INVESTMENT BANKING DIVERSITY STATS - As of September, 2026
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2024, 2025, YTD 2026. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
Credit Agricole
15
98.6%
Scotiabank
01
97.1%
BMO Capital Markets
02
95.7%
Moelis & Company
01
94.3%
RBC Royal Bank of Canada
06
92.9%
JPMorgan
02
91.4%
B. Riley & Co.
08
90.0%
Standard Chartered Bank
32
88.6%
Bank of America Merrill Lynch
05
87.1%
BNP Paribas
08
85.7%
Perella Weinberg Partners
06
84.3%
PJT Partners
11
82.9%
Morgan Stanley
01
81.4%
Société Générale
05
80.0%
Cantor Fitzgerald
06
78.6%
Goldman Sachs
06
77.1%
Evercore
10
75.7%
Raymond James Financial Inc.
16
74.3%
Citigroup
13
72.9%
Deutsche Bank
07
71.4%
HSBC
01
70.0%
Greenhill
03
68.6%
MUFG
12
67.1%
TD Securities
02
65.7%
UBS AG
04
64.3%
Mizuho
02
62.9%
Stout Risius Ross
19
61.4%
Oppenheimer
10
60.0%
Société Génrale CIB
04
58.6%
Jefferies & Company
04
57.1%
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
RBC Royal Bank of Canada (42.6%)
02
98.6%
Scotiabank (39.0%)
No
97.3%
UBS (37.7%)
02
95.9%
Lazard Freres (30.4%)
04
94.5%
Nomura Holdings (30.0%)
01
93.2%
Harris Williams & Co. (28.7%)
15
91.8%
AGC Partners (27.8%)
03
90.4%
Perella Weinberg Partners (27.2%)
03
89.0%
CIBC World Markets (27.2%)
No
87.7%
Morgan Stanley (27.0%)
01
86.3%
Mizuho (26.5%)
06
84.9%
Citigroup (25.3%)
06
83.6%
HSBC (23.1%)
16
82.2%
Macquarie Group Limited ABN (22.8%)
07
80.8%
JPMorgan (22.6%)
08
79.5%
Goldman Sachs (21.8%)
11
78.1%
Centerview Partners (21.5%)
02
76.7%
DC Advisory (21.5%)
12
75.3%
PJT Partners (21.3%)
05
74.0%
Oppenheimer (21.1%)
40
72.6%
Rabobank Group (21.1%)
34
71.2%
UBS AG (20.6%)
No
69.9%
Natixis (19.8%)
15
68.5%
Lazard, Inc. (19.5%)
12
67.1%
Evercore (19.4%)
No
65.8%
Société Générale (19.3%)
10
64.4%
BNP Paribas (18.4%)
26
63.0%
Alantra (18.1%)
34
61.6%
Bank of America Merrill Lynch (18.0%)
01
60.3%
Cantor Fitzgerald (17.6%)
17
58.9%
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 (40.9%)
No
98.6%
Stephens Inc (36.8%)
01
97.3%
Eastdil Secured (32.1%)
01
95.9%
Mizuho (30.1%)
10
94.5%
Natixis (29.2%)
17
93.2%
Robert W. Baird & Co. (24.6%)
No
91.8%
Cascadia Capital LLC (24.1%)
02
90.4%
Rabobank Group (20.9%)
36
89.0%
Ducera (19.6%)
63
87.7%
MUFG (19.3%)
05
86.3%
Piper Sandler (18.0%)
03
84.9%
PwC Corporate Finance (17.8%)
18
83.6%
JPMorgan (17.5%)
07
82.2%
Carlsquare (17.4%)
49
80.8%
Lazard, Inc. (17.3%)
04
79.5%
Financial Technology Partners (17.1%)
11
78.1%
CIBC World Markets (17.1%)
05
76.7%
UBS (16.5%)
48
75.3%
Deutsche Bank (16.5%)
22
74.0%
William Blair (16.4%)
17
72.6%
Guggenheim Partners (16.0%)
05
71.2%
Standard Chartered Bank (15.7%)
37
69.9%
KeyBanc Capital Markets (15.6%)
16
68.5%
Houlihan Lokey (15.4%)
05
67.1%
BNP Paribas (15.4%)
24
65.8%
Brown Gibbons Lang and Company (14.7%)
14
64.4%
Black Arch Partners (14.2%)
35
63.0%
Banco Santander (14.0%)
15
61.6%
Scotiabank (13.9%)
29
60.3%
Lincoln International (13.8%)
09
58.9%
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 (16.8%)
No
98.6%
Standard Chartered Bank (10.1%)
No
97.3%
Mizuho (7.5%)
02
95.9%
Guggenheim Partners (6.6%)
No
94.5%
Credit Agricole (6.3%)
03
93.2%
Lazard Freres (6.0%)
03
91.8%
Cantor Fitzgerald (5.6%)
04
90.4%
Banco Santander (5.2%)
02
89.0%
Piper Sandler (4.1%)
02
87.7%
Evercore (3.7%)
02
86.3%
Morgan Stanley (3.4%)
02
84.9%
Harris Williams & Co. (3.2%)
06
83.6%
Lincoln International (3.1%)
01
82.2%
Rothschild (2.7%)
12
80.8%
Bank of America Merrill Lynch (2.5%)
No
79.5%
Moelis & Company (2.5%)
04
78.1%
Citigroup (2.4%)
No
76.7%
PJT Partners (2.4%)
03
75.3%
Wells Fargo and Company (2.3%)
03
74.0%
Lazard, Inc. (2.2%)
02
72.6%
Deutsche Bank (2.1%)
04
71.2%
Perella Weinberg Partners (2.0%)
02
69.9%
Société Générale (1.8%)
13
68.5%
William Blair (1.5%)
59
67.1%
Goldman Sachs (1.0%)
02
65.8%
Houlihan Lokey (0.8%)
02
64.4%
JPMorgan (0.6%)
04
63.0%
Alantra (0.1%)
27
61.6%
Mediobanca (0.1%)
14
60.3%
BTG Pactual (0.1%)
05
58.9%
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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