ARKESDEN

COMPENSATION
REPORT
2019/20

BANKING
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Welcome to the Arkesden

Compensation Report for 2019/20
Whilst the annual Arkesden Compensation Report is To strike a more positive note, the investment banks are
designed to look back at the compensation structures for perhaps able to form more of a part to the solution than
the past year in M&A, most people are looking to the year 2008. They are well capitalised and regulated, with many
ahead given the significant and tumultuous times globally in M&A teams running lean already, and a historically large
the markets as we go to print. sponsors’ war chest to help put to work. There is around
$2 trillion of LP equity awaiting opportunistic investment,
At best it seems there is a significant slowdown ahead for it may not be too long before the markets find a bottom,
the global economy and at worst a global recession to fiscal stimulus can take effect and life can move towards a
come. The direction of travel is ultimately still too early to normalised system, whatever that may look like for us all.
call but with fiscal stimulus at a level not seen since 2008,
there is clearly a huge damage limitation exercise in place. We hope you enjoy this report, and to all of our readers and
What is obvious is that the decade long bull market is most your families, wishing you a healthy few months ahead.
likely at an end and choppier waters lie ahead.
Adam Cairns
How this will ultimately play out for our many sell side Founder, Arkesden Partners
clients is yet unclear. Certain sectors covered by the
Banks are going to feel a great deal of pain as pricing
and asset value adjustments take place. Yet the drop in
asset values may lead to the need for industry and sector
specific amalgamations driven by increasingly opportunistic
sponsors’ activity, bringing in restructuring and debt advisory
work, alongside the need to access the leveraged and credit
piece.
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Compensation
Trends for 2019
• Mean compensation trends • Widening bonus ranges • Widening gap between European
and US banks
From the data laid out in the report there has been a A significant takeaway from this year’s report is the greater
reduction in mean compensation on last year, particularly spread of bonus ranges. Those top-ranked in their class Amongst the widening ranges within classes, this year we
at the Associate and VP levels. This is reflective of the can still see very strong compensation, whilst those at the have also noted a growing gap between the European and
reduced M&A landscape over the last 12 months and an bottom of the ranking tables have seen lower bonuses US banks. This applies to mid-level Associates and above,
increased emphasis within banks to cut costs. Prominent than usual for the same ranking. This trend comes from the and is a remarkable reversal compared to our previous
reductions in mean compensation can be seen at Deutsche general market conditions over the past year and banks’ reports. It is worth highlighting the consistently strong
Bank and Barclays, with the former apparently reporting a desire to retain their top talent, at the expense of those compensation paid out at Bank of America, as well as
bonus pool down between 30-35% on last year.  less favoured. The high ‘upper’ bonuses have served to, Credit Suisse for remaining within range of the Americans.
in some instances, increase the overall mean
compensation we have provided. Looking ahead, this is a
key trend to watch when considering how banks will look
to adapt their team structures in what are bound to be
uncertain times. 

• Strong total compensation and changes • Variable VP bases

in cycling for 2016/2017 starters
In an ongoing trend of looking to compensate top
The trend of reducing the Analyst programmes has performers, we’ve identified an increased propensity for
continued this year with Bank of America, Morgan Stanley, variable VP bases at JP Morgan and Goldman Sachs.
Goldman Sachs and Deutsche Bank amongst those These can vary by as much as £15,000 for the same
running two-year Analyst cycles, in an attempt to retain level and allows a higher level of total compensation.
junior talent. As such, this is the first year where we have Subsequently, upon review of the report do bear this in
seen the dividends of this, with the 2017 and 2016 classes mind as it has contributed to the increased bifurcation of
seeing a considerable uplift in their total compensation total compensation within the same cohorts.
compared to previous years having jumped to base
salaries of £80,000 two years into their careers.
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Analyst, Associate & Vice President – Fixed Compensation 2020 Onwards

LEVEL Analyst 1 Analyst 2 Analyst 3 Associate 0/1 Associate 1/2 Associate 2/3 Associate 3/4 VP 1 VP 2 VP 3

BANK 18/19 19/20 18/19 19/20 18/19 19/20 18/19 19/20 18/19 19/20 18/19 19/20 18/19 19/20 18/19 19/20 18/19 19/20 18/19 19/20

JP Morgan** £50K £50K £55K £55K £60K £60K £90K £90K £90K £90K £105K £105K £120K £120K £135K £145K £155K £155K £155K £160K

Goldman
£50K £50K £60K £60K N/A N/A £80K £80K £91K £91K £106K £106K £122K £122K £128K £128K £134K £134K £146K £150K
Sachs**

Morgan
£50K £50K £55K £55K N/A N/A £80K £81K £98K £98K £111K £123K £123K £123K £170K £170K £170K £170K £170K £170K
Stanley

BAML £50K £50K £55K £60K N/A N/A £90K £90K £90K £90K £105K £105K £120K £120K £150K £150K £150K £150K £150K £150K

CITI £50K £50K £55K £55K £60K £60K £80K £90K £90K £90K £105K £105K £120K £120K £150K £135K £150K £150K £150K £150K

Deutsche £110/
£50K £50K £55K £55K* N/A N/A £80K £80K £90K £90K £105K £105K £120K £140K £140K £155K £155K £170K £155K
Bank 120K***

Barclays £50K £50K £55K £55K £60K £60K N/A N/A £90K £90K £105K £105K £115K £120K £135K £140K £145K £145K £155K £155K

Credit
£50K £50K £55K £55K £60K £60K £80K £90K £90K £90K £105K £105K £120K £120K £150K £150K £150K £150K £150K £150K
Suisse

UBS £50K £50K £58K £58K £62K £62K N/A N/A £95K £95K £110K £110K £122K £122K £150K £150K £150K £150K £150K £150K

* Top ranked Deutsche Bank Analyst 2’s go to a £60,000 base halfway through their cycle
** Each VP level’s base salary at these institutions can vary by £0 to £15,000, depending on performance
*** Deutsche run a four year associate programme, please see rest of the report for details
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Changes to Analyst and Associate Promotion Cycles 2020 Onwards

Total Years to
BANK Bonus Cycle Analyst 1 Analyst 2 Analyst 3 Associate 0 Associate 1 Associate 2 Associate 3 Associate 4
VP

JP Morgan Summer 1 year 1 year 1 year 6 months 1 year 1 year 1 year N/A 6.5 years

Goldman
Summer 1 year 1 year N/A 6 months 1 year 1 year 1 year 1 year 6.5 years
Sachs

Morgan
Summer 1 year 1 year N/A 1 year 6 months 1 year 1 year 1 year 6.5 years
Stanley

BAML Summer 1 year 1 year N/A 6 months 1 year 1 year 1 year N/A 5.5 years

CITI Summer 1 year 1 year 1 year 6 months 1 year 1 year 1 year N/A 6.5 years

Deutsche
Summer 1 year 1 year N/A 6 months 1 year 1 year 1 year 1 year 6.5 years
Bank

Barclays Winter 6 months 1 year 1 year N/A 1 year 1 year 1 year N/A 5.5 years

Credit Suisse Winter 1 year 1 year 1 year 6 months 1 year 1 year 1 year N/A 6.5 years

UBS Winter 6 months 1 year 1 year N/A 1 year 1 year 1 year N/A 5.5 years
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Analyst 1 - 2019 Starters

2018/2019 2019/2020
2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020
BANK Bonus Cycle Mean Total Mean Total
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus
Comp Comp

Not Not
JP Morgan Summer £50,000 £50,000 £46,000 £37,000 £87,000 N/A
Announced Announced

Not Not
Goldman Sachs Summer £50,000 £50,000 £46,000 £38,000 £88,000 N/A
Announced Announced

Not Not
Morgan Stanley Summer £50,000 £50,000 £35,000 £30,000 £80,000 N/A
Announced Announced

Not Not
BAML Summer £50,000 £50,000 £47,000 £38,000 £88,000 N/A
Announced Announced

Not Not
CITI Summer £50,000 £50,000 £46,000 £41,000 £91,000 N/A
Announced Announced

Not
Deutsche Bank Summer £50,000 £50,000 N/A N/A £16,000 stub £66,000 N/A
Announced

Barclays Winter £50,000 £50,000 N/A N/A £13,000 stub £13,000 stub £63,000 £63,000

Credit Suisse Winter £50,000 £50,000 N/A N/A £18,000 stub £18,000 stub £68,000 £68,000

UBS Winter £50,000 £50,000 N/A N/A £10,000 stub £10,000 stub £60,000 £60,000
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Analyst 2 - 2018 Starters

2018/2019 2019/2020
2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020
BANK Bonus Cycle Mean Total Mean Total
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus
Comp Comp

Not Not
JP Morgan Summer £55,000 £55,000 £50,000 £43,000 £98,000 N/A
Announced Announced

Not Not
Goldman Sachs Summer £60,000 £60,000 £45,000 £37,500 £97,500 N/A
Announced Announced

Not Not
Morgan Stanley Summer £55,000 £55,000 £36,000 £30,000 £85,000 N/A
Announced Announced

Not Not
BAML Summer £55,000 £60,000 £50,000 £35,000 £90,000 N/A
Announced Announced

Not Not
CITI Summer £55,000 £55,000 £52,000 £42,000 £97,000 N/A
Announced Announced

Not Not
Deutsche Bank Summer £55,000 £55,000 £38,000 £32,000 £87,000 N/A
Announced Announced

Barclays Winter £55,000 £55,000 £45,000 £46,000 £35,000 £31,000 £90,000 £86,000

Credit Suisse Winter £55,000 £55,000 £46,000 £55,000 £37,000 £36,000 £92,000 £91,000

UBS Winter £58,000 £58,000 £48,000 £50,000 £36,000 £34,000 £94,000 £92,000
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Analyst 3 / Associate 0 - 2017 Starters

Sign on
2018/2019 2019/2020
2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020 Bonus Stub Bonus
BANK Bonus Cycle Mean Total Mean Total
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus Summer January 2020
Comp Comp
2019

Not Not
JP Morgan Summer £60,000 £60,000 £75,000 £62,000 N/A N/A £122,000 N/A
Announced Announced

Goldman Not Not

Summer £60,000 £80,000 £80,000 £60,000 N/A £25,000 £120,000 N/A
Sachs* Announced Announced

Morgan Not Not

Summer £60,000 £81,000 £78,000 £59,000 £16,000 N/A £139,000 N/A
Stanley* Announced Announced

Not Not
BAML* Summer £60,000 £80,000 £65,000 £35,000 £30,000 £25,000 £115,000 N/A
Announced Announced

Not Not
CITI Summer £60,000 £60,000 £64,000 £54,000 N/A N/A £114,000 N/A
Announced Announced

Deutsche
Summer £60,000 £80,000 £60,000 £60,000 £45,000 £41,000 £22,500 N/A £105,000 £143,500
Bank*

Barclays Winter £60,000 £60,000 £52,000 £60,000 £43,000 £42,000 N/A N/A £103,000 £102,000

Credit Suisse Winter £60,000 £60,000 £64,000 £66,000 £46,000 £44,000 N/A N/A £106,000 £104,000

UBS Winter £62,000 £62,000 £65,000 £68,000 £47,000 £42,000 N/A N/A £109,000 £104,000

* These banks operate a two year Analyst cycle so do not have the Analyst 3 level
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Associate 0/1 - 2016 Starters

Summer Fixed & Level Summer 2019 Fixed January 2020 Upper Bonus Range Mean Bonus Range
BANK
2019 Associate Sign On January 2020 Stub (Inc. when paid) (Inc. when paid)

£90,000 £90,000 £66,000 £62,000

JP Morgan £25,000 £25,000
Associate 0 Associate 1 Summer 2019 Summer 2019

£80,000 £91,000 £64,000 £60,000

Goldman Sachs N/A £25,000
Associate 0 Associate 1 Summer 2019 Summer 2019

£81,000 £98,000 £62,000 £54,000

Morgan Stanley £16,000 £33,000
Associate 1 Associate 2 Summer 2019 Summer 2019

£90,000 £90,000 £65,000 £56,000

BAML £30,000 £25,000
Associate 0 Associate 1 Summer 2019 Summer 2019

£90,000 £90,000 £64,000 £54,000

CITI £25,000 £20,000
Associate 0 Associate 1 Summer 2019 Summer 2019

£90,000 £90,000 £65,000 £41,000

Deutsche Bank £22,500 N/A
Associate 0 Associate 1 Summer 2019 Summer 2019

£90,000 £90,000 £60,000 £45,000

Barclays N/A N/A
Associate 1 Associate 1 January 2020 January 2020

£90,000 £90,000 £60,000 £44,000

Credit Suisse £25,000 £30,000
Associate 0 Associate 1 January 2020 January 2020

£95,000 £95,000 £64,000 £40,000

UBS N/A N/A
Associate 1 Associate 1 January 2020 January 2020

Due to changes across the banks over the last 6-12 months this is how it currently stands for the 2016 class. As a result of these changes we have not compared
them to previous years.
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Associate 1/2 - 2015 Starters

2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020

BANK
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus Mean Total Comp Mean Total Comp

JP Morgan £90,000 £90,000 £102,000 £100,000 £77,000 £72,000 £167,000 £162,000

Goldman Sachs £91,000 £91,000 £115,000 £105,000 £79,000 £73,000 £170,000 £164,000

Morgan Stanley £98,000 £98,000 £98,000 £90,000 £68,000 £63,000 £166,000 £161,000

BAML £90,000 £90,000 £125,000 £125,000 £76,000 £79,000 £166,000 £169,000

CITI £90,000 £90,000 £92,000 £105,000 £71,000 £68,000 £161,000 £158,000

Deutsche Bank £90,000 £105,000* £88,000 £85,000 £64,000 £52,000 £154,000 £157,000

Barclays £90,000 £90,000 £90,000 £85,000 £66,000 £62,000 £156,000 £152,000

Credit Suisse £90,000 £90,000 £92,000 £90,000 £68,000 £63,000 £158,000 £153,000

UBS £95,000 £95,000 £95,000 £95,000 £73,000 £65,000 £168,000 £160,000

* Deutsche Bank have 4 full years at Associate, therefore a higher base earlier compared to their peers at other
banks but a longer progression to £120,000.
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Associate 2/3 - 2014 Starters

2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020

BANK
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus Mean Total Comp Mean Total Comp

JP Morgan £105,000 £105,000 £122,000 £120,000 £87,000 £82,000 £192,000 £187,000

Goldman Sachs £106,000 £106,000 £125,000 £124,000 £85,000 £81,000 £191,000 £187,000

Morgan Stanley £111,000 £123,000 £118,000 £126,000 £76,000 £71,000 £187,000 £194,000

BAML £105,000 £105,000 £128,000 £130,000 £87,000 £84,000 £192,000 £189,000

CITI £105,000 £105,000 £106,000 £130,000 £79,000 £77,000 £184,000 £182,000

Deutsche Bank £105,000 £110,000 £105,000 £100,000 £73,000 £67,000 £178,000 £177,000

Barclays £105,000 £105,000 £100,000 £95,000 £76,000 £68,000 £181,000 £173,000

Credit Suisse £105,000 £105,000 £110,000 £129,000 £77,000 £75,000 £182,000 £180,000

UBS £110,000 £110,000 £112,000 £118,000 £79,000 £72,000 £189,000 £182,000

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Associate 3/4 - 2013 Starters

2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020

BANK
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus Mean Total Comp Mean Total Comp

JP Morgan £120,000 £120,000 £160,000 £140,000 £106,000 £97,000 £226,000 £217,000

Goldman Sachs £122,000 £123,000 £142,000 £160,000 £101,000 £96,000 £223,000 £219,000

Morgan Stanley £123,000 £123,000 £146,000 £164,000 £91,000 £92,000 £214,000 £215,000

BAML £120,000 £120,000 £170,000 £167,000 £108,000 £104,000 £228,000 £224,000

CITI £120,000 £120,000 £135,000 £156,000 £97,000 £94,000 £217,000 £214,000

Deutsche Bank £120,000 £120,000 £126,000 £120,000 £84,000 £82,000 £204,000 £202,000

Barclays £115,000 £120,000 £132,000 £115,000 £86,000 £75,000 £201,000 £195,000

Credit Suisse £120,000 £120,000 £142,000 £150,000 £102,000 £95,000 £222,000 £215,000

UBS £123,000 £123,000 £140,000 £120,000 £93,000 £86,000 £216,000 £209,000

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VP 1 - 2019 Promotes

2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020

BANK
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus Mean Total Comp Mean Total Comp

JP Morgan* £140,000 £140,000 £185,000 £170,500 £128,000 £121,000 £268,000 £261,000

Goldman Sachs* £128,000 £128,000 £172,000 £195,000 £125,000 £119,000 £253,000 £247,000

Morgan Stanley £170,000 £170,000 £170,000 £185,000 £96,000 £95,000 £266,000 £265,000

BAML £150,000 £150,000 £185,000 £200,000 £122,000 £120,000 £272,000 £270,000

CITI £150,000 £135,000 £180,000 £205,000 £119,000 £117,000 £269,000 £252,000

Deutsche Bank £140,000 £140,000 £146,000 £140,000 £109,000 £104,000 £249,000 £244,000

Barclays £140,000 £140,000 £170,000 £142,500 £115,000 £98,000 £255,000 £238,000

Credit Suisse £150,000 £150,000 £168,000 £175,000 £118,000 £114,000 £268,000 £264,000

UBS £135,000 £150,000 £170,000 £155,000 £117,000 £112,000 £252,000 £262,000

* Base salaries at these institutions vary by £0 - £15,000 based on performance.

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VP 2 - 2018 Promotes

2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020

BANK
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus Mean Total Comp Mean Total Comp

JP Morgan* £155,000 £155,000 £235,000 £200,000 £157,000 £145,000 £312,000 £300,000

Goldman Sachs* £134,000 £134,000 £230,000 £215,000 £151,000 £143,000 £285,000 £277,000

Morgan Stanley £170,000 £170,000 £220,000 £218,000 £119,000 £130,000 £289,000 £300,000

BAML £150,000 £150,000 £238,000 £220,000 £145,000 £142,000 £295,000 £292,000

CITI £150,000 £150,000 £236,000 £220,000 £142,000 £137,000 £292,000 £287,000

Deutsche Bank £155,000 £155,000 £202,000 £160,000 £120,000 £112,000 £275,000 £267,000

Barclays £145,000 £145,000 £200,000 £180,000 £126,000 £114,000 £271,000 £259,000

Credit Suisse £150,000 £150,000 £225,000 £205,000 £141,000 £138,000 £291,000 £288,000

UBS £150,000 £150,000 £240,000 £160,000 £138,000 £129,000 £288,000 £279,000

* Base salaries at these institutions vary by £0 - £15,000 based on performance.

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VP 3 - 2017 Promotes

2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020 2018/2019 2019/2020

Bank
Fixed Fixed Upper Bonus Upper Bonus Mean Bonus Mean Bonus Mean Total Comp Mean Total Comp

JP Morgan* £155,000 £160,000 £315,000 £260,000 £183,000 £169,000 £338,000 £329,000

Goldman Sachs* £134,000 £150,000 £290,000 £270,000 £176,000 £159,000 £310,000 £309,000

Morgan Stanley £170,000 £170,000 £255,000 £275,000 £161,000 £161,000 £331,000 £331,000

BAML £150,000 £150,000 £315,000 £285,000 £180,000 £174,000 £330,000 £324,000

CITI £150,000 £150,000 £275,000 £270,000 £175,000 £162,000 £325,000 £312,000

Deutsche Bank £170,000 £155,000 £238,000 £200,000 £145,000 £145,000 £315,000 £300,000

Barclays £155,000 £155,000 £245,000 £217,500 £149,000 £137,000 £304,000 £292,000

Credit Suisse £150,000 £150,000 £272,000 £235,000 £172,000 £160,000 £322,000 £310,000

UBS £150,000 £150,000 £260,000 £210,000 £158,000 £154,000 £308,000 £304,000

* Base salaries at these institutions vary by £0 - £15,000 based on performance.

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JP Morgan BAML Deutsche

Associate Average Total Compensation for 2014 - 2019 Goldman Sachs CITI Credit Suisse
Morgan Stanley Barclays UBS

Associate 1 Associate 2 Associate 3

£ 1000s £ 1000s £ 1000s

230 230 230

BAML

220 220 220 GS

JPM
MS / CS
CITI

210 210 210 UBS

DE
200 200 200
BC
MS

190 190 BAML 190

JPM / GS

CITI / UBS
180 180 CS 180
DE

BC

170 BAML
170 170

GS
JPM
MS
160 UBS 160 160
CITI
BC

CS
DE
150 150 150

140 140 140

130 130 130

2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
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JP Morgan BAML Deutsche

VP Average Total Compensation for 2014 - 2019 Goldman Sachs CITI Credit Suisse
Morgan Stanley Barclays UBS

Vice President 1 Vice President 2 Vice President 3

£ 1000s £ 1000s £ 1000s

340 340 340

MS
330 330 330 JPM

BAML

320 320 320

CITI
310 310 310 CS
GS

UBS

300 300 JPM / MS 300 DE

BAML BC
290 290 CS
290
CITI

280 280 UBS 280

GS

270 BAML 270 270

JPM DE
MS
CS
UBS
260 260 BC
260

CITI
250 250 250
GS
DE
240 BC
240 240

230 230 230

220 220 220

210 210 210

200 200 200

2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
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Arkesden Arkesden Banking Our Approach

www.arkesden.com www.arkesden.com/investment-banking During our ten year history we have built a very wide
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We are a leading search firm that focuses on placing Arkesden Banking Practice has consistently delivered both markets. This has been built from real belief and
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