INVESTMENT BANKING DIVERSITY STATS - As of December, 2023
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2021, 2022, 2023. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Intrepid Investment Bankers
07
99.1%
BNP Paribas
13
98.1%
Qatalyst Partners
01
97.2%
RBC Capital Markets
02
96.3%
Lazard, Inc.
06
95.4%
Morgan Stanley
01
94.4%
UBS
05
93.5%
Citigroup
12
92.6%
Deutsche Bank
01
91.7%
JPMorgan
07
90.7%
Scotiabank
15
89.8%
Goldman Sachs
05
88.9%
Société Générale
10
88.0%
Natixis
08
87.0%
Evercore
03
86.1%
Oppenheimer
27
85.2%
Credit Suisse
04
84.3%
RBC Royal Bank of Canada
09
83.3%
J.P. Morgan
18
82.4%
Wells Fargo and Company
03
81.5%
TD Securities
09
80.6%
Bank of America Merrill Lynch
08
79.6%
HSBC
01
78.7%
Barclays
09
77.8%
PJT Partners
09
76.9%
MUFG
03
75.9%
Agentis Capital
10
75.0%
PwC Corporate Finance
26
74.1%
Jefferies & Company
08
73.1%
Centerview Partners
11
72.2%
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
UBS (35.8%)
18
99.1%
Cowen Group (35.0%)
04
98.2%
China International Capital Corporation (31.5%)
01
97.4%
BDA Partners (31.0%)
09
96.5%
Centerview Partners (31.0%)
02
95.6%
Nomura Holdings (28.3%)
02
94.7%
CIBC World Markets (28.2%)
19
93.9%
PJT Partners (27.7%)
03
93.0%
Bryan Garnier and Co (27.6%)
73
92.1%
Perella Weinberg Partners (27.5%)
10
91.2%
Capstone Partners (26.7%)
03
90.4%
Scotiabank (26.6%)
03
89.5%
Intrepid Investment Bankers (25.5%)
01
88.6%
Evercore (25.2%)
09
87.7%
Lazard, Inc. (24.7%)
09
86.8%
DNB Markets (24.3%)
11
86.0%
Goldman Sachs (23.9%)
04
85.1%
Credit Suisse (23.7%)
03
84.2%
JPMorgan (23.3%)
02
83.3%
TD Securities (22.9%)
05
82.5%
Natixis (22.6%)
11
81.6%
Nomura Securities (22.3%)
24
80.7%
RBC Royal Bank of Canada (22.1%)
01
79.8%
Morgan Stanley (22.1%)
15
78.9%
Citigroup (22.0%)
04
78.1%
Moelis & Company (22.0%)
12
77.2%
Credit Agricole (21.8%)
13
76.3%
Greenhill (21.6%)
21
75.4%
Deutsche Bank (21.5%)
07
74.6%
RBS Royal Bank of Scotland (20.9%)
29
73.7%
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
Drake Star Partners (44.6%)
01
99.1%
Edgemont Capital Partners (36.1%)
64
98.2%
AGC Partners (34.2%)
28
97.4%
Duff & Phelps (33.7%)
04
96.5%
Intrepid Investment Bankers (29.0%)
06
95.6%
Alantra (27.1%)
06
94.7%
Intesa Sanpaolo (26.1%)
New
93.9%
FMI Corporation (25.8%)
01
93.0%
National Bank Financial Markets (25.7%)
05
92.1%
Cambridge Wilkinson (23.0%)
07
91.2%
Oppenheimer (22.0%)
01
90.4%
Stephens Inc (21.7%)
26
89.5%
Fifth Third Securities (21.4%)
14
88.6%
MUFG (21.1%)
15
87.7%
Piper Sandler (20.8%)
15
86.8%
DC Advisory (20.7%)
23
86.0%
Moelis & Company (20.3%)
36
85.1%
PJ SOLOMON (19.7%)
03
84.2%
JMP Group (19.7%)
54
83.3%
Ziegler (18.8%)
05
82.5%
Raymond James Financial Inc. (18.5%)
11
81.6%
Stifel Financial (18.5%)
01
80.7%
Shea & co (18.4%)
01
79.8%
Arma Partners (17.8%)
09
78.9%
Lincoln International (17.4%)
16
78.1%
LionTree Advisors (17.2%)
36
77.2%
BBVA (15.7%)
25
76.3%
D.A. Davidson & Co (15.2%)
14
75.4%
B. Riley & Co. (14.9%)
24
74.6%
TD Securities (14.7%)
18
73.7%
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
Intrepid Investment Bankers (28.6%)
No
99.1%
Qatalyst Partners (26.2%)
No
98.2%
Standard Chartered Bank (10.4%)
01
97.4%
Miller Buckfire (8.5%)
10
96.5%
PJT Partners (6.9%)
10
95.6%
Bryan Garnier and Co (6.8%)
01
94.7%
Moelis & Company (5.9%)
11
93.9%
Lazard Freres (5.0%)
05
93.0%
Centerview Partners (4.6%)
08
92.1%
MUFG (4.5%)
01
91.2%
Evercore (4.4%)
10
90.4%
RBC Royal Bank of Canada (4.0%)
10
89.5%
J.P. Morgan (3.9%)
15
88.6%
BNP Paribas (3.8%)
35
87.7%
Jefferies & Company (3.5%)
15
86.8%
Wells Fargo and Company (3.5%)
20
86.0%
Morgan Stanley (3.3%)
12
85.1%
TD Securities (3.3%)
06
84.2%
Lincoln International (3.2%)
08
83.3%
Truist Securities (3.1%)
04
82.5%
Credit Agricole (3.1%)
12
81.6%
Bank of America Merrill Lynch (3.0%)
04
80.7%
RBC Capital Markets (2.9%)
21
79.8%
Barclays (2.8%)
07
78.9%
Houlihan Lokey (2.6%)
07
78.1%
Macquarie Group Limited ABN (2.5%)
24
77.2%
Goldman Sachs (2.5%)
15
76.3%
Stifel Financial (2.3%)
09
75.4%
Greenhill (2.2%)
11
74.6%
China International Capital Corporation (2.1%)
11
73.7%
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
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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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