If you were asked to choose the best paying bank in London, you’d be unlikely to choose Nomura. New data suggests the Japanese investment bank is surprisingly generous, however. The same data suggests that HSBC and the Royal Bank of Scotland are among the worst payers in the City.
The figures, from peer-to-peer pay calculator, Emolument, suggest that managing directors (MDs) at Nomura earn an average of 26% more than MDs at JPMorgan, 70% more than MDs at Deutsche Bank and 135% more than MDs at HSBC. There are no figures for MDs at RBS, but Emolument’s data suggests directors at Nomura earn 80% more than directors at the government-owned bank.
We’ve listed the full set of data below, including only banks for which there were more than six data points. Nomura, JPMorgan, Deutsche Bank and RBS declined comment. HSBC wasn’t available to comment.
The figures provided by Emolument have not been verified by the banks and apply to both salaries and bonuses. Emolument’s data is derived from bankers themselves, who entered their details voluntarily into the Emolument system over the past six months. The data has been sense checked Emolument to ensure, for example, that there are no MDs with two years’ experience, and corrected for anomalies.
When banks employ hundreds or thousands of staff in each category, there is a clear health risk to presenting pay data based on only six or seven entries. However, Alice Leguay, head of business development at Emolument, said she believes the samples are accurate. “As soon as you have a sample of about five, we’ve found that having additional entries doesn’t alter the data all that much,” she said.
Figures apply to average annual total compensation across markets and corporate finance jobs in London.
Ranking banking pay for associates in London
1. Citigroup: £127k (6 entries)
2. Credit Suisse: £126k (8 entries)
3. HSBC: £125k (19 entries)
4. UBS: £123k (15 entries)
5. Deutsche Bank: £119k (12 entries)
6. Barclays Capital: £119k (12 entries)
7. Royal Bank of Scotland: £93k (7 entries)
Ranking banking pay for vice presidents in London
1. JPMorgan: £359k (13 entries)
2. Morgan Stanley: £260k (11 entries)
3. Deutsche Bank: £252k (13 entries)
4. Bank of America Merrill Lynch: £238k (7 entries)
5. Barclays Investment Bank: £232k (20 entries)
6. SocGen: £230k (8 entries)
7. Credit Suisse: £225k (9 entries)
8. UBS: £216k (13 entries)
9. HSBC: £154k (14 entries)
10. RBS: £136k (12 entries)
Ranking banking pay for directors in London
1. Nomura: £537k (8 entries)
2. Bank of America Merrill Lynch: £459k (9 entries)
3. Morgan Stanley: £418k (8 entries)
4. Deutsche Bank: £395k (14 entries)
5. Citigroup: £378k (11 entries)
6. JPMorgan: £368k (6 entries)
7. Credit Suisse: £356k (10 entries)
8. Rothschild: £308k (7 entries)
9. SocGen: £307k (7 entries)
10. RBS: £300k (11 entries)
11. UBS: £293k (15 entries)
12. Barclays: £271k (14 entries)
13. BNP Paribas: £265k (7 entries)
14. HSBC: £257k (13 entries)
Ranking banking pay for managing directors in London
1. Nomura: £1.2m (6 entries)
2. Bank of America Merrill Lynch: £977k (9 entries)
3. JPMorgan: £915k (7 entries)
4. UBS: £767k (12 entries)
5. Barclays Capital: £756k (7 entries)
6. Deutsche Bank: £681k (11 entries)
7. BNP Paribas: £568k (8 entries)
8. HSBC: £510k (8 entries)