Taking the temperature of top banking salaries now, bank-by-bank
This week's European Banking Association report said there were 2,525 people working in the UK financial services industry who earned more than €1m (£870k) in 2011. Who are they? And where do they work?
Emolument.com, the bonus and salary data benchmarking site, has provided us with its most recent information on salaries and bonuses for managing directors (MDs) across all divisions at different banks in London. We've listed these below, in order of largesse. As ever, Emolument's sample sizes are small, but they insist their figures are accurate and that there's limited variation beyond three or four entries. The figures provided by Emolument have not been verified by banks, which have a policy of not discussing compensation.
A top London financial services headhunting firm has also provided us with its figures for London salaries, bank-by-bank at the start of this year. This firm has requested that it remain anonymous on the grounds that its banking clients don't like having their pay figures bandied about the market. Where these figures are available, we've listed them below along with the figures from Emolument.
Notably, the figures provided by Emolument suggest banks are already adhering to the EU's bonus cap when it comes to paying their managing directors. Barclays' crazily generous package for Tushar Morzaria may just be an anomaly.
Banking pay in London
1. MD pay at J.P. Morgan Chase
Average basic salary : £314k
Average total bonus: £780k
Average total: £1.09m
Count: 4
Headhunting firm's figure for MD salaries at JPMorgan: £300k
2. MD pay at Nomura
Average basic salary : £339k
Average total bonus: £754k
Average total: £1.09m
Count: 11
3. MD pay at Morgan Stanley
Average basic salary : £322k
Average total bonus: £550k
Average total: £872k
Count: 3
Headhunting firm's figure for MD salaries at Morgan Stanley: £300k - £350k
4. MD pay at Bank of America Merrill Lynch
Average basic salary : £264k
Average total bonus: £586k
Average total: £850k
Count: 8
5. MD pay at Deutsche Bank
Average basic salary : £263k
Average total bonus: £513k
Average total: £776k
Count: 8
Headhunting firm's figure for Deutsche Bank MD salaries: £250k
6. MD pay at Barclays
Average basic salary : £222k
Average total bonus: £484k
Average total: £706k
Count: 12
7. MD pay at Goldman Sachs
Average basic salary : £307k
Average total bonus: £391k
Average total: £698k
Count: 5
Headhunting firm's figure for MD salaries at Goldman Sachs: £360k +
8. MD pay at UBS
Average basic salary : £231k
Average total bonus: £425k
Average total: £656k
Count: 5
Headhunting firm's figure for MD salaries at UBS: £170k - £325k
9. MD pay at Credit Suisse
Average basic salary : £231k
Average total bonus: £425k
Average total: £656k
Count: 10
Headhunting firm's figure for MD pay at Credit Suisse: £220k - £400k
10. MD pay at Macquarie
Average basic salary : £238k
Average total bonus: £362k
Average total: £600k
Count: 5
11. MD pay at BNP Paribas
Average basic salary : £232k
Average total bonus: £325k
Average total: £557k
Count: 10
12. MD pay at Citigroup
Average basic salary : £232k
Average total bonus: £325k
Average total: £557k
Count: 10
Headhunting firm's figure for MD pay at Citigroup: £300k - £600k
MD pay at HSBC
Average basic salary : £221k
Average total bonus: £279k
Average total: £500k
Count: 6
MD pay at Commerzbank
Average basic salary : £254k
Average total bonus: £245k
Average total: £499k
Count: 4
MD pay at Lloyds TSB
Average basic salary: £208k
Average total bonus: £250k
Average total: £458k
Count: 3
MD pay at Jefferies
Average basic salary : £288k
Average total bonus: £155k
Average total: £443k
Count: 4
MD pay at Societe Generale
Average basic salary : £201k
Average total bonus: £234k
Average total: £433k
Count: 4
MD salaries at RBS
Headhunter's figure for RBS MD salaries: £225k - £350k
Related articles:
Crazy bonuses seemingly on offer at Barclays
The high-paying banking jobs no one wants
Most bankers won't care about the EU bonus cap of 2.5 times salary
