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
BNP Paribas
No
98.8%
BMO Capital Markets
21
97.5%
Scotiabank
05
96.3%
Moelis & Company
48
95.1%
Centerview Partners
19
93.8%
JPMorgan
03
92.6%
RBC Royal Bank of Canada
04
91.4%
Citigroup
01
90.1%
Evercore
04
88.9%
Bank of America Merrill Lynch
15
87.7%
Cantor Fitzgerald
19
86.4%
Goldman Sachs
04
85.2%
Deutsche Bank
02
84.0%
Barclays
No
82.7%
Morgan Stanley
05
81.5%
B. Riley & Co.
37
80.2%
Credit Agricole
17
79.0%
Perella Weinberg Partners
19
77.8%
Oppenheimer
17
76.5%
TD Securities
15
75.3%
Société Générale
01
74.1%
Mizuho
05
72.8%
HSBC
06
71.6%
Jefferies & Company
12
70.4%
PJT Partners
13
69.1%
UBS AG
07
67.9%
Greenhill
15
66.7%
Raymond James Financial Inc.
07
65.4%
Macquarie Group Limited ABN
21
64.2%
Solomon Partners
New
63.0%
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 (43.6%)
No
98.9%
CIBC World Markets (34.5%)
06
97.7%
Nomura Holdings (34.2%)
02
96.6%
Scotiabank (33.6%)
02
95.5%
Perella Weinberg Partners (33.6%)
12
94.3%
RBC Royal Bank of Canada (33.1%)
06
93.2%
Intesa Sanpaolo (32.0%)
02
92.0%
Macquarie Group Limited ABN (30.2%)
28
90.9%
Lazard Freres (29.8%)
16
89.8%
Morgan Stanley (29.2%)
10
88.6%
PJT Partners (27.8%)
11
87.5%
AGC Partners (27.7%)
New
86.4%
Credit Suisse (27.4%)
02
85.2%
China International Capital Corporation (27.2%)
08
84.1%
Centerview Partners (26.1%)
01
83.0%
Mizuho (25.4%)
28
81.8%
Société Générale (25.2%)
02
80.7%
Citigroup (24.7%)
06
79.5%
JPMorgan (24.2%)
04
78.4%
Financial Technology Partners (23.6%)
31
77.3%
Société Génrale CIB (23.1%)
New
76.1%
Commerzbank AG (22.6%)
55
75.0%
Deutsche Bank (22.6%)
No
73.9%
Evercore (22.4%)
10
72.7%
UBS AG (22.3%)
02
71.6%
Harris Williams & Co. (22.1%)
04
70.5%
Goldman Sachs (22.0%)
09
69.3%
Bank of America Merrill Lynch (20.6%)
06
68.2%
HSBC (20.3%)
16
67.0%
DC Advisory (19.1%)
03
65.9%
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
98.9%
Arma Partners (34.3%)
09
97.7%
Eastdil Secured (30.1%)
01
96.6%
Stephens Inc (30.0%)
01
95.5%
MUFG (23.7%)
10
94.3%
Robert W. Baird & Co. (21.4%)
07
93.2%
KeyBanc Capital Markets (19.2%)
02
92.0%
Piper Sandler (18.4%)
01
90.9%
Cantor Fitzgerald (18.3%)
03
89.8%
TAP Advisors (17.6%)
07
88.6%
Lazard Freres (17.1%)
26
87.5%
Mizuho (17.0%)
14
86.4%
Cascadia Capital LLC (16.4%)
38
85.2%
Canaccord Genuity (16.4%)
39
84.1%
Raymond James Financial Inc. (16.2%)
12
83.0%
CIBC World Markets (16.2%)
50
81.8%
Perella Weinberg Partners (16.1%)
02
80.7%
TD Securities (16.0%)
03
79.5%
Lazard, Inc. (16.0%)
09
78.4%
Lincoln International (15.6%)
No
77.3%
JPMorgan (15.4%)
12
76.1%
Natixis (15.2%)
71
75.0%
Stifel Financial (15.2%)
17
73.9%
Guggenheim Partners (15.1%)
21
72.7%
Truist Securities (15.0%)
31
71.6%
DC Advisory (14.8%)
04
70.5%
Financial Technology Partners (14.2%)
37
69.3%
Alantra (14.2%)
14
68.2%
Macquarie Group Limited ABN (13.8%)
21
67.0%
Houlihan Lokey (13.6%)
08
65.9%
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 (12.6%)
02
98.9%
Standard Chartered Bank (7.5%)
05
97.7%
Cantor Fitzgerald (6.0%)
06
96.6%
Guggenheim Partners (5.8%)
09
95.5%
Mizuho (5.6%)
18
94.3%
Banco Santander (5.3%)
32
93.2%
Piper Sandler (4.8%)
04
92.0%
Credit Agricole (4.8%)
04
90.9%
Lazard Freres (4.2%)
21
89.8%
Morgan Stanley (3.8%)
06
88.6%
Société Générale (3.8%)
13
87.5%
BNP Paribas (3.5%)
09
86.4%
Evercore (3.4%)
07
85.2%
Lincoln International (3.1%)
06
84.1%
HSBC (2.9%)
19
83.0%
Bank of America Merrill Lynch (2.9%)
03
81.8%
Wells Fargo and Company (2.8%)
07
80.7%
Citigroup (2.7%)
02
79.5%
Harris Williams & Co. (2.2%)
05
78.4%
Moelis & Company (2.1%)
16
77.3%
PJT Partners (2.0%)
16
76.1%
Lazard, Inc. (1.8%)
15
75.0%
Perella Weinberg Partners (1.6%)
03
73.9%
JPMorgan (1.5%)
01
72.7%
Deutsche Bank (1.4%)
08
71.6%
Rothschild (0.9%)
16
70.5%
Goldman Sachs (0.7%)
04
69.3%
Houlihan Lokey (0.5%)
07
68.2%
Progress Partners (0.1%)
32
67.0%
TAP Advisors (0.1%)
14
65.9%
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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