VP pay in investment banks: bank-by-bank, here's how much you'll earn in London

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VP pay in investment banks: bank-by-bank, here's how much you'll earn in London

How much did investment banks in London pay their vice presidents (VPs) in investment banking divisions (M&A, ECM and DCM) in salaries and bonuses for 2018/2019?

A new compensation survey from London-based recruitment firm Arkesden Partners suggests that your VP years will be spent earning £249k ($326k) and £338k ($443k), depending upon where you work. 

As the chart based upon Arkesden's data shows below, some banks pay more than others. - JPMorgan consistently pays the most once you get beyond the first year of being a VP; Barclays consistently pays the least.

Salaries and bonuses for vice presidents at Bank of America in London

Salaries for VPs at Bank of America are a steady £150k at all levels according to Arkesden. However, the bank increases bonuses with seniority. 

Arkesden says average total compensation for VPs at BofA was flat to down very slightly in 2018 compared to 2017.

Salaries and bonuses for vice presidents at Barclays in London

Salaries for VPs at Barclays are lower than at other banks (eg. Morgan Stanley), and Arkesden suggests Barclays' bonuses are lower too.

Arkesden says average total compensation for VPs at Barclays rose slightly for VP1s last year, but fell slightly for VPs in their second and third years.  

Salaries and bonuses for vice presidents at Citi in London

Salaries for VPs at Citi are similar to salaries at Bank of America. - A steady £150k at all levels. As at BofA, Citi flexes bonuses with seniority.

Arkesden says average total compensation for VPs at Citi rose very slightly at all levels last year.

Salaries and bonuses for vice presidents at Credit Suisse in London

Salaries for VPs at Credit Suisse are the same as at Citi and Bank of America. - Arkesden says the bank pays a steady £150k at all levels. However, the more senior you are, the bigger your bonus.

Arkesden says average total compensation for VPs at Credit Suisse rose very slightly at all levels last year (compared to 2017).

Salaries and bonuses for vice presidents at Deutsche Bank in London

Unlike U.S. banks, Deutsche Bank increases salaries for VPs as they become more senior. Bonuses increase too, but by less than at the steady-salary banks.

Arkesden says average total compensation for VPs at Deutsche Bank was flat to very slightly down at all levels last year.

Salaries and bonuses for vice presidents at Goldman Sachs in London

Arkesden says Goldman Sachs cut salaries for its VPs in London last year, with the result that overall compensation fell for the bank's VPs at all levels.

Goldman didn't respond to a request to comment on the alleged pay cuts. Arkesden's estimates for Goldman's new VPs salaries and bonuses are given in the chart below.

Salaries and bonuses for vice presidents at JPMorgan in London

JPMorgan pays first VPs salaries of £140k and then hikes them to £155k for years two and three. Bonuses increase throughout.

Arkesden says average total compensation for VPs at JPMorgan increased slightly at all levels last year.

Salaries and bonuses for vice presidents at Morgan Stanley in London

Salaries for VPs at Morgan Stanley in London are far higher than at rival banks. Arkesden says Morgan Stanley VPs receive salaries of £170k in each year, but bonuses are lower to reflect this.

Arkesden says average total compensation for VPs at Morgan Stanley increased slightly at all levels last year.

Salaries and bonuses for vice presidents at UBS in London

Salaries for VPs at UBS in London start low, and then plateau. Arkesden says UBS VPs receive salaries of £135k in their first year, rising to £150k in years two and three. Bonuses rise throughout.

Arkesden says average total compensation for VPs at UBS rose for first and second years, but fell for third years last year (compared to 2017).

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