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WALL ST

Comps
Seventh Annual Investment Banking Compensation Survey

2012

www.WallStreetComps.com

WallStreetComps.com 2006-2013

TABLE OF CONTENTS

Disclaimer

FAQs

Information on Participants

Represented Banks

Overview of Bonuses 2011 / 2012

Regression Analysis

2012 Bonus
Distribution by Banks

10

Distribution by Location

11

Distribution by Groups

12

Distribution by Title:
Associate 0

13

Associate 1

14

Associate 2

15

Associate 3

16

Vice President 1

17

Vice President 2

18

Vice President 3

19

Senior Vice President

20

Managing Director

21

WallStreetComps.com 2006-2013

DISCLAIMER
WallStreetComps.com was created to keep investment bankers informed about the compensation
trends in the industry.

Please be advised that the data gathered in this report were submitted by investment bankers on a
voluntary basis and without consultation of their respective employers mentioned herein.
Although the results are screened for obvious mistakes or typos, WallStreetComps.com cannot
guarantee the validity of the information presented. However, due to the nature of this report and
the way data were entered, we are confident the information in this report is valuable and
accurate.

The information is being provided freely and none of the banks or anyone else connected with
WallStreetComps.com in any way whatsoever can be responsible for inaccurate information.

This is a copyrighted report. It is distributed for free.

If you have any comments, questions or suggestions on how we can improve this survey for
next year, please email us at Webmaster@WallStreetComps.com

WallStreetComps.com 2006-2013

FAQS
What is WallStreetComps.com?
WallStreetComps.com was created by a group of former investment bankers to keep peers
informed about the compensation trends in the industry. The resulting compensation report is
free and is a way to share information with peers.

How is data gathered?


The data gathered in this report were submitted by investment bankers on a voluntary basis.
Individual submissions are anonymous and kept strictly confidential. No personal data is required
and the data is used on an aggregated basis only.

How reliable are the data?


Although the results are screened for obvious mistakes or typos, WallStreetComps.com cannot
guarantee the validity of the information presented. However, due to the nature of this report and
the way data were entered, we are confident the information in this report is valuable and
accurate.

Which currency do you use?


All amounts are in U.S. dollars. We have asked each participant to convert his/her bonus (if it
were not received in USD) by using the following exchange rates:
1 = $1.30
1 = $1.60
These were the approximate exchange rates on December 31, 2012.

What is Associate 0?
When an MBA student is hired as an Associate following her graduation, she will generally be an
Associate for 17 months (from August of graduation year until December of the following year).
We define Associate 0 as the first 5 months of Associate 1, at the end of which a Stub bonus is
paid.

Why cant I see the name of my firm even though I participated in the survey?
If you were the only participant in your firm, we have decided not to disclose the name of that
firm to protect your privacy.

WallStreetComps.com 2006-2013

INFORMATION ON PARTICIPANTS
We have received a total of 396 responses. The distribution of responses is as follows:

Distribution by Employer
Large U.S.
Banks

Large European
Banks

Associate 0

36%

Associate 1

18%

Associate 2

Title

Boutiques

Other

Total

32%

9%

23%

100%

32%

11%

39%

100%

32%

36%

7%

25%

100%

Associate 3

40%

16%

4%

40%

100%

Vice President 1

30%

17%

9%

43%

100%

Vice President 2

35%

6%

24%

35%

100%

Vice President 3

25%

10%

15%

50%

100%

Senior Vice President

21%

25%

4%

50%

100%

Managing Director

0%
112

43%
94

0%
36

57%
154

100%
396

M&A

Industry
Coverage

Fin. Sponsors /
Lev. Fin.

Capital Market

Other incl.
Restructuring

Total

Associate 0

9%

68%

9%

5%

9%

100%

Associate 1

36%

46%

7%

7%

4%

100%

Associate 2

36%

61%

0%

4%

0%

100%

Associate 3

20%

36%

16%

12%

16%

100%

Vice President 1

26%

30%

4%

17%

22%

100%

Vice President 2

29%

41%

0%

12%

18%

100%

Vice President 3

15%

50%

15%

5%

15%

100%

Senior Vice President

21%

29%

0%

14%

36%

100%

Managing Director

57%
102

29%
176

0%
24

14%
38

0%
56

100%
396

Total Population

Distribution by Group
Title

Total Population

Note: We closed the survey on April 10th 2012. All answers submitted after that date were not
taken into account in the survey.

WallStreetComps.com 2006-2013

REPRESENTED BANKS
Bank

Category

Bank of America Merrill Lynch

Large U.S. Bank

Barclays Capital

Large European Bank

Blackstone

Boutique

BMO

Other

BNP Paribas

Large European Bank

CALYON

Large European Bank

Citi

Large U.S. Bank

Credit Suisse

Large European Bank

Deutsche Bank

Large European Bank

Evercore Partners

Boutique

Goldman Sachs

Large U.S. Bank

Houlihan Lockey

Boutique

HSBC Bank

Large European Bank

Jefferies

Boutique

JPMorgan

Large U.S. Bank

KBW

Boutique

KPMG

Other

Lazard

Boutique

Macquarie Capital

Other

Moelis

Boutique

Morgan Stanley

Large U.S. Bank

Nomura

Other

Oppenheimer

Other

Piper Jaffray

Boutique

RBC Capital Markets

Other

Rothschild

Boutique

UBS

Large European Bank

Wells Fargo

Large U.S. Bank

WallStreetComps.com 2006-2013

OVERVIEW OF BONUSES 2011 / 2012


Bonus by Year
Bonuses
2011

2012

Minimum

$0

$0

Maximum

1,500,000

2,350,000

207,335

196,817

Average
1st Quartile
2nd Quartile (Median)

75,000

75,000

150,000

136,500

3rd Quartile

295,000

250,000

4th Quartile

1,500,000

2,350,000

314

396

27

28

Number of Responses
Number of Banks

2012 Bonus, Base and Percentage of Bonus paid in Cash, by Title and Quartile
2012
Bonuses

Average

1st Quartile

2nd Quartile

3rd Quartile

4th Quartile

Associate 0

$35,000

$35,000

$40,000

$65,000

$109,455

Associate 1

75,000

97,500

116,250

215,000

111,250

92,321

94%

Associate 2

88,750

120,000

142,500

270,000

131,571

115,753

92%

Associate 3

125,000

140,000

190,000

275,000

140,400

151,320

79%

Vice President 1

121,500

175,000

242,500

400,000

166,391

183,043

82%

Vice President 2

175,000

260,000

350,000

460,000

182,000

259,176

77%

Vice President 3

237,250

285,000

376,250

475,000

165,300

284,450

76%

Senior Vice President

163,750

255,000

367,500

1,500,000

215,036

323,321

74%

Managing Director

125,000

325,000

1,125,000

2,350,000

263,571

739,286

74%

$155,606

$196,817

84%

Average

Base

Bonus
$37,625

Cash Portion
100%

Bonus by Year and Title


2011 Bonuses
Median

2012 Bonuses

Average

Median

Var. 2011 / 2012

Average

Median

Average

Associate 0

$35,000

$41,134

$35,000

$37,625

0.0%

Associate 1

75,000

85,596

97,500

92,321

30.0%

(8.5%)
7.9%

Associate 2

140,000

141,923

120,000

115,753

(14.3%)

(18.4%)

Associate 3

135,000

133,660

140,000

151,320

3.7%

13.2%

Vice President 1

237,500

203,358

175,000

183,043

(26.3%)

(10.0%)

Vice President 2

285,000

262,763

260,000

259,176

(8.8%)

(1.4%)

Vice President 3

325,000

302,750

285,000

284,450

(12.3%)

(6.0%)

Senior Vice President

295,000

324,620

255,000

323,321

(13.6%)

(0.4%)

Managing Director

600,000

756,000

325,000

739,286

(45.8%)

(2.2%)

Note: bonuses as reported by the bankers; include cash and stock portion as well as other types of deferred pay.

WallStreetComps.com 2006-2013

Wall Street Average Bonuses


15-year History
$200,000

$191,360
$177,830

$160,000

$149,800

$140,620
+9.5%
$138,970
$121,890
$111,340

$113,450

$120,000
$100,530
$75,020

$80,000

$100,850

$99,930

$74,140
$60,900

$53,040

$40,000

$0
'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12E

Source: The Office of the State Comptroller, February 2013.

According to estimates released by New York State Comptroller Thomas DiNapoli, average Wall
Street bonuses were up 9.5% last year to $121,890, compared with $111,340 in 2011. But these
estimates do not include stock options or other types of deferred pay.

WallStreetComps.com 2006-2013

WallStreetComps estimates gathered directly from investment bankers show that 2012
Median Bonuses were down 9.0% at $136,500 per banker and 2012 Average Bonuses were
down 5.1% at $196,817 per banker.

2012 Average Total Compensation (base + bonus) was also down 4.1% at $352,423 per
banker and 2012 Median Total Compensation was down 7.0% at $279,000 per banker.

WallStreetComps Survey
($ in thousands)

$400

$367
$345

$350
$300
$255

$250
$200
$150

$283

$268

$255

$220

$207

$200 $205

$187

$170

$148

$150

$133

$197
$137

$90

$100
$50
$0
'04

'05

'06

'07

'08

Average Bonus

'09

'10

'11

'12

Median Bonus

As the costs of running the survey have gone high, we have decided this year to sell ad space and
keep the survey free. So please, support our sponsors: next time you want to eat sushi: try Sushi
Shop (we did and their food is delicious!); and next time you want to do something new and
original while in NYC, take a photo tour with Citifari (we recommend their Central Park tour, its
great!)

Enjoy the Seventh Annual WallStreetComps Survey!

WallStreetComps.com 2006-2013

REGRESSION ANALYSIS
For statistics aficionados, we ran a regression analysis for the bonuses paid in 2012 based
on years of experience, type of banks and location. We excluded from the regression
bonuses paid to Associates 0 and to Managing Directors. The analysis yielded the
following regression:

Bonus = $79,630 + Rank * $53,851 - Bank * $13,318 - Location * $29,679


R2 = 0.203
Standard Error = $240,412

With:

Associate 1
Associate 2
Associate 3
Vice President 1
Vice President 2
Vice President 3
Senior Vice President

Rank
1
2
3
4
5
6
7

Large U.S. Banks


Large European Banks
Boutiques / Others

Bank
1
2
3

New York
London
Other

Location
1
2
3

WallStreetComps.com 2006-2013

DISTRIBUTION BY BANKS
2012 Average Bonus by Banks and Title

Banks

Distribution

Large U.S. Banks


Average Bonuses
Average Portion Paid in Cash
Bank of America
Citi
JPMorgan
Morgan Stanley
Wells Fargo

27%

Large European Banks


Average Bonuses
Average Portion Paid in Cash
Barclays Capital
Credit Suisse
Deutsche Bank
UBS

23%

Boutiques
Average Bonuses
Average Portion Paid in Cash
Evercore Partners
Jefferies
Lazard

9%

Others
Average Bonuses
Average Portion Paid in Cash
BMO
Houlihan Lokey
KBW
Macquarie Capital
RBC Capital Markets
Other

41%

Average 2012 Bonuses


Average 2011 Bonuses
Y-o-Y Increase

100%

Associate*

2012 Average Bonus


Vice President

SVP

$134,167
80%
130,571
115,000
133,750
132,500
162,000

$218,000
78%
195,200
220,429
90,000
255,000
323,333

$502,500
48%
217,500
200,000
945,000
-

$82,004
96%
82,571
94,000
112,500
20,000

$246,429
69%
313,750
175,000
-

$416,857
67%
238,250
1,380,000
292,500
-

$147,500
81%
212,500
115,000

$265,000
87%
350,000
192,500
117,500

$210,000
100%
210,000
-

$129,214
91%
120,000
135,000
87,500
132,920

$241,192
79%
270,000
360,000
307,500
313,750
216,294

$207,857
87%
312,500
365,000
194,875

$118,631
$114,300
4%

$238,417
$251,059
(5% )

$323,321
$404,506
(20% )

* Does not include Associate 0

WallStreetComps.com 2006-2013

10

DISTRIBUTION BY LOCATION
2012 Average Bonus by Location and Title
Banks
New York
U.S (ex - NY)
London
Europe (ex - London)
Asia
Total Population

Distribution
59%
30%
7%
2%
2%
100%

2012 Average Bonus


Associate*
Vice President
$106,722
$247,778
149,741
243,800
57,500
162,429
460,000
131,000
$118,631
$238,417

SVP
$451,917
234,600
302,000
160,000
173,333
$323,321

2012 Average Bonus by Banks, Location and Title


Banks

Distribution

Large U.S. Banks


Average Bonuses
Average Portion Paid in Cash
New York
U.S (ex - NY)
London
Asia

27%

Large European Banks


Average Bonuses
Average Portion Paid in Cash
New York
U.S (ex - NY)
London
Asia

23%

Boutiques
Average Bonuses
Average Portion Paid in Cash
New York
U.S (ex - NY)
London

9%

Others
Average Bonuses
Average Portion Paid in Cash
New York
U.S (ex - NY)
London
Europe (ex - London)

41%

Average 2012 Bonuses


Average 2011 Bonuses
Y-o-Y Increase
* Does not include Associate 0

100%

WallStreetComps.com 2006-2013

Associate*

2012 Average Bonus


Vice President

SVP

$134,167
80%
124,706
166,667
100,000
-

$218,000
78%
247,000
223,000
104,000
131,000

$502,500
48%
720,000
327,500
200,000

$82,004
96%
83,952
107,500
38,000
-

$246,429
69%
276,000
175,000
170,000
-

$416,857
67%
463,600
280,000
320,000

$147,500
81%
212,500
115,000
-

$265,000
87%
263,000
320,000
110,000

$210,000
100%
210,000
-

$129,214
91%
99,667
157,867
54,000
-

$241,192
79%
234,688
234,500
216,333
460,000

$207,857
87%
245,000
201,571
302,000
160,000

$118,631
$114,300
4%

$238,417
$251,059
(5% )

$323,321
$404,506
(20% )

11

DISTRIBUTION BY GROUPS
2012 Average Bonus by Groups and Title
Banks
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market
Other Group, incl. Restructuring
Total Population

Distribution
28%
41%
6%
10%
15%
100%

2012 Average Bonus


Associate*
Vice President
$139,318
$256,071
108,978
259,000
119,333
239,250
98,500
164,286
113,800
217,909
$118,631
$238,417

SVP
$256,667
310,875
287,500
387,600
$323,321

2012 Average Bonus by Banks, Groups and Title


Banks

Distribution

Associate*

2012 Average Bonus


Vice President

SVP

Large U.S. Banks


M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group

27%

$134,167
109,200
142,417
146,667
240,000
95,000

$218,000
260,000
198,200
123,000
147,500
245,833

$502,500
440,000
270,000
621,667

Large European Banks


M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group

23%

$82,004
90,975
80,509
92,000
70,000
-

$246,429
325,000
305,000
172,500
120,000

$416,857
290,000
234,000
280,000
795,000

Boutiques
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group

9%

$147,500
128,333
135,000
230,000

$265,000
237,000
300,000
145,000
455,000

$210,000
210,000
-

Others
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Markets
Other Group

41%

$129,214
158,000
109,222
70,333
54,000

$241,192
236,667
267,667
344,500
170,000
115,667

$207,857
250,000
284,750
300,000
84,200

Average 2012 Bonuses


Average 2011 Bonuses
Y-o-Y Increase

100%

$118,631
$114,300
4%

$238,417
$251,059
(5% )

$323,321
$404,506
(20% )

* Does not include Associate 0

WallStreetComps.com 2006-2013

12

ASSOCIATE 0
2012 Bonus by Banks

Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
36%
32%
9%
23%
100%

Base
Average
$102,500
108,571
114,000
120,000
$109,455

Bonus
Median
$35,000
34,580
43,500
40,000
$35,000

Average
$35,625
32,963
43,500
45,000
$37,625

Distribution
64%
32%
5%
100%

Base
Average
$107,500
110,714
128,000
$109,455

Bonus
Median
$35,000
37,000
50,000
$35,000

Average
$35,083
40,940
50,000
$37,625

2012 Bonus by Location

Location
New York
U.S. (excluding NY)
London
Total Population

WallStreetComps.com 2006-2013

13

ASSOCIATE 1
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
18%
32%
11%
39%
100%

Base
Average
$107,800
123,333
120,000
100,545
$111,250

Bonus
Median
$100,000
70,000
115,000
100,000
$97,500

Bank
Barclays Capital
Citi
Credit Suisse
Deutsche Bank
UBS
Total Sub-Group
Total Population

Distribution
11%
7%
7%
7%
7%
39%
100%

Base
Average
$126,667
102,000
120,000
125,000
120,000
$118,733
$111,250

Distribution
46%
43%
11%
100%

2012 Average Bonus


Median
Average
$85,000
$79,692
117,500
114,417
76,000
58,667
$97,500
$92,321

Average
$100,200
65,111
103,333
108,000
$92,321

Cash
Average
95%
100%
95%
89%
94%

2012 Average Bonus


Total
Cash
$50,000
100%
110,000
88%
73,000
100%
107,500
100%
37,500
100%
$75,600
98%
$92,321
94%

2012 Bonus by Location


Location
New York
U.S. (excluding NY)
London
Total Population

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
36%
46%
7%
7%
0%
4%
100%

2012 Average Bonus


Median
Average
$93,000
$102,100
100,000
94,846
73,000
73,000
42,500
42,500
100,000
$97,500

100,000
$92,321

14

ASSOCIATE 2
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
32%
36%
7%
25%
100%

Base
Average
$142,222
137,000
135,000
109,143
$131,571

Bank
Bank of America
Barclays Capital
Credit Suisse
Morgan Stanley
UBS
Wells Fargo
Total Sub-Group
Total Population

Distribution
7%
14%
7%
11%
7%
11%
57%
100%

Base
Average
$130,000
140,000
140,000
140,000
130,000
153,333
$138,889
$131,571

Bonus
Median
$135,000
82,500
172,500
120,000
$120,000

Average
$133,889
72,009
172,500
138,714
$115,753

Cash
Average
89%
96%
63%
97%
92%

2012 Average Bonus


Total
Cash
$127,500
60%
69,535
98%
115,000
91%
143,333
100%
2,500
100%
126,667
100%
$97,423
91%
$115,753
92%

2012 Bonus by Location

Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Total Population

Distribution
82%
18%
0%
0%
100%

2012 Average Bonus


Median
Average
$120,000
$105,700
150,000
162,000

$120,000

$115,753

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
36%
61%
0%
4%
0%
0%
100%

2012 Average Bonus


Median
Average
$120,000
$144,195
120,000
103,126
46,000

46,000

$120,000

$115,753

15

ASSOCIATE 3
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
40%
16%
4%
40%
100%

Base
Average
$149,500
153,750
170,000
123,000
$140,400

Bank
Bank of America
Barclays Capital
JPMorgan
Macquarie Capital
Wells Fargo
Total Sub-Group
Total Population

Distribution
16%
8%
12%
8%
8%
52%
100%

Base
Average
$160,000
160,000
143,333
152,500
137,500
$150,667
$140,400

Bonus
Median
$145,000
137,500
230,000
140,000
$140,000

Average
$151,400
145,000
230,000
145,900
$151,320

Cash
Average
66%
88%
75%
90%
79%

2012 Average Bonus


Total
Cash
$141,000
65%
157,500
80%
131,667
32%
87,500
93%
215,000
100%
$146,533
74%
$151,320
79%

2012 Bonus by Location


Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Asia
Total Population

Distribution
56%
40%
0%
4%
0%
100%

2012 Average Bonus


Median
Average
$130,000
$133,500
192,500
186,000
54,000

54,000

$140,000

$151,320

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
20%
36%
16%
12%
4%
12%
100%

2012 Average Bonus


Median
Average
$200,000
$204,000
135,000
140,444
130,000
142,500
140,000
153,333
230,000
230,000
60,000
79,667
$140,000
$151,320

16

VICE PRESIDENT 1
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
30%
17%
9%
43%
100%

Base
Average
$171,571
172,750
212,500
151,000
$166,391

Bank
Barclays Capital
Citi

Distribution
9%
17%

Base
Average
$178,000
171,500

Total Sub-Group
Total Population

26%
100%

$174,750
$166,391

Bonus
Median
$123,000
172,500
187,500
225,000
$175,000

Average
$147,571
216,250
187,500
193,700
$183,043

Cash
Average
81%
67%
81%
89%
82%

2012 Average Bonus


Total
Cash
$285,000
70%
159,500
70%

$222,250
$183,043

70%
82%

2012 Bonus by Location


Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Asia
Total Population

Distribution
52%
30%
0%
17%
0%
100%

2012 Average Bonus


Median
Average
$202,500
$207,083
225,000
169,571
141,500

134,500

$175,000

$183,043

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
26%
30%
4%
17%
0%
22%
100%

2012 Average Bonus


Median
Average
$250,000
$247,500
225,000
217,143
123,000
123,000
125,000
115,000
120,000
$175,000

124,400
$183,043

17

VICE PRESIDENT 2
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
35%
6%
24%
35%
100%

Base
Average
$207,333
200,000
190,000
148,333
$182,000

Bank
Bank of America
RBC Capital Markets

Distribution
18%
18%

Base
Average
$223,000
150,000

Total Sub-Group
Total Population

35%
100%

$186,500
$182,000

Bonus
Median
$297,500
175,000
350,000
240,000
$260,000

Average
$302,667
175,000
316,250
191,667
$259,176

Cash
Average
65%
70%
82%
86%
77%

2012 Average Bonus


Total
Cash
$280,333
78%
276,667
76%

$278,500
$259,176

77%
77%

2012 Bonus by Location


Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Asia
Total Population

Distribution
76%
12%
0%
6%
6%
100%

2012 Average Bonus


Median
Average
$300,000
$273,462
305,000
305,000
110,000
131,000
$260,000

110,000
131,000
$259,176

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
29%
41%
0%
12%
6%
12%
100%

2012 Average Bonus


Median
Average
$335,000
$281,000
240,000
233,714
215,000
455,000
240,000
$260,000

215,000
455,000
240,000
$259,176

18

VICE PRESIDENT 3
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
25%
10%
15%
50%
100%

Base
Average
$179,000
200,000
185,000
145,600
$165,300

Bank
Barclays Capital
Citi
Jefferies

Distribution
10%
10%
10%

Base
Average
$200,000
147,500
207,500

Total Sub-Group
Total Population

30%
100%

$185,000
$165,300

Bonus
Median
$105,000
342,500
240,000
307,500
$285,000

Average
$215,000
342,500
248,333
318,400
$284,450

Cash
Average
88%
73%
100%
64%
76%

2012 Average Bonus


Total
Cash
$342,500
73%
222,500
88%
192,500
100%
$252,500
$284,450

87%
76%

2012 Bonus by Location


Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Asia
Total Population

Distribution
55%
30%
5%
10%
0%
100%

2012 Average Bonus


Median
Average
$250,000
$261,818
325,000
310,000
460,000
460,000
244,500
244,500
$285,000

$284,450

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
15%
50%
15%
5%
0%
15%
100%

2012 Average Bonus


Median
Average
$250,000
$231,667
312,500
306,000
229,000
278,000
260,000
260,000
315,000
$285,000

280,000
$284,450

19

SENIOR VICE PRESIDENT


2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
21%
25%
4%
50%
100%

Base
Average
$258,333
230,000
235,000
187,571
$215,036

Bonus
Median
$330,000
280,000
210,000
202,500
$255,000

Bank
Barclays Capital
BMO
Citi
Deutsche Bank
Morgan Stanley
Total Sub-Group
Total Population

Distribution
14%
7%
7%
7%
7%
43%
100%

Base
Average
$247,500
225,000
220,000
200,000
250,000
$228,500
$215,036

Distribution
43%
36%
4%
7%
11%
100%

2012 Average Bonus


Median
Average
$270,000
$451,917
237,500
234,600
160,000
160,000
302,000
302,000
200,000
173,333
$255,000
$323,321

Average
$502,500
416,857
210,000
207,857
$323,321

Cash
Average
48%
67%
100%
87%
74%

2012 Average Bonus


Total
Cash
$238,250
79%
312,500
71%
217,500
75%
292,500
70%
945,000
25%
$401,150
64%
$323,321
74%

2012 Bonus by Location


Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Asia
Total Population

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
21%
29%
0%
14%
7%
29%
100%

2012 Average Bonus


Median
Average
$265,000
$256,667
370,000
310,875
275,000
130,500
182,500
$255,000

287,500
130,500
451,875
$323,321

20

MANAGING DIRECTOR
2012 Bonus, Base and Percentage of Bonus paid in Cash, by Banks
Type of Bank
Large U.S. Banks
Large European Banks
Boutiques
Other
Total Population

Distribution
0%
43%
0%
57%
100%

Base
Average

Bonus
Median

Average

Cash
Average

346,667

500,000

1,000,000

39%

201,250
$263,571

212,500
$325,000

543,750
$739,286

100%
74%

2012 Bonus by Location


Location
New York
U.S. (excluding NY)
Europe (excluding London)
London
Asia
Total Population

Distribution
71%
14%
14%
0%
0%
100%

2012 Average Bonus


Median
Average
$500,000
$985,000
100,000
100,000
150,000
150,000

$325,000

$739,286

2012 Bonus by Group


Group
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market: ECM / DCM
Restructuring
Other Group
Total Population

WallStreetComps.com 2006-2013

Distribution
57%
29%
0%
14%

100%

2012 Average Bonus


Median
Average
$412,500
$681,250
1,225,000
1,225,000
0

$325,000

$739,286

21

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