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League table of first quarter pay

Suffice to say, Goldman is very on top. Morgan Stanley is very on bottom.

1. Goldman Sachs:

Average total comp per head: $169k

Headcount: 27,898

Total compensation expenditure Q109: $4.7bn.

2. Deutsche Bank (Corporate and Investment Bank)

Average total comp per head: $135k (€103k).

Headcount: 14,445

Total compensation expenditure Q109: €1.5bn

3. Credit Suisse (Investment Bank)

Average total comp per head: $135k (CHF155)

Headcount: 18,800

Total compensation expenditure Q109: CHF2.9bn

4. Greenhill

Average total comp per head: $129k

Headcount: 221 (based on the addition of 7 people since figures last disclosed)

Total compensation expenditure Q109: $28m

5. JPMorgan (Investment Bank)

Average total comp per head: $127k

Headcount: 26,142

Total compensation expenditure Q109: $3.3bn

6. Morgan Stanley

Average total comp per head: $47k

Headcount: 44,241

Total compensation expenditure Q109: $2.0bn

Comments (17)

Comments
  1. Didn’t realise Morgan Stanley had so many people. Maybe that is why they can’t afford to pay them.

  2. check total comp figure for Goldman. it cant be $102 mln

    Wanna join JPM IBD Reply
     
  3. Thanks. Amended that.

    Sarah, Editor, eFinancialCareers Reply
     
  4. What is “Average total comp per head”?

    Do you mean that everyone is paid that amount?

    For example, I know for a fact that back-office folks (IT, OPs, Risk) compensation is not that level for most.

    What do calculations or metrics do you imploy to come up the figures for “Average total comp per head”?

  5. Average total comp per head is mean compensation (total expenditure on compensation/total employees). It does not mean that everyone is paid that.

    Sarah, Editor, eFinancialCareers Reply
     
  6. Simple man – the saying goes there are no stupid questions, only stupid answers. You proved everyone wrong!

  7. “Do you mean that everyone is paid that amount?

    For example, I know for a fact that back-office folks (IT, OPs, Risk) compensation is not that level for most. ”

    LOL!
    The above’s more like my monthly wage than quarterly..

  8. Since these are Q1 figures, does it mean that the annual should be about 4 times?

  9. Sarah,

    What a very generic piece of journalism! Do you only have data on 6 financial institutions?
    I would have thought that you would go into a little more depth on the numbers. At least perhaps have the same currency for your figures? Presumably these figures also incorporate bonus’? – Sorry, but very woolly!!!

    Frustrated reader Reply
     
  10. Frustrated reader – these are the only 6 that break out figures for investment banking (altho Morgan Stanley and ML also include wealth management). It’s total compensation – salary and bonus. And the average figure are all given in the same currency – dollars.

    This isn’t supposed to be a piece of indepth analysis, just an interesting snapshot of one metric from Q1 results.

    Sarah, Editor, eFinancialCareers Reply
     
  11. Anon – if the remaining 3 quarters were as good as the first, the annual would indeed be four times the figures given above. This is unlikely to be the case though.

    Sarah, Editor, eFinancialCareers Reply
     
  12. Oscar – thought it was “there are no such things as stupid questions, only stupid people” or something!

    OK Sarah here’s a question – surely in one quarter each bank will have an enormously higher compensation figure when that’s when they pay out bonuses? The rest of the time its just base salary, expenses and redundancy pays?? Or do they set aside each quarter an amount that they’ll pay for bonuses later on???? Thanks

  13. Bonus=LIFE – they accrue money for annual bonus payments every quarter.

    Sarah, Editor, eFinancialCareers Reply
     
  14. Simple man… ha ha ha… Always wanted to ask that question myself … but as I am not simple,I figured out the answer by assuming that EFC is doing a straight division of Total Rev by headcount… Genius!!!!

    Mr. Frank White Reply
     
  15. Mr. Frank – its not total rev/ headcount.. its staff expenditure/ headcount.. very different.

  16. I do hope simple man is not in banking. that would go someway to explaining things…

  17. Are you sure this comparison is like for like? MS high headcount would appear to include the retail brokerage arm. Not sure how much of this was included in the Discover spin-off and whether you have pro formaed figures. It was always the case that the majority of employees at MS was at the labour intensive retail brokerage, but this only generated a minority of profits and bonus accruals. The investment bank should have a much higher comp per capita.

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