2021 compensation overview

Level Mean Base (£k) Mean Bonus (£k) Mean Total (£k)

Analyst 1 50.3 40.6 90.9

Analyst 2 56.7 57.3 114.0
Analyst 3 60.8 62.0 122.8
Associate 0 86.0 40.2 126.2
Associate 1 91.6 71.3 162.9
Associate 2 106.0 89.1 195.1

Associate 3 117.7 113.0 230.7

Associate 4 121.0 130.9 251.9

VP 1 145.6 152.2 297.8

VP 2 154.4 175.3 329.7

VP 3 155.6 200.1 355.7

Analyst 1
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML* 51.3 50.1 101.4

Barclays 50.0 42.6 92.6
Citigroup* 50.8 43.9 94.7
Credit Suisse** 50.0 19.6 69.6
Deutsche Bank 50.0 40.4 90.4
Goldman Sachs 50.0 64.5 114.5
JP Morgan 50.0 44.0 94.0
Morgan Stanley 50.0 43.3 93.3

UBS** 50.0 20.3 70.3

Analyst 2
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML* 61.3 59.8 121.1

Barclays 55.0 54.8 109.8

Citigroup* 55.8 68.9 124.7

Credit Suisse** 55.0 38.2 93.2

Deutsche Bank 55.0 56.1 111.1

Goldman Sachs 60.0 87.2 147.2

JP Morgan 55.0 67.8 122.8

Morgan Stanley 55.0 65.1 120.1
UBS*** 58.0 17.6 75.6

Analyst 3
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML N/A N/A N/A

Barclays* 60.0 52.3 112.3
Citigroup** 60.8 85.4 146.2
Credit Suisse* 60.0 56.0 116.0
Deutsche Bank N/A N/A N/A
Goldman Sachs N/A N/A N/A
JP Morgan 60.0 90.0 150.0
Morgan Stanley N/A N/A N/A
UBS*** 63.0 26.4 89.4
Analyst 1 Analyst 2 Analyst 3

Analyst 1 Analyst 2 Analyst 3

Associate 0
Sign on Bonus
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)*
(£k)****

BAML 90.0 35.0 125.0*** 29.1

Barclays N/A N/A N/A N/A
Citigroup 90.0 43.0 133.0 25.0
Credit Suisse 90.0 44.5 134.5 25.0
Deutsche Bank 80.0 44.7 124.7 17.0
Goldman Sachs 80.0 50.0 130.0 N/A
JP Morgan 90.0 22.0 112.0 22.5
Morgan Stanley 82.0 42.4 124.4 33.0**
UBS N/A N/A N/A N/A

Associate 1
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML 90.0 89.0 179.0

Barclays 90.0 50.1 140.1

Citigroup 90.0 85.8 175.8

Credit Suisse 90.0 72.9 162.9

Deutsche Bank 90.0 63.3 153.3

Goldman Sachs* 91.0 50.0 141.0

JP Morgan 90.0 88.5 178.5

Morgan Stanley 98.0 68.4 166.4
UBS 95.0 73.5 168.5

Associate 2
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML 105.0 109.5 214.5

Barclays 105.0 87.5 192.5

Citigroup 105.0 101.2 206.2

Credit Suisse 105.0 82.9 187.9

Deutsche Bank 105.0 67.3 172.3

Goldman Sachs 91.0 75.8 166.8

JP Morgan 105.0 99.9 204.9

Morgan Stanley 123.0 85.0 208.0
UBS 110.0 92.7 202.7
Associate 3
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML 120.0 134.0 254.0

Barclays 120.0 86.1 206.1

Citigroup 120.0 118.0 238.0

Credit Suisse 120.0 118.2 238.2

Deutsche Bank 110.0 98.5 208.5

Goldman Sachs 106.0 105.1 211.1

JP Morgan 120.0 130.4 250.4

Morgan Stanley 123.0 125.7 248.7
UBS 120.0 100.7 220.7

Associate 4
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML N/A N/A N/A

Barclays N/A N/A N/A

Citigroup N/A N/A N/A

Credit Suisse N/A N/A N/A

Deutsche Bank* 120.0 133.8 253.8

Goldman Sachs* 122.0 128.0 250.0

JP Morgan N/A N/A N/A

Morgan Stanley N/A N/A N/A
UBS N/A N/A N/A
£300,000

£250,000

£200,000

£150,000

£100,000

£50,000

£0
BAML Barclays Citigroup Credit Suisse Deutsche Goldman JP Morgan Morgan UBS
Bank Sachs Stanley

Associate 0 Associate 1 Associate 2 Associate 3 Associate 4

£300

£250

£200

£150

£100

£50

£0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Associate 0 Associate 1 Associate 2 Associate 3 Associate 4

VP 1
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML 150.0 163.6 313.6

Barclays 140.0 130.7 270.7

Citigroup 135.0 166.7 301.7

Credit Suisse 150.0 163.5 313.5

Deutsche Bank 140.0 161.5 301.5

Goldman Sachs 140.0 182.5 322.5

JP Morgan 135.0 129.0 264.0

Morgan Stanley 170.0 123.3 293.3
UBS 150.0 149.0 299.0

VP 2
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML 150.0 158.2 308.2

Barclays 150.0 130.0 280.0

Citigroup 150.0 216.0 366.0

Credit Suisse 150.0 180.0 330.0

Deutsche Bank 155.0 199.5 354.5

Goldman Sachs 150.0 157.5 307.5

JP Morgan 165.0 152.0 317.0

Morgan Stanley 170.0 187.3 357.3
UBS 150.0 197.5 347.5

VP 3
Bank Mean Base (£k) Mean Bonus (£k) Mean Total Comp (£k)

BAML 150.0 190.0 340.0

Barclays 155.0 170.8 325.8

Citigroup 150.0 240.0 390.0

Credit Suisse 150.0 175.8 325.8

Deutsche Bank 155.0 185.0 340.0

Goldman Sachs 150.0 163.0 313.0

JP Morgan 170.0 194.4 364.4

Morgan Stanley 170.0 241.7 411.7
UBS 150.0 240.0 390.0
£450,000

£400,000

£350,000

£300,000

£250,000

£200,000

£150,000

£100,000

£50,000

£-
BAML Barclays Citigroup Credit Suisse Deutsche Goldman JP Morgan Morgan UBS
Bank Sachs Stanley

VP11
VP VPVP
2 2 VP 3VP 3

£400,000

£350,000

£300,000

£250,000

£200,000

£150,000

£100,000

£50,000

£0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

VP
VP 1 VPVP
2 2 VP 3VP 3
2021 2020 2019 2018 2017 2016 2015 2014 2013