The best-paid bankers start their careers in the US, and then leave

It’s no secret that American bankers are the world’s best paid. Our 2025 salary & bonus report, which received over 2,500 responses in February and March, found that this was still true - but only up to a certain point (or seniority, rather).

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On average, our survey indicated that the largest bonus increases were in the UK last year, with a rise of 26%. Following this, the average UK bonus was $149k. This was higher than the average in North America for 2024. This was unexpected - but may reflect an early lifting of the European Union bonus cap in London.

2024 bonuses were lowest in the Asia-Pacific region, at just $49k per head. Given the large amount of lower-paying middle- and back-office functions that are based in this region, this was unsurprising.

The UK’s high bonus increases for last year were not evenly distributed by rank. UK managing directors (MDs) were the best compensated in the world, but for all other ranks, American bankers were the highest earners. 

North America’s analysts were particularly well-rewarded for 2024, earning $148k on average in total compensation compared to $110k in the UK. The 76% bonus increase for American analysts was just a whisker behind the UK analysts, who saw a 78% increase. American associates received a bonus 26% higher this year; for UK associates, the upswing was 19%. 

At vice president (VP) or director ranks, some of the highest bonus increases were to be found in Europe and Asia. Asian directors in particular received bonuses that were, on average, 48% higher than last year. Despite that, they were the overall worst-compensated people of their rank in the world, earning just $309k compared to $361k and $458k in the UK and North America, respectively.

The best-paid MDs were to be found, by some margin, in the UK and Europe. This was surprising, particularly in Europe. It reflects the comparatively small pool of MD respondents in each region, meaning that averages can be skewed by a few high numbers.

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