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%
TD Securities
18
98.3%
Banco Santander
02
97.5%
Goldman Sachs
01
96.6%
BlackRock
61
95.8%
IndustryPro
12
94.9%
BNP Paribas
01
94.1%
Natixis
06
93.2%
JPMorgan
05
92.4%
Morgan Stanley
01
91.5%
Fifth Third Bank
13
90.7%
Bank of America Merrill Lynch
03
89.8%
Intrepid Investment Bankers
55
89.0%
Citigroup
06
88.1%
RBC Capital Markets
08
87.3%
UBS AG
14
86.4%
Credit Suisse
15
85.6%
Evercore
07
84.7%
PJT Partners
No
83.9%
Société Générale
03
83.1%
Drake Star Partners
New
82.2%
Centerview Partners
14
81.4%
HSBC
03
80.5%
LionTree Advisors
27
79.7%
Lazard, Inc.
06
78.8%
Barclays
15
78.0%
Cambridge Wilkinson
New
77.1%
RBS Royal Bank of Scotland
05
76.3%
Deutsche Bank
15
75.4%
Scotiabank
18
74.6%
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%
BlackRock (38.3%)
01
98.6%
China International Capital Corporation (35.7%)
01
97.9%
RBS Royal Bank of Scotland (35.3%)
03
97.2%
Arma Partners (34.2%)
31
96.5%
GP Bullhound (34.1%)
03
95.7%
Cain Brothers (30.4%)
01
95.0%
BDA Partners (29.5%)
02
94.3%
Alpha Capital Holdings (27.6%)
03
93.6%
Standard Chartered Bank (24.6%)
10
92.9%
Harris Williams & Co. (24.4%)
07
92.2%
PJ SOLOMON (24.3%)
New
91.5%
Credit Suisse (24.2%)
08
90.8%
Sandler ONeill (24.1%)
31
90.1%
National Bank of Canada (23.3%)
83
89.4%
Crosstree Capital Partners (23.0%)
04
88.7%
Intrepid Investment Bankers (22.5%)
114
87.9%
Loop Capital Markets (22.3%)
02
87.2%
Barclays (22.2%)
07
86.5%
RBC Royal Bank of Canada (21.4%)
13
85.8%
Nomura Holdings (21.2%)
17
85.1%
Perella Weinberg Partners (21.2%)
13
84.4%
Deutsche Bank (20.5%)
09
83.7%
Bank of America Merrill Lynch (20.4%)
02
83.0%
Morgan Stanley (20.0%)
06
82.3%
Citigroup (19.7%)
01
81.6%
Berenberg Bank (19.7%)
68
80.9%
JPMorgan (19.7%)
03
80.1%
Goldman Sachs (19.4%)
06
79.4%
HSBC (18.9%)
15
78.7%
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 (41.0%)
New
99.3%
Copper Run Capital (34.5%)
03
98.6%
Black Arch Partners (34.5%)
02
97.9%
Alpha Capital Holdings (34.3%)
01
97.2%
Intrepid Investment Bankers (33.7%)
59
96.5%
Progress Partners (30.3%)
03
95.7%
MTS Health Partners (28.6%)
40
95.0%
Stout Risius Ross (28.6%)
08
94.3%
Capstone Headwaters (28.1%)
04
93.6%
AGC Partners (27.7%)
02
92.9%
Janney Montgomery Scott (27.7%)
No
92.2%
Harris Williams & Co. (27.7%)
06
91.5%
Raymond James Financial Inc. (27.4%)
08
90.8%
Oppenheimer (26.8%)
16
90.1%
Eastdil Secured (25.9%)
11
89.4%
Agentis Capital (25.9%)
New
88.7%
Stifel Financial (24.6%)
33
87.9%
Stephens Inc (24.5%)
11
87.2%
National Bank of Canada (23.4%)
46
86.5%
Truist Securities (23.4%)
New
85.8%
B. Riley & Co. (23.0%)
113
85.1%
GP Bullhound (23.0%)
12
84.4%
National Bank Financial Group (22.6%)
98
83.7%
Hyde Park Capital (22.5%)
New
83.0%
Alantra (21.3%)
11
82.3%
Robert W. Baird & Co. (21.0%)
07
81.6%
TAP Advisors (21.0%)
08
80.9%
Cain Brothers (20.5%)
03
80.1%
Credit Agricole (20.2%)
16
79.4%
BBVA (19.8%)
04
78.7%
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 (28.9%)
78
98.6%
H.C. Wainwright & Co. (14.4%)
No
97.9%
Cain Brothers (13.4%)
No
97.2%
PwC Corporate Finance (11.6%)
05
96.5%
BDA Partners (7.3%)
05
95.7%
Commerzbank AG (7.2%)
98
95.0%
Cambridge Wilkinson (6.8%)
New
94.3%
TD Securities (6.5%)
14
93.6%
BlackRock (6.4%)
03
92.9%
Ducera (6.0%)
03
92.2%
National Bank Financial Group (5.6%)
88
91.5%
Lazard Freres (5.0%)
63
90.8%
Nomura Holdings (5.0%)
05
90.1%
Ziegler (4.6%)
77
89.4%
UBS AG (3.8%)
04
88.7%
Credit Agricole (3.6%)
117
87.9%
Piper Sandler (3.5%)
105
87.2%
DC Advisory (3.4%)
87
86.5%
Morgan Stanley (3.3%)
No
85.8%
Moelis & Company (3.2%)
07
85.1%
Oppenheimer (3.2%)
01
84.4%
HSBC (3.2%)
10
83.7%
JPMorgan (3.1%)
No
83.0%
Citigroup (2.9%)
07
82.3%
KeyBanc Capital Markets (2.7%)
07
81.6%
Evercore (2.6%)
18
80.9%
RBS Royal Bank of Scotland (2.5%)
06
80.1%
Robert W. Baird & Co. (2.5%)
03
79.4%
Houlihan Lokey (2.5%)
03
78.7%
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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