INVESTMENT BANKING DIVERSITY STATS - As of June, 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
07
98.5%
BMO Capital Markets
01
97.0%
JPMorgan
No
95.5%
Scotiabank
No
94.0%
Moelis & Company
02
92.5%
Perella Weinberg Partners
07
91.0%
RBC Royal Bank of Canada
08
89.6%
PJT Partners
11
88.1%
Bank of America Merrill Lynch
02
86.6%
Société Générale
08
85.1%
Raymond James Financial Inc.
19
83.6%
BNP Paribas
10
82.1%
Standard Chartered Bank
28
80.6%
Morgan Stanley
02
79.1%
Goldman Sachs
05
77.6%
Evercore
07
76.1%
TD Securities
04
74.6%
Deutsche Bank
04
73.1%
HSBC
04
71.6%
Cantor Fitzgerald
02
70.1%
Citigroup
15
68.7%
MUFG
16
67.2%
Société Génrale CIB
03
65.7%
Oppenheimer
07
64.2%
CIBC World Markets
03
62.7%
UBS
19
61.2%
Nomura Securities
02
59.7%
KeyBanc Capital Markets
14
58.2%
Lazard, Inc.
13
56.7%
UBS AG
03
55.2%
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 (45.1%)
No
98.6%
Mizuho (44.1%)
No
97.2%
RBC Royal Bank of Canada (40.4%)
02
95.8%
Nomura Securities (37.6%)
01
94.4%
Scotiabank (34.7%)
01
93.0%
Lazard Freres (32.6%)
20
91.5%
AGC Partners (27.8%)
04
90.1%
Harris Williams & Co. (26.9%)
22
88.7%
Perella Weinberg Partners (25.9%)
01
87.3%
Morgan Stanley (25.8%)
02
85.9%
CIBC World Markets (25.6%)
01
84.5%
Citigroup (25.2%)
05
83.1%
Nomura Holdings (24.1%)
04
81.7%
HSBC (24.0%)
15
80.3%
DC Advisory (23.4%)
16
78.9%
PJT Partners (22.9%)
02
77.5%
Rabobank Group (22.7%)
43
76.1%
Goldman Sachs (22.6%)
07
74.6%
JPMorgan (22.3%)
02
73.2%
Oppenheimer (21.2%)
41
71.8%
Natixis (20.9%)
17
70.4%
Evercore (20.6%)
No
69.0%
UBS AG (19.5%)
17
67.6%
Barclays (19.3%)
18
66.2%
Société Générale (19.2%)
09
64.8%
Centerview Partners (19.0%)
08
63.4%
BNP Paribas (18.6%)
26
62.0%
Credit Agricole (18.5%)
07
60.6%
Bank of America Merrill Lynch (18.4%)
02
59.2%
Truist Securities (18.2%)
24
57.7%
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 (34.9%)
No
97.2%
Natixis (30.6%)
19
95.8%
Eastdil Secured (27.5%)
01
94.4%
Cascadia Capital LLC (26.1%)
02
93.0%
Lazard, Inc. (22.7%)
09
91.5%
Mizuho (22.4%)
58
90.1%
Rabobank Group (22.4%)
36
88.7%
Robert W. Baird & Co. (19.7%)
04
87.3%
Piper Sandler (19.3%)
01
85.9%
Financial Technology Partners (19.0%)
10
84.5%
Standard Chartered Bank (18.4%)
40
83.1%
CIBC World Markets (18.3%)
03
81.7%
William Blair (18.2%)
20
80.3%
JPMorgan (18.0%)
01
78.9%
Carlsquare (17.4%)
44
77.5%
KeyBanc Capital Markets (17.1%)
11
76.1%
BNP Paribas (16.9%)
27
74.6%
Guggenheim Partners (16.6%)
06
73.2%
MUFG (16.0%)
16
71.8%
Deutsche Bank (15.7%)
17
70.4%
Houlihan Lokey (15.2%)
04
69.0%
Brown Gibbons Lang and Company (15.1%)
14
67.6%
Macquarie Group Limited ABN (14.9%)
07
66.2%
Lincoln International (14.7%)
07
64.8%
DC Advisory (14.7%)
09
63.4%
Banco Santander (14.5%)
13
62.0%
Ducera (14.2%)
41
60.6%
Moelis & Company (14.1%)
03
59.2%
Cantor Fitzgerald (13.3%)
22
57.7%
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
Standard Chartered Bank (11.8%)
01
98.6%
Credit Agricole (7.2%)
04
97.2%
Guggenheim Partners (6.9%)
01
95.8%
Cantor Fitzgerald (6.3%)
01
94.4%
Banco Santander (5.4%)
No
93.0%
Lazard Freres (4.6%)
15
91.5%
Piper Sandler (4.4%)
No
90.1%
Harris Williams & Co. (4.4%)
06
88.7%
Lazard, Inc. (3.8%)
01
87.3%
Morgan Stanley (3.6%)
No
85.9%
Lincoln International (3.2%)
No
84.5%
Evercore (3.2%)
01
83.1%
Rothschild (2.8%)
13
81.7%
Citigroup (2.7%)
01
80.3%
Wells Fargo and Company (2.7%)
03
78.9%
Moelis & Company (2.5%)
03
77.5%
PJT Partners (2.5%)
03
76.1%
Jefferies & Company (2.3%)
07
74.6%
Deutsche Bank (2.2%)
05
73.2%
Perella Weinberg Partners (2.2%)
03
71.8%
Bank of America Merrill Lynch (2.1%)
05
70.4%
William Blair (1.7%)
60
69.0%
Goldman Sachs (1.3%)
04
67.6%
Houlihan Lokey (0.9%)
04
66.2%
JPMorgan (0.6%)
03
64.8%
Canaccord Genuity (0.1%)
25
63.4%
B. Riley & Co. (0.1%)
15
62.0%
Alantra (0.1%)
26
60.6%
BTG Pactual (0.1%)
04
59.2%
D.A. Davidson & Co (0.1%)
11
57.7%
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
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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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