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
15
97.5%
Banco Santander
01
96.7%
Goldman Sachs
02
95.9%
TD Securities
16
95.1%
BNP Paribas
01
94.3%
JPMorgan Chase
06
93.4%
Morgan Stanley
No
92.6%
UBS
New
91.8%
Natixis
07
91.0%
Citigroup
04
90.2%
RBC Capital Markets
06
89.3%
Bank of America Merrill Lynch
01
88.5%
PJT Partners
02
87.7%
Société Générale
No
86.9%
UBS AG
11
86.1%
Drake Star Partners
New
85.2%
Credit Suisse
11
84.4%
Lazard Freres
No
83.6%
Centerview Partners
14
82.8%
LionTree Advisors
30
82.0%
Evercore
04
81.1%
Deutsche Bank
12
80.3%
Fifth Third Bank
01
79.5%
Cambridge Wilkinson
New
78.7%
HSBC
01
77.9%
Barclays
14
77.0%
Rothschild
19
76.2%
Nomura Holdings
04
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 International Capital Corporation (35.7%)
03
99.3%
Arma Partners (34.2%)
35
98.6%
GP Bullhound (34.0%)
06
97.9%
RBS Royal Bank of Scotland (33.7%)
03
97.2%
Cain Brothers (30.4%)
03
96.5%
BDA Partners (29.5%)
04
95.7%
Alpha Capital Holdings (27.5%)
01
95.0%
PJ SOLOMON (25.8%)
New
94.3%
Standard Chartered Bank (24.6%)
10
93.6%
Sandler ONeill (24.1%)
36
92.9%
Credit Suisse (23.7%)
09
92.2%
Nomura Holdings (23.6%)
38
91.5%
National Bank of Canada (23.3%)
85
90.8%
Harris Williams & Co. (23.2%)
12
90.1%
Crosstree Capital Partners (22.9%)
03
89.4%
Loop Capital Markets (22.3%)
01
88.7%
Barclays (21.9%)
07
87.9%
Perella Weinberg Partners (21.4%)
18
87.2%
RBC Royal Bank of Canada (21.1%)
08
86.5%
Wells Fargo Securities (21.0%)
19
85.8%
Deutsche Bank (20.4%)
05
85.1%
JPMorgan Chase (20.3%)
11
84.4%
Bank of America Merrill Lynch (20.1%)
02
83.7%
Berenberg Bank (19.7%)
71
83.0%
HSBC (19.6%)
10
82.3%
Morgan Stanley (19.1%)
04
81.6%
Citigroup (18.9%)
03
80.9%
Ziegler (18.8%)
10
80.1%
Greentech Capital Advisors (18.8%)
18
79.4%
Goldman Sachs (18.7%)
02
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 (40.9%)
New
99.3%
Copper Run Capital (34.5%)
03
98.6%
Alpha Capital Holdings (34.3%)
01
97.9%
Progress Partners (30.2%)
04
97.2%
Stout Risius Ross (29.0%)
07
96.5%
Harris Williams & Co. (28.1%)
02
95.7%
Capstone Headwaters (28.1%)
06
95.0%
Raymond James Financial Inc. (27.9%)
12
94.3%
AGC Partners (27.7%)
02
93.6%
Janney Montgomery Scott (27.7%)
No
92.9%
Oppenheimer (26.8%)
17
92.2%
Stephens Inc (25.9%)
06
91.5%
Eastdil Secured (25.9%)
12
90.8%
Agentis Capital (25.9%)
New
90.1%
MTS Health Partners (25.6%)
32
89.4%
Stifel Financial (24.6%)
34
88.7%
Truist Securities (24.5%)
New
87.9%
National Bank of Canada (23.4%)
42
87.2%
National Bank Financial Group (23.3%)
100
86.5%
nomura securities (23.0%)
25
85.8%
B. Riley & Co. (23.0%)
112
85.1%
GP Bullhound (23.0%)
13
84.4%
Intrepid Investment Bankers (22.7%)
36
83.7%
Hyde Park Capital (22.4%)
New
83.0%
Alantra (21.8%)
08
82.3%
Robert W. Baird & Co. (21.4%)
06
81.6%
TAP Advisors (20.9%)
09
80.9%
Credit Agricole (20.9%)
14
80.1%
Cain Brothers (20.5%)
06
79.4%
D.A. Davidson & Co (19.8%)
65
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 (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%
Commerzbank AG (7.5%)
98
95.7%
BDA Partners (7.3%)
02
95.0%
Nomura Holdings (7.0%)
02
94.3%
TD Securities (6.8%)
12
93.6%
Cambridge Wilkinson (6.8%)
New
92.9%
Ducera (6.8%)
04
92.2%
National Bank Financial Group (5.8%)
85
91.5%
Ziegler (4.6%)
76
90.8%
UBS AG (3.8%)
03
90.1%
Credit Agricole (3.7%)
120
89.4%
DC Advisory (3.5%)
89
88.7%
Piper Sandler (3.5%)
105
87.9%
JPMorgan Chase (3.5%)
01
87.2%
HSBC (3.3%)
09
86.5%
Oppenheimer (3.2%)
No
85.8%
Morgan Stanley (3.1%)
05
85.1%
J.P. Morgan (3.1%)
New
84.4%
Citigroup (3.0%)
06
83.7%
Wells Fargo Securities (3.0%)
42
83.0%
KeyBanc Capital Markets (2.7%)
07
82.3%
Robert W. Baird & Co. (2.6%)
03
81.6%
Lazard Freres (2.5%)
88
80.9%
Moelis & Company (2.5%)
15
80.1%
Brown Gibbons Lang and Company (2.5%)
94
79.4%
Raymond James Financial Inc. (2.5%)
15
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.
or Want to Sign up with your social account?