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%
Scotiabank
No
96.2%
JPMorgan
02
94.9%
Moelis & Company
42
93.6%
Citigroup
02
92.3%
Centerview Partners
21
91.0%
Evercore
06
89.7%
Cantor Fitzgerald
14
88.5%
Goldman Sachs
03
87.2%
Credit Agricole
19
85.9%
Bank of America Merrill Lynch
13
84.6%
Morgan Stanley
04
83.3%
B. Riley & Co.
37
82.1%
Perella Weinberg Partners
19
80.8%
Deutsche Bank
06
79.5%
Oppenheimer
11
78.2%
Société Générale
03
76.9%
RBC Royal Bank of Canada
04
75.6%
HSBC
01
74.4%
Barclays
09
73.1%
PJT Partners
04
71.8%
Greenhill
26
70.5%
TD Securities
19
69.2%
Jefferies & Company
06
67.9%
BBVA
33
66.7%
Société Génrale CIB
New
65.4%
UBS AG
11
64.1%
Nomura Holdings
12
62.8%
Rabobank Group
23
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 (48.2%)
No
98.8%
Mizuho (35.2%)
37
97.6%
Nomura Holdings (34.2%)
01
96.4%
RBC Royal Bank of Canada (34.1%)
05
95.2%
Scotiabank (33.7%)
03
94.0%
Perella Weinberg Partners (32.5%)
09
92.9%
Intesa Sanpaolo (32.0%)
01
91.7%
Lazard Freres (29.9%)
17
90.5%
CIBC World Markets (29.7%)
01
89.3%
Macquarie Group Limited ABN (29.0%)
25
88.1%
AGC Partners (27.8%)
New
86.9%
Morgan Stanley (27.6%)
09
85.7%
Credit Suisse (27.4%)
02
84.5%
China International Capital Corporation (27.2%)
08
83.3%
PJT Partners (26.9%)
07
82.1%
Société Générale (25.9%)
02
81.0%
Citigroup (25.1%)
02
79.8%
Centerview Partners (24.8%)
05
78.6%
Société Génrale CIB (24.5%)
New
77.4%
Harris Williams & Co. (24.2%)
No
76.2%
Financial Technology Partners (24.2%)
27
75.0%
UBS AG (23.3%)
05
73.8%
Evercore (22.8%)
11
72.6%
Commerzbank AG (22.6%)
48
71.4%
JPMorgan (22.2%)
08
70.2%
Deutsche Bank (21.9%)
03
69.0%
Goldman Sachs (21.1%)
09
67.9%
Bank of America Merrill Lynch (21.0%)
04
66.7%
HSBC (20.0%)
12
65.5%
DC Advisory (19.9%)
01
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%
Robert W. Baird & Co. (21.9%)
09
94.0%
MUFG (20.3%)
07
92.9%
KeyBanc Capital Markets (19.8%)
01
91.7%
Cascadia Capital LLC (19.5%)
40
90.5%
Piper Sandler (18.4%)
02
89.3%
Cantor Fitzgerald (18.4%)
01
88.1%
TAP Advisors (17.7%)
07
86.9%
CIBC World Markets (17.4%)
49
85.7%
Lazard Freres (17.2%)
21
84.5%
Raymond James Financial Inc. (16.8%)
14
83.3%
Lazard, Inc. (16.6%)
15
82.1%
Canaccord Genuity (16.4%)
34
81.0%
Perella Weinberg Partners (16.3%)
07
79.8%
JPMorgan (15.9%)
17
78.6%
Mizuho (15.8%)
03
77.4%
Lincoln International (15.8%)
01
76.2%
TD Securities (15.6%)
08
75.0%
Truist Securities (15.5%)
29
73.8%
DC Advisory (15.5%)
No
72.6%
Natixis (15.3%)
66
71.4%
Stifel Financial (15.3%)
19
70.2%
Financial Technology Partners (14.6%)
34
69.0%
Guggenheim Partners (14.4%)
17
67.9%
Alantra (14.2%)
13
66.7%
Houlihan Lokey (14.0%)
09
65.5%
PwC Corporate Finance (13.3%)
19
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 (12.6%)
01
98.8%
Standard Chartered Bank (7.7%)
02
97.6%
Guggenheim Partners (6.0%)
11
96.4%
Cantor Fitzgerald (6.0%)
03
95.2%
Banco Santander (5.3%)
31
94.0%
Credit Agricole (4.9%)
06
92.9%
Piper Sandler (4.8%)
03
91.7%
Lazard Freres (4.2%)
21
90.5%
Mizuho (3.9%)
22
89.3%
Société Générale (3.9%)
10
88.1%
BNP Paribas (3.7%)
08
86.9%
Evercore (3.5%)
04
85.7%
Morgan Stanley (3.2%)
09
84.5%
Lincoln International (3.1%)
08
83.3%
Bank of America Merrill Lynch (3.1%)
02
82.1%
Wells Fargo and Company (3.0%)
05
81.0%
Citigroup (2.8%)
01
79.8%
Harris Williams & Co. (2.4%)
05
78.6%
Moelis & Company (2.1%)
14
77.4%
HSBC (2.1%)
17
76.2%
PJT Partners (2.1%)
12
75.0%
Lazard, Inc. (1.8%)
12
73.8%
JPMorgan (1.7%)
05
72.6%
Perella Weinberg Partners (1.6%)
01
71.4%
Deutsche Bank (1.4%)
10
70.2%
Rothschild (0.9%)
15
69.0%
Goldman Sachs (0.8%)
05
67.9%
Houlihan Lokey (0.5%)
10
66.7%
Progress Partners (0.1%)
29
65.5%
TAP Advisors (0.1%)
15
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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