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
03
98.7%
RBC Capital Markets
04
97.3%
J.P. Morgan
02
96.0%
Qatalyst Partners
01
94.7%
UBS AG
25
93.3%
Goldman Sachs
06
92.0%
Citigroup
04
90.7%
Morgan Stanley
01
89.3%
TD Securities
13
88.0%
MUFG
14
86.7%
HSBC
12
85.3%
PJT Partners
14
84.0%
Scotiabank
04
82.7%
Deutsche Bank
04
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%
JPMorgan Chase
03
69.3%
Credit Suisse
11
68.0%
PwC Corporate Finance
07
66.7%
Lincoln International
14
65.3%
BMO Capital Markets
15
64.0%
Société Générale
12
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%
BDA Partners (31.9%)
03
93.8%
Scotiabank (31.2%)
08
92.5%
nomura securities (30.3%)
28
91.3%
China International Capital Corporation (30.3%)
05
90.0%
J.P. Morgan (29.5%)
16
88.8%
Credit Suisse (28.7%)
06
87.5%
Cowen Group (26.9%)
10
86.3%
Centerview Partners (25.3%)
08
85.0%
Perella Weinberg Partners (25.3%)
02
83.8%
Evercore (24.8%)
03
82.5%
Société Générale (23.8%)
35
81.3%
Citigroup (23.3%)
14
80.0%
JPMorgan Chase (22.2%)
03
78.8%
Morgan Stanley (21.9%)
13
77.5%
PJT Partners (21.6%)
11
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%
Goldman Sachs (20.6%)
02
71.3%
Credit Agricole (20.6%)
06
70.0%
Deutsche Bank (19.9%)
19
68.8%
Rothschild (19.8%)
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%)
32
90.0%
Piper Sandler (20.2%)
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%)
48
83.8%
Cowen Group (18.0%)
21
82.5%
Greenhill (17.9%)
44
81.3%
Alantra (17.7%)
06
80.0%
Lincoln International (17.2%)
08
78.8%
KeyBanc Capital Markets (17.2%)
49
77.5%
TD Securities (16.6%)
10
76.3%
Black Arch Partners (16.3%)
25
75.0%
Shea & co (16.3%)
02
73.8%
MUFG (16.1%)
04
72.5%
Oppenheimer (15.6%)
11
71.3%
Houlihan Lokey (15.5%)
39
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%
Perella Weinberg Partners (14.8%)
32
65.0%
Brown Gibbons Lang and Company (14.2%)
45
63.8%
JPMorgan Chase (14.2%)
36
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 (5.0%)
21
92.5%
Lincoln International (4.9%)
12
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%)
19
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%)
08
78.8%
BNP Paribas (3.2%)
03
77.5%
Harris Williams & Co. (3.2%)
13
76.3%
Lazard Freres (2.8%)
11
75.0%
Piper Sandler (2.7%)
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 (2.1%)
12
67.5%
Truist Securities (2.1%)
09
66.3%
Goldman Sachs (2.0%)
05
65.0%
RBC Capital Markets (1.8%)
09
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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