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Taking the temperature of top banking salaries now, bank-by-bank

Taking the temperature of banking recruitment

Taking the temperature of banking recruitment

This week’s European Banking Association report said there were 2,525 people working in the UK financial services industry who earned more than €1m (£870k) in 2011. Who are they? And where do they work? 

Emolument.com, the bonus and salary data benchmarking site, has provided us with its most recent information on salaries and bonuses for managing directors (MDs) across all divisions at different banks in London. We’ve listed these below, in order of largesse. As ever, Emolument’s sample sizes are small, but they insist their figures are accurate and that there’s limited variation beyond three or four entries. The figures provided by Emolument have not been verified by banks, which have a policy of not discussing compensation.

A top London financial services headhunting firm has also provided us with its figures for London salaries, bank-by-bank at the start of this year. This firm has requested that it remain anonymous on the grounds that its banking clients don’t like having their pay figures bandied about the market. Where these figures are available, we’ve listed them below along with the figures from Emolument.

Notably, the figures provided by Emolument suggest banks are already adhering to the EU’s bonus cap when it comes to paying their managing directors. Barclays’ crazily generous package for Tushar Morzaria may just be an anomaly.

Banking pay in London 

1. MD pay at J.P. Morgan Chase

Average basic salary : £314k

Average total bonus: £780k

Average total: £1.09m

Count: 4

Headhunting firm’s figure for MD salaries at JPMorgan: £300k

2. MD pay at Nomura

Average basic salary : £339k

Average total bonus: £754k

Average total: £1.09m

Count: 11

3. MD pay at Morgan Stanley

Average basic salary : £322k

Average total bonus: £550k

Average total: £872k

Count: 3

Headhunting firm’s figure for MD salaries at Morgan Stanley: £300k – £350k

4. MD pay at Bank of America Merrill Lynch

Average basic salary : £264k

Average total bonus: £586k

Average total: £850k

Count: 8

5. MD pay at Deutsche Bank

Average basic salary : £263k

Average total bonus: £513k

Average total: £776k

Count: 8

Headhunting firm’s figure for Deutsche Bank MD salaries: £250k

6. MD pay at Barclays

Average basic salary : £222k

Average total bonus: £484k

Average total: £706k

Count:  12

7. MD pay at Goldman Sachs

Average basic salary : £307k

Average total bonus: £391k

Average total: £698k

Count: 5

Headhunting firm’s figure for MD salaries at Goldman Sachs: £360k +

8. MD pay at UBS

Average basic salary : £231k

Average total bonus: £425k

Average total: £656k

Count: 5

Headhunting firm’s figure for MD salaries at UBS: £170k – £325k

9. MD pay at Credit Suisse

Average basic salary : £231k

Average total bonus: £425k

Average total: £656k

Count: 10

Headhunting firm’s figure for MD pay at Credit Suisse: £220k –  £400k

10. MD pay at Macquarie

Average basic salary : £238k

Average total bonus: £362k

Average total: £600k

Count: 5

11. MD pay at BNP Paribas

Average basic salary : £232k

Average total bonus: £325k

Average total: £557k

Count: 10

12. MD pay at Citigroup

Average basic salary : £232k

Average total bonus: £325k

Average total: £557k

Count: 10

Headhunting firm’s figure for MD pay at Citigroup: £300k – £600k

MD pay at HSBC

Average basic salary : £221k

Average total bonus: £279k

Average total: £500k

Count: 6

MD pay at Commerzbank

Average basic salary : £254k

Average total bonus: £245k

Average total: £499k

Count: 4

MD pay at Lloyds TSB

Average basic salary: £208k

Average total bonus: £250k

Average total: £458k

Count: 3

MD pay at Jefferies

Average basic salary : £288k

Average total bonus: £155k

Average total: £443k

Count: 4

MD pay at Societe Generale

Average basic salary : £201k

Average total bonus: £234k

Average total: £433k

Count: 4

MD salaries at RBS

Headhunter’s figure for RBS MD salaries: £225k – £350k

Related articles:

Crazy bonuses seemingly on offer at Barclays 

The high-paying banking jobs no one wants

Most bankers won’t care about the EU bonus cap of 2.5 times salary 

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