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Wells Fargo Investment Banking Associate Salary
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Wells Fargo Gives Raises To Junior Investment Bankers
If you work in investment banking or sales and trading, you might think you’ve made it on Wall Street.
Your salary varies a lot depending on whether you work in a tier 1 or tier 2 bank.
On average, we found that annual compensation ranges from about $95,000 for analysts to $722,000 for managing directors.
To see how those numbers break down across Wall Street banks, we reached out to Emolument, a salary benchmarking website.
Investment Banking Career Path
Emolument divided 20 major banks into Tier 1 and Tier 2 categories, based on what the banks paid their New York-based employees. Data was collected from 1,853 responses.
At Level 1, they include Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America Merrill Lynch, Deutsche Bank, Citigroup and Credit Suisse (Tie), Barclays and UBS, in descending order.
Tier 2, ranked in descending order, includes HSBC, Nomura Holdings, RBC, BNP Paribas, RBS, TD Securities, Wells Fargo, Lazard, Jefferies, Société Générale and BMO.
Even at the entry level, the difference is very noticeable. Analyst bonuses at first-tier banks are, on average, three times higher than at second-tier banks.
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Directors of first-tier banks earn an average of $115,000 more than those of second-tier banks. For general managers, the difference is about $472,500.
The difference extends to the top. Last year, Goldman Sachs CEO Lloyd Blankfein earned around $22 million a year.
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Wall Street Bumping Up Entry Level Investment Banker Salaries To $100k+ (and Bonuses Up To $200k)
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Investment banking analysts are usually hired straight out of college in a two-year program that sometimes extends into a third year.
For most 1st year analysts in investment banking, the average “all-in” compensation is around $170,000 to $190,000.
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The table below summarizes the average compensation for 1st year, 2nd year and increasingly rare 3rd year analysts.
Traditionally, investment banking analysts receive their first-year bonus 12 months after joining and do not transition to calendar year bonuses until they are promoted to associate (“a to a”).
However, companies are increasingly adopting a “stub year” model for IB analysts to reset their bonuses at the end of the December calendar year. In this case, analysts receive a “small” stub at the end of their first calendar year (usually only 5 months after earning $30,000-35,000), with the next bonus coming 12 months later.
As in the US, there is a standard base: in London almost all firms currently offer a base of £60,000, rising to £65,000 and £70,000 respectively for 2nd and 3rd year analysts.
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Pay in smaller financial centers in Europe such as Switzerland, Frankfurt and Zurich is comparable to that in London after adjusting for the pound sterling to the euro.
Absolute top performers receive 100% of their base as a bonus (and in rare cases even 105% of base), while weak analysts receive 70% of base pay at most companies.
In many organizations, placing at the bottom of the group is a not-so-subtle indicator that you won’t be promoted to associate later.
How analysts rank against others in the group – how they rank against other groups or other organizations – is therefore the single most important indicator of career prospects within the organization.
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Investment banks organize their groups primarily around industries (“hedging”) and compete with other firms based on the number of deals they close in each industry.
If there is an analyst in an industry group that closes a lot of deals and brings in a lot of income to the bank, the bonus pool for that group is larger than for less successful groups.
At the end of each year, investment banks set aside a percentage of company revenue for employee compensation.
Not all investment banks are the same – a few, known as bulge brackets, work on multi-billion dollar deals and are part of the world’s largest financial institutions (e.g. Goldman Sachs, Morgan Stanley and JP Morgan).
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Others, called elite boutiques, work on equally large deals but focus solely on investment banking M&A advisory (eg Evercore, Lazard and Guggenheim).
Finally, others focus on the middle market. Although you can allocate them in different ways, compensation is generally well defined in most “elite” organizations:
As banks find it increasingly difficult to retain analysts who prefer private equity (despite a more relaxed dress code), fewer analysts are staying in their second year, let alone their third.
Johnson Associates, a compensation consultancy, expects year-end incentives (i.e. bonuses) to reach their highest level since the Great Recession of 2008 due to a significant rebound in the volume of transactions in the financial services sector.
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In 2021, Goldman Sachs and JP Morgan are each preparing to pay outsized bonuses to their investment bankers, with virtually all investment banks following suit.
For example, Goldman Sachs is expected to raise base salaries for its junior investment banking analysts from $85,000 to $110,000.
Therefore, along with increasing the base salary, the major banks are focusing on building a culture of “pay for performance”.
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Get instant access to video lessons from experienced investment bankers. Learn financial statement modeling, DCF, M&A, LBO, Excel comps and shortcuts. Banking has become a tougher job than it has been lately (we all know that). It’s a sweatshop here and everyone works 100 hour weeks like nobody else. There is nothing to do. at all They might think everything will be fine because they tell us that they will “invest in the resources of junior bankers”… but guess what? It does not work. Doing is better than saying.
Why is it possible for a human being (actually not 1 human, but hundreds) to beg for food 12 months later when they were fed during less stressful times? Yeah, an analyst here even made a game and passed it around and he rose through the ranks (optimally, lol who knew). It’s been months now and we
