INVESTMENT BANKING DIVERSITY STATS - As of December, 2025
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2023, 2024, 2025. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
BMO Capital Markets
15
98.7%
BNP Paribas
01
97.4%
JPMorgan
01
96.2%
Scotiabank
03
94.9%
Centerview Partners
24
93.6%
Citigroup
02
92.3%
Moelis & Company
38
91.0%
Credit Agricole
23
89.7%
Evercore
06
88.5%
Goldman Sachs
04
87.2%
Bank of America Merrill Lynch
14
85.9%
Morgan Stanley
02
84.6%
Perella Weinberg Partners
22
83.3%
Deutsche Bank
03
82.1%
RBC Royal Bank of Canada
03
80.8%
Lazard, Inc.
22
79.5%
Oppenheimer
11
78.2%
Société Générale
02
76.9%
PJT Partners
01
75.6%
Barclays
03
74.4%
TD Securities
16
73.1%
Cantor Fitzgerald
No
71.8%
HSBC
02
70.5%
BBVA
34
69.2%
B. Riley & Co.
43
67.9%
Société Génrale CIB
New
66.7%
UBS AG
05
65.4%
CIBC World Markets
23
64.1%
Nomura Securities
15
62.8%
Raymond James Financial Inc.
04
61.5%
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 (49.2%)
01
98.8%
Mizuho (43.0%)
34
97.6%
Nomura Securities (37.3%)
02
96.4%
Scotiabank (34.4%)
01
95.2%
RBC Royal Bank of Canada (33.6%)
06
94.0%
Intesa Sanpaolo (32.1%)
02
92.8%
Macquarie Group Limited ABN (31.8%)
27
91.6%
Perella Weinberg Partners (31.4%)
08
90.4%
Nomura Holdings (31.2%)
No
89.2%
CIBC World Markets (28.6%)
No
88.0%
AGC Partners (27.8%)
New
86.7%
Morgan Stanley (27.6%)
10
85.5%
Credit Suisse (27.4%)
01
84.3%
PJT Partners (27.4%)
09
83.1%
China International Capital Corporation (27.2%)
09
81.9%
Société Générale (26.9%)
01
80.7%
Citigroup (25.5%)
04
79.5%
Centerview Partners (25.5%)
04
78.3%
Financial Technology Partners (25.4%)
31
77.1%
Société Génrale CIB (24.5%)
New
75.9%
JPMorgan (23.2%)
01
74.7%
Evercore (22.9%)
09
73.5%
Commerzbank AG (22.6%)
51
72.3%
Deutsche Bank (22.3%)
02
71.1%
Goldman Sachs (21.2%)
06
69.9%
Lazard Freres (21.2%)
15
68.7%
Bank of America Merrill Lynch (21.1%)
06
67.5%
Lazard, Inc. (20.7%)
32
66.3%
HSBC (20.6%)
15
65.1%
Harris Williams & Co. (20.5%)
07
63.9%
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
AGC Partners (54.1%)
New
98.8%
Stephens Inc (33.7%)
No
97.6%
Eastdil Secured (30.1%)
No
96.4%
MUFG (20.3%)
10
95.2%
Robert W. Baird & Co. (19.8%)
10
94.0%
KeyBanc Capital Markets (19.8%)
03
92.8%
Cascadia Capital LLC (19.5%)
38
91.6%
Cantor Fitzgerald (19.5%)
02
90.4%
Piper Sandler (19.1%)
01
89.2%
CIBC World Markets (18.2%)
53
88.0%
TAP Advisors (17.6%)
07
86.7%
Raymond James Financial Inc. (17.2%)
15
85.5%
Stifel Financial (17.1%)
06
84.3%
Perella Weinberg Partners (16.6%)
09
83.1%
Lazard, Inc. (16.5%)
43
81.9%
JPMorgan (15.9%)
17
80.7%
DC Advisory (15.8%)
03
79.5%
Lincoln International (15.7%)
03
78.3%
TD Securities (15.6%)
09
77.1%
Canaccord Genuity (15.6%)
31
75.9%
Financial Technology Partners (15.3%)
41
74.7%
Natixis (15.2%)
69
73.5%
Lazard Freres (14.8%)
02
72.3%
Truist Securities (14.4%)
25
71.1%
Guggenheim Partners (14.4%)
17
69.9%
Houlihan Lokey (14.3%)
08
68.7%
Alantra (14.2%)
11
67.5%
PwC Corporate Finance (14.1%)
18
66.3%
BBVA (13.2%)
18
65.1%
Stifel Nicolaus and Company, Inc (13.0%)
27
63.9%
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
PwC Corporate Finance (13.4%)
01
98.8%
Standard Chartered Bank (8.7%)
02
97.6%
Cantor Fitzgerald (6.3%)
05
96.4%
Guggenheim Partners (6.0%)
11
95.2%
Banco Santander (5.3%)
31
94.0%
Credit Agricole (5.0%)
08
92.8%
Piper Sandler (5.0%)
06
91.6%
Lazard, Inc. (4.0%)
64
90.4%
BNP Paribas (3.7%)
12
89.2%
Morgan Stanley (3.2%)
14
88.0%
Lincoln International (3.1%)
04
86.7%
Wells Fargo and Company (3.1%)
No
85.5%
Evercore (2.9%)
04
84.3%
Harris Williams & Co. (2.9%)
04
83.1%
Citigroup (2.8%)
08
81.9%
Bank of America Merrill Lynch (2.7%)
03
80.7%
Société Générale (2.7%)
16
79.5%
HSBC (2.2%)
19
78.3%
Moelis & Company (2.1%)
13
77.1%
PJT Partners (2.1%)
09
75.9%
Lazard Freres (2.1%)
07
74.7%
JPMorgan (1.8%)
08
73.5%
Perella Weinberg Partners (1.7%)
02
72.3%
Deutsche Bank (1.4%)
08
71.1%
Jefferies & Company (1.3%)
08
69.9%
Rothschild (0.9%)
14
68.7%
Goldman Sachs (0.8%)
05
67.5%
Houlihan Lokey (0.6%)
11
66.3%
TAP Advisors (0.1%)
15
65.1%
National Bank of Canada (0.1%)
32
63.9%
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.
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