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
16
98.7%
BNP Paribas
01
97.4%
Scotiabank
04
96.2%
JPMorgan
02
94.9%
Centerview Partners
23
93.6%
Citigroup
03
92.3%
Moelis & Company
39
91.0%
Credit Agricole
22
89.7%
Evercore
07
88.5%
Bank of America Merrill Lynch
14
87.2%
Goldman Sachs
04
85.9%
Morgan Stanley
02
84.6%
Société Générale
07
83.3%
Perella Weinberg Partners
21
82.1%
RBC Royal Bank of Canada
04
80.8%
Lazard, Inc.
20
79.5%
Deutsche Bank
04
78.2%
Oppenheimer
13
76.9%
PJT Partners
01
75.6%
Greenhill
28
74.4%
Barclays
09
73.1%
TD Securities
18
71.8%
Jefferies & Company
08
70.5%
Cantor Fitzgerald
01
69.2%
HSBC
03
67.9%
BBVA
32
66.7%
B. Riley & Co.
37
65.4%
Société Génrale CIB
New
64.1%
CIBC World Markets
22
62.8%
UBS AG
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 (49.1%)
No
98.8%
Mizuho (43.0%)
33
97.6%
Scotiabank (34.4%)
01
96.4%
Nomura Holdings (34.2%)
No
95.2%
RBC Royal Bank of Canada (33.6%)
05
94.0%
Perella Weinberg Partners (32.5%)
09
92.9%
Intesa Sanpaolo (32.0%)
01
91.7%
Macquarie Group Limited ABN (29.9%)
25
90.5%
CIBC World Markets (28.6%)
No
89.3%
AGC Partners (27.8%)
New
88.1%
Morgan Stanley (27.6%)
10
86.9%
Credit Suisse (27.4%)
01
85.7%
PJT Partners (27.4%)
09
84.5%
China International Capital Corporation (27.2%)
08
83.3%
Société Générale (26.5%)
01
82.1%
Citigroup (25.5%)
04
81.0%
Centerview Partners (25.5%)
04
79.8%
Harris Williams & Co. (25.4%)
No
78.6%
Société Génrale CIB (24.5%)
New
77.4%
Financial Technology Partners (24.2%)
28
76.2%
Evercore (22.9%)
09
75.0%
Commerzbank AG (22.6%)
50
73.8%
JPMorgan (22.4%)
06
72.6%
Deutsche Bank (21.9%)
01
71.4%
Goldman Sachs (21.5%)
06
70.2%
Lazard Freres (21.2%)
14
69.0%
Bank of America Merrill Lynch (20.8%)
05
67.9%
Lazard, Inc. (20.7%)
29
66.7%
HSBC (20.6%)
12
65.5%
DC Advisory (19.9%)
03
64.3%
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%
Arma Partners (34.3%)
09
97.6%
Stephens Inc (31.8%)
01
96.4%
Eastdil Secured (30.1%)
01
95.2%
MUFG (20.3%)
08
94.0%
Robert W. Baird & Co. (19.8%)
08
92.9%
KeyBanc Capital Markets (19.8%)
01
91.7%
Cascadia Capital LLC (19.5%)
37
90.5%
Cantor Fitzgerald (19.5%)
No
89.3%
Piper Sandler (18.9%)
03
88.1%
CIBC World Markets (18.3%)
49
86.9%
TAP Advisors (17.7%)
05
85.7%
Raymond James Financial Inc. (17.2%)
13
84.5%
Stifel Financial (17.2%)
08
83.3%
Lazard, Inc. (16.5%)
42
82.1%
Canaccord Genuity (16.4%)
31
81.0%
Perella Weinberg Partners (16.3%)
05
79.8%
JPMorgan (16.1%)
13
78.6%
Lincoln International (15.8%)
No
77.4%
TD Securities (15.6%)
07
76.2%
DC Advisory (15.5%)
No
75.0%
Natixis (15.3%)
67
73.8%
Lazard Freres (14.8%)
01
72.6%
Financial Technology Partners (14.6%)
35
71.4%
Truist Securities (14.4%)
23
70.2%
Guggenheim Partners (14.4%)
15
69.0%
Houlihan Lokey (14.2%)
06
67.9%
Alantra (14.2%)
13
66.7%
PwC Corporate Finance (14.1%)
17
65.5%
Société Générale (13.3%)
14
64.3%
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 (7.7%)
02
97.6%
Cantor Fitzgerald (6.3%)
04
96.4%
Guggenheim Partners (6.0%)
10
95.2%
Banco Santander (5.3%)
30
94.0%
Credit Agricole (5.0%)
07
92.9%
Piper Sandler (5.0%)
03
91.7%
Lazard, Inc. (4.0%)
63
90.5%
Société Générale (4.0%)
11
89.3%
BNP Paribas (3.7%)
09
88.1%
Morgan Stanley (3.2%)
12
86.9%
Bank of America Merrill Lynch (3.2%)
05
85.7%
Lincoln International (3.1%)
07
84.5%
Wells Fargo and Company (3.0%)
02
83.3%
Evercore (2.9%)
07
82.1%
Citigroup (2.8%)
02
81.0%
Harris Williams & Co. (2.5%)
06
79.8%
HSBC (2.2%)
18
78.6%
Moelis & Company (2.1%)
14
77.4%
PJT Partners (2.1%)
11
76.2%
Lazard Freres (2.1%)
08
75.0%
JPMorgan (1.7%)
06
73.8%
Perella Weinberg Partners (1.6%)
01
72.6%
Deutsche Bank (1.4%)
09
71.4%
Rothschild (0.9%)
14
70.2%
Goldman Sachs (0.8%)
06
69.0%
Houlihan Lokey (0.6%)
10
67.9%
Progress Partners (0.1%)
27
66.7%
TAP Advisors (0.1%)
14
65.5%
Arma Partners (0.1%)
27
64.3%
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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