INVESTMENT BANKING DIVERSITY STATS - As of May, 2024
This employer diversity data is based solely on user submissions to the WSO Company Database for interviews and employment during 2022, 2023, YTD 2024. Historical reports: 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011
Racial Diversity
Firm
YoY Δ
Percentile
BNP Paribas
02
98.7%
RBC Capital Markets
04
97.3%
J.P. Morgan
02
96.0%
Qatalyst Partners
No
94.7%
UBS AG
25
93.3%
Morgan Stanley
01
92.0%
Goldman Sachs
04
90.7%
TD Securities
14
89.3%
MUFG
15
88.0%
Scotiabank
01
86.7%
Deutsche Bank
01
85.3%
HSBC
11
84.0%
PJT Partners
13
82.7%
Citigroup
02
81.3%
Wells Fargo and Company
No
80.0%
UBS
14
78.7%
Barclays
14
77.3%
RBC Royal Bank of Canada
04
76.0%
Evercore
02
74.7%
Centerview Partners
05
73.3%
Cantor Fitzgerald
17
72.0%
Jefferies & Company
07
70.7%
Credit Suisse
10
69.3%
PwC Corporate Finance
08
68.0%
JPMorgan Chase
05
66.7%
Société Générale
10
65.3%
BMO Capital Markets
14
64.0%
Lincoln International
15
62.7%
Banco Santander
07
61.3%
Nomura Holdings
07
60.0%
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 (35.2%)
02
98.8%
CIBC World Markets (32.8%)
05
97.5%
Nomura Holdings (32.5%)
02
96.3%
Intrepid Investment Bankers (32.2%)
08
95.0%
Scotiabank (32.0%)
08
93.8%
BDA Partners (31.9%)
04
92.5%
nomura securities (30.3%)
28
91.3%
J.P. Morgan (29.5%)
17
90.0%
Credit Suisse (28.7%)
07
88.8%
Cowen Group (26.9%)
09
87.5%
Centerview Partners (25.3%)
07
86.3%
Evercore (24.8%)
05
85.0%
Citigroup (23.3%)
17
83.8%
China International Capital Corporation (22.5%)
03
82.5%
JPMorgan Chase (22.3%)
05
81.3%
Morgan Stanley (22.2%)
15
80.0%
Perella Weinberg Partners (22.1%)
03
78.8%
PJT Partners (21.6%)
10
77.5%
Société Générale (21.4%)
34
76.3%
RBC Royal Bank of Canada (21.3%)
06
75.0%
Bank of America Merrill Lynch (21.2%)
11
73.8%
Qatalyst Partners (21.0%)
12
72.5%
Credit Agricole (20.6%)
05
71.3%
Deutsche Bank (20.4%)
21
70.0%
Goldman Sachs (20.4%)
04
68.8%
Rothschild (20.0%)
10
67.5%
DC Advisory (19.2%)
No
66.3%
TD Securities (19.0%)
09
65.0%
Macquarie Group Limited ABN (18.4%)
08
63.8%
Greenhill (18.1%)
08
62.5%
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
Intrepid Investment Bankers (32.0%)
04
98.8%
Duff & Phelps (30.4%)
02
97.5%
Macquarie Group Limited ABN (29.0%)
25
96.3%
Stifel Financial (26.4%)
12
95.0%
Stephens Inc (25.6%)
15
93.8%
Robert W. Baird & Co. (22.2%)
32
92.5%
Cantor Fitzgerald (20.8%)
47
91.3%
Qatalyst Partners (20.8%)
33
90.0%
Piper Sandler (20.7%)
12
88.8%
J.P. Morgan (19.7%)
74
87.5%
National Bank Financial Group (19.5%)
36
86.3%
DC Advisory (19.1%)
03
85.0%
nomura securities (18.4%)
47
83.8%
Cowen Group (18.0%)
21
82.5%
Greenhill (17.9%)
44
81.3%
Alantra (17.7%)
06
80.0%
Lincoln International (17.7%)
08
78.8%
TD Securities (16.6%)
11
77.5%
Black Arch Partners (16.3%)
26
76.3%
Shea & co (16.3%)
01
75.0%
KeyBanc Capital Markets (16.2%)
49
73.8%
MUFG (16.1%)
04
72.5%
Houlihan Lokey (15.6%)
39
71.3%
Oppenheimer (15.6%)
12
70.0%
Lazard Freres (15.4%)
24
68.8%
Wells Fargo and Company (15.4%)
20
67.5%
Raymond James Financial Inc. (15.2%)
01
66.3%
JPMorgan Chase (14.3%)
37
65.0%
Brown Gibbons Lang and Company (14.2%)
44
63.8%
Morgan Stanley (13.6%)
10
62.5%
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
Qatalyst Partners (33.5%)
01
98.8%
Intrepid Investment Bankers (12.6%)
01
97.5%
Moelis & Company (8.0%)
02
96.3%
J.P. Morgan (6.5%)
04
95.0%
MUFG (5.3%)
07
93.8%
Deutsche Bank (5.1%)
21
92.5%
Lincoln International (5.0%)
11
91.3%
Evercore (4.7%)
02
90.0%
Greenhill (4.4%)
21
88.8%
PJT Partners (4.3%)
04
87.5%
Jefferies & Company (4.1%)
04
86.3%
UBS (3.9%)
20
85.0%
Stifel Financial (3.8%)
16
83.8%
Bank of America Merrill Lynch (3.7%)
14
82.5%
TD Securities (3.6%)
01
81.3%
RBC Royal Bank of Canada (3.5%)
03
80.0%
Wells Fargo and Company (3.5%)
09
78.8%
Harris Williams & Co. (3.4%)
13
77.5%
BNP Paribas (3.3%)
01
76.3%
Lazard Freres (2.8%)
11
75.0%
Piper Sandler (2.8%)
15
73.8%
Morgan Stanley (2.7%)
05
72.5%
Barclays (2.6%)
No
71.3%
Banco Santander (2.5%)
10
70.0%
Centerview Partners (2.3%)
14
68.8%
Perella Weinberg Partners (2.2%)
11
67.5%
Truist Securities (2.1%)
08
66.3%
Goldman Sachs (2.0%)
05
65.0%
RBC Capital Markets (1.8%)
08
63.8%
Guggenheim Partners (1.8%)
77
62.5%
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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