutsche Bank (20.4%)
08
83.1%
Berenberg Bank (19.7%)
70
82.4%
Morgan Stanley (19.7%)
03
81.7%
HSBC (19.5%)
12
81.0%
Citigroup (19.3%)
01
80.3%
Goldman Sachs (18.9%)
04
79.6%
Ziegler (18.8%)
07
78.9%
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
Cambridge Wilkinson (40.9%)
New
99.3%
Copper Run Capital (34.5%)
02
98.6%
Alpha Capital Holdings (34.2%)
01
97.9%
Progress Partners (30.2%)
04
97.2%
Stout Risius Ross (29.0%)
07
96.5%
MTS Health Partners (28.5%)
41
95.8%
Capstone Headwaters (28.1%)
06
95.1%
AGC Partners (27.7%)
01
94.4%
Janney Montgomery Scott (27.7%)
01
93.7%
Harris Williams & Co. (27.6%)
05
93.0%
Raymond James Financial Inc. (27.5%)
09
92.3%
Oppenheimer (26.8%)
16
91.5%
Stephens Inc (25.9%)
07
90.8%
Eastdil Secured (25.9%)
10
90.1%
Agentis Capital (25.9%)
New
89.4%
Stifel Financial (24.5%)
34
88.7%
Truist Securities (24.5%)
New
88.0%
National Bank of Canada (23.4%)
43
87.3%
National Bank Financial Group (23.2%)
100
86.6%
Nomura Securities (23.0%)
25
85.9%
B. Riley & Co. (23.0%)
112
85.2%
GP Bullhound (23.0%)
13
84.5%
Intrepid Investment Bankers (22.7%)
37
83.8%
Hyde Park Capital (22.4%)
New
83.1%
Alantra (21.8%)
08
82.4%
Robert W. Baird & Co. (21.4%)
06
81.7%
TAP Advisors (20.9%)
09
81.0%
Cain Brothers (20.5%)
05
80.3%
Credit Agricole (20.4%)
13
79.6%
D.A. Davidson & Co (19.8%)
66
78.9%
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
Daiwa Securities Group (30.9%)
New
99.3%
Intrepid Investment Bankers (18.6%)
74
98.6%
H.C. Wainwright & Co. (14.4%)
No
97.9%
Cain Brothers (13.4%)
No
97.2%
PwC Corporate Finance (11.6%)
03
96.5%
BDA Partners (7.3%)
03
95.8%
Commerzbank AG (7.2%)
97
95.1%
Nomura Holdings (7.0%)
02
94.4%
TD Securities (6.8%)
12
93.7%
Cambridge Wilkinson (6.8%)
New
93.0%
Ducera (6.8%)
04
92.3%
National Bank Financial Group (5.8%)
85
91.5%
Ziegler (4.6%)
76
90.8%
UBS AG (3.8%)
03
90.1%
JPMorgan (3.7%)
No
89.4%
Credit Agricole (3.6%)
119
88.7%
Piper Sandler (3.5%)
105
88.0%
DC Advisory (3.5%)
87
87.3%
HSBC (3.3%)
09
86.6%
Oppenheimer (3.2%)
No
85.9%
Morgan Stanley (3.1%)
04
85.2%
Citigroup (3.0%)
04
84.5%
Wells Fargo Securities (3.0%)
43
83.8%
KeyBanc Capital Markets (2.7%)
05
83.1%
Robert W. Baird & Co. (2.6%)
02
82.4%
Lazard Freres (2.6%)
87
81.7%
Moelis & Company (2.5%)
14
81.0%
Brown Gibbons Lang and Company (2.5%)
95
80.3%
Raymond James Financial Inc. (2.4%)
13
79.6%
Alantra (2.4%)
16
78.9%
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.
or Want to Sign up with your social account?