Based on the investment banks’ estimated salaries for first-year analysts—bankers hired shortly after receiving their undergraduate degree—we have ranked the top ten highest paying investment banks. Furthermore, Goldman Sachs isn’t even among the top 5 investment banks on the list; it’s not the highest paying one.
So you’re curious about which banks are shelling out the biggest bucks for their employees? Buckle up, finance fam, because we’re about to delve into the world of high-paying banking institutions.
Spoiler alert: It’s not all about the big names you might expect.
Now let’s examine which banks are at the top of the list for employee compensation.
Top Contenders: Banks with the Highest Pay
1. Dexian: The Underdog with the Big Bite
Coming in hot at the top of the list is Dexian, a name that might not be as familiar as some of the other bigwigs in the banking world. But don’t let that fool you – Dexian is a powerhouse when it comes to employee compensation With an average hourly rate of $2481, Dexian is making waves in the industry.
2. Wells Fargo: The Big Dog with a Bite to Match
It should come as no surprise that the banking giant Wells Fargo is a key participant in the lucrative bank game. With an average hourly rate of $24. 55, Wells Fargo is offering competitive salaries to attract and retain top talent.
3. Think Bank: The New Kid on the Block with Big Dreams
Relatively new to the banking industry Think Bank is creating waves with its impressive benefits package. With an average hourly rate of $24. 38. Think Bank is demonstrating that it isn’t scared to take on the big boys in the industry.
4. Chase: The Steady Giant with a Steady Paycheck
Chase, another well-established name in banking, is offering a solid average hourly rate of $22.73. While this may not be the highest on the list, Chase’s reputation and stability make it a desirable employer for many.
5. M&T Bank: The Regional Player with a Regional Payout
Rounding out the top five is M&T Bank, a regional bank with a strong presence in the Northeast. With an average hourly rate of $22.46, M&T Bank is offering competitive salaries to attract talent in its region.
Beyond the Big Five: Exploring Other High-Paying Banks
The banking landscape is vast, and there are many other banks offering competitive salaries to their employees. Here are a few more to consider:
- U.S. Bank: This national bank offers an average hourly rate of $22.23.
- PNC Bank: This regional bank offers an average hourly rate of $21.92.
- Bank of America: This global banking giant offers an average hourly rate of $21.74.
- Citigroup: This global financial services company offers an average hourly rate of $21.55.
Remember, these are just averages, and actual salaries can vary depending on factors like experience, location, and job title.
Factors Influencing Bank Salaries
Several factors can influence how much banks pay their employees. Here are a few key ones:
- Location: Banks in major metropolitan areas tend to pay higher salaries than those in rural areas.
- Experience: As you gain more experience in the banking industry, you can expect your salary to increase.
- Job title: Certain job titles, such as investment bankers and financial analysts, typically command higher salaries.
- Education: A higher level of education, such as a master’s degree in finance, can also lead to a higher salary.
- Performance: Your performance on the job can also impact your salary.
Landing a High-Paying Banking Job: Tips and Tricks
So you’re aiming for a high-paying job at a top-tier bank? Here are a few tips to help you stand out from the competition:
- Get a strong education: A bachelor’s degree in finance or a related field is typically required for entry-level banking positions. A master’s degree can give you an edge in the job market.
- Gain relevant experience: Internships and entry-level jobs in the banking industry can provide you with valuable experience and skills.
- Develop strong analytical and problem-solving skills: These skills are essential for success in the banking industry.
- Network with industry professionals: Attending industry events and connecting with people on LinkedIn can help you learn about job opportunities and make valuable connections.
- Be prepared to interview well: Practice your interviewing skills and be prepared to answer common banking interview questions.
The Bottom Line: Banking on a Bright Future
The banking industry offers a wide range of career opportunities and competitive salaries. By understanding which banks pay the most and the factors that influence salaries, you can position yourself for a successful and lucrative career in banking.
Remember, it’s not just about the money. Choose a bank that aligns with your career goals and values. With hard work, dedication, and the right skills, you can achieve your financial dreams in the exciting world of banking.
#1 Centerview – $220,000
Centerview Partners is an elite boutique investment bank known for paying the absolute top dollar for first-year bankers on Wall Street. The firm has advised on many notable deals and transactions which include: Walt Disneyâs acquisition of 21st Century Fox, LVMHâs acquisition of Tiffany & Co., and Pepsiâs acquisition of Rockstar energy drink.
- Annual Salary: $130,000
- Annual Bonus: $90,000
- Total Compensation:$220,000
Note: Centerview provides a signing bonus of $50,000 to first-year analysts who commit to working for the company for three years.
Take a look at our Complete Finance if you’re interested in honing your technical finance skills so you can apply for highly competitive investment banking roles.
#2 Evercore – $210,000
Evercore is a prestigious boutique investment bank headquartered in New York City. The firm has advised on several notable merger and acquisition deals, including Teslaâs acquisition of Solar City, Amazonâs acquisition of Whole Foods, and T-mobileâs acquisition of Sprint.
- Annual Salary: $120,000
- Annual Bonus: $90,000
- Total Compensation: $210,000
CEO who gave all his employees minimum $70,000 paycheck thriving six years later
FAQ
Which banking job pays the most?
Which bank gives the best salary?
Which banks make American banker’s best banks to work for?
Indeed, 90 banks made American Banker’s Best Banks to Work For ranking this year. These institutions ranged in size from the 54-employee First Federal Savings & Loan Association of Pascagoula-Moss Point in Pascagoula, Mississippi, to SouthState in Winter Haven, Florida, whose head count topped more than 5,000.
Why do banks pay more?
The higher pay comes against a backdrop of rising costs for many banks as they invest in new technology, modernise their existing IT systems and compete with fintech rivals.
Does JPMorgan pay its employees more?
At JPMorgan’s corporate and investment bank, however, which houses its investment bank and trading arm, the bank paid employees a greater share of its revenues, with 25 cents of every dollar in revenue going to remuneration, up 4 per cent. “We will be competitive on pay,” Jamie Dimon, JPMorgan’s chief executive, said last week.
Do bankers get pay raises?
So far, the pay raises are largely being covered by increases in revenues. At Goldman, bankers received 30 cents of every dollar the bank earned in revenue in 2021, net of provisions made during the year, 6 per cent lower than in 2020. At Morgan Stanley, bankers pocketed 41 cents of every dollar in revenue, down 4.7 per cent year on year.