2011 wall street comps survey

Sixth Annual Investment Banking Compensation Survey

2011

www.WallStreetComps.com

WallStreetComps.com © 2006-2012

CompsCompsWALL ST

CompsCompsWALL ST

WallStreetComps.com © 2006-2012 1

TABLE OF CONTENTS Disclaimer

FAQs

Information on Participants

Represented Banks

Overview of Bonuses 2010 / 2011

Regression Analysis

2011 Bonus

Distribution by Banks

Distribution by Location

Distribution by Groups

Distribution by Title:

Associate 0

Associate 1

Associate 2

Associate 3

Vice President 1

Vice President 2

Vice President 3

Senior Vice President

2

3

4

5

6

9

10

11

12

13

14

15

16

17

18

19

20


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 [email protected]


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 = $1.55

These were the approximate exchange rates on December 31, 2011.

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 can’t 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.


INFORMATION ON PARTICIPANTS We have received a total of 314 responses. The distribution of responses is as follows: Distribution by Employer

TitleLarge U.S.

BanksLarge European

BanksBoutiques Other Total

Associate 0 36% 21% 21% 21% 100%Associate 1 42% 23% 12% 23% 100%Associate 2 69% 0% 15% 15% 100%Associate 3 45% 15% 5% 35% 100%Vice President 1 36% 9% 9% 45% 100%Vice President 2 53% 21% 11% 16% 100%Vice President 3 63% 13% 6% 19% 100%Senior Vice President 18% 14% 9% 59% 100%Managing Director 0% 20% 0% 80% 100%Total Population 132 48 32 102 314 Distribution by Group

Title M&A Industry

Coverage Fin. Sponsors /

Lev. Fin. Capital Market

Other incl. Restructuring

Total

Associate 0 43% 57% 0% 0% 0% 100%Associate 1 42% 54% 0% 0% 4% 100%Associate 2 23% 54% 0% 0% 23% 100%Associate 3 30% 35% 10% 10% 15% 100%Vice President 1 18% 55% 0% 0% 27% 100%Vice President 2 21% 42% 11% 11% 16% 100%Vice President 3 25% 31% 6% 19% 19% 100%Senior Vice President 23% 45% 5% 5% 23% 100%Managing Director 60% 20% 0% 20% 0% 100%Total Population 92 144 12 18 48 314 Note: We closed the survey on March 27th 2012. All answers submitted after that date were not taken into account in the survey.


REPRESENTED BANKS

Bank Category Bank of America Merrill Lynch Large U.S. Bank

Barclays Capital Large U.S. Bank(*)

Blackstone Boutique

BMO Other

BNP Paribas Large European Bank

Credit Agricole Large European Bank

Citi Large U.S. Bank

Credit Suisse Large European Bank

Deloitte Other

Deutsche Bank Large European Bank

Evercore Partners Boutique

Goldman Sachs Large U.S. Bank

Greenhill Boutique

Houlihan Lockey Boutique

HSBC Bank Large European Bank

Jefferies Boutique

JPMorgan Large U.S. Bank

KBW Boutique

KPMG Other

Lazard Boutique

Moelis Boutique

Morgan Stanley Large U.S. Bank

Nomura Other

Oppenheimer Other

Perella Weinberg Boutique

RBC Capital Markets Other

UBS Large European Bank

Wells Fargo Large U.S. Bank (*) Barclays has been classified as a U.S. Bank although its ultimate parent company is UK-based because it represents the former Investment Banking U.S. operations of Lehman Brothers.


OVERVIEW OF BONUSES 2010 / 2011 Bonus by Year

Bonuses

2010 2011

Minimum $0 $0

Maximum 950,000 1,500,000

Average 205,465 207,335

1st Quartile 75,000 75,000

2nd Quartile (Median) 170,000 150,000

3rd Quartile 293,750 295,000

4th Quartile 950,000 1,500,000

Number of Responses 358 314

Number of Banks 20 27 2011 Bonus, Base and Percentage of Bonus paid in Stock, by Title and Quartile

2011

Bonuses Average

1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Base Bonus Cash Portion

Associate 0 $32,000 $35,000 $39,113 $105,000 $100,464 $41,134 99%

Associate 1 $65,000 $75,000 $111,250 $212,000 118,615 85,596 94%

Associate 2 $125,000 $140,000 $175,000 $245,000 136,923 141,923 79%

Associate 3 $99,000 $135,000 $175,000 $190,000 146,275 133,660 83%

Vice President 1 $90,000 $237,500 $298,750 $400,000 158,477 203,358 85%

Vice President 2 $175,000 $285,000 $332,500 $575,000 173,421 262,763 61%

Vice President 3 $161,750 $325,000 $422,750 $600,000 202,750 302,750 59%

Senior Vice President $142,500 $295,000 $432,500 $810,000 193,830 324,620 77%

Managing Director $380,000 $600,000 $1,000,000 $1,500,000 331,000 756,000 89%

Average $141,139 $236,389 $331,874 $515,222 $160,132 $207,335 80% Bonus by Year and Title

2010 Bonuses 2011 Bonuses Var. 2010 / 2011

Median Average Median Average Median Average

Associate 0 $40,000 $40,280 $35,000 $41,134 (12.5%) 2.1%

Associate 1 125,000 127,321 75,000 85,596 (40.0%) (32.8%)

Associate 2 160,000 160,874 140,000 141,923 (12.5%) (11.8%)

Associate 3 195,000 174,500 135,000 133,660 (30.8%) (23.4%)

Vice President 1 225,000 233,477 237,500 203,358 5.6% (12.9%)

Vice President 2 277,500 283,179 285,000 262,763 2.7% (7.2%)

Vice President 3 367,000 344,238 325,000 302,750 (11.4%) (12.1%)

Senior Vice President 350,000 359,136 295,000 324,620 (15.7%) (9.6%)

Managing Director nm nm 600,000 756,000 N/A N/A Note: bonuses as reported by the bankers; include cash and stock portion as well as other types of deferred pay.


$11.2$9.1

$13.5

$19.5

$13.0

$9.8

$15.8

$18.6

$25.6

$34.3$33.0

$17.6

$22.5 $22.8

$19.7

$0

$5

$10

$15

$20

$25

$30

$35

$40

'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11E

Wall Street Bonuses15-year History($ bn)

-13.6%

Source: The Office of the State Comptroller, February 2012. According to estimates released by New York State Comptroller Thomas DiNapoli, total Wall

Street bonuses were down 13.6% last year to $19.7 billion, compared with $22.8 billion in 2010.

But these estimates do not include stock options or other types of deferred pay.

Several banks implemented new compensation policies. Among others, we note the following:

Barclays: $103K maximum payment in cash

Bank of America: $100K maximum payment in cash

Credit Suisse: bonus includes payment of a Note @ 5% interest rate. Note cannot increase in

value and represents no more than 50% of total non-cash compensation

Deutsche Bank: total cap at €200K. Cash < 50%

Jefferies: option given to employee to take some stocks or cash immediately (for the stock

portion) at a 25% discount

Morgan Stanley: cash payment is capped at $125K

UBS: Clawed back 2012 payments of 2011 share base bonus award for those which share-

based bonus > CHF 2mm


WallStreetComps estimates – gathered directly from investment bankers – show that 2011

Median Bonuses were down 11.8% at $150,000 per banker and 2011 Average Bonuses were

slightly up at $207,335 per banker.

$187

$255

$367 $345

$133

$268

$205 $207

$148

$220

$255$283

$90

$200$170 $150

$0

$50

$100

$150

$200

$250

$300

$350

$400

'04 '05 '06 '07 '08 '09 '10 '11

WallStreetComps Survey($ in thousands)

Average Bonus Median Bonus

However, median total compensation was only down 3.2% (or $10,000) to $300,000.

Enjoy the Sixth Annual Wall Street Comps Survey!


REGRESSION ANALYSIS For statistics aficionados, we ran a regression analysis for the bonuses paid in 2011 based

on years of experience, type of banks and location. We excluded from the regression stub

bonuses (bonus paid to Associate 0). The analysis yielded the following regression:

Bonus = $29,830 + Rank * $41,764 - Bank * $3,313 + Location * $8,615

R2 = 0.315

Standard Error = $129,496

With:

Rank

Associate 1 1Associate 2 2Associate 3 3Vice President 1 4Vice President 2 5Vice President 3 6Senior Vice President 7

BankLarge U.S. Banks 1Large European Banks 2Boutiques / Others 3

LocationNew York 1London 2Other 3


DISTRIBUTION BY BANKS 2011 Average Bonus by Banks and Title

2011 Average Bonus

Banks Distribution Associate* Vice President SVP

Large U.S. Banks 43%Average Bonuses $116,059 $257,993 $417,788Average Portion Paid in Cash 85% 62% 66%

Bank of America 133,571 390,200 - Barclays Capital 86,250 262,000 230,575Citi 106,940 188,300 400,000JPMorgan 130,000 97,333 - Morgan Stanley 126,667 157,500 - Wells Fargo 98,750 313,333 810,000

Large European Banks 15%Average Bonuses $88,889 $281,563 $143,333Average Portion Paid in Cash 74% 51% 50%

BNP Paribas 65,000 - 0Credit Suisse 111,000 306,500 130,000Deutsche Bank 45,000 400,000 - UBS 20,000 250,000 -

Boutiques 9%Average Bonuses $99,583 $300,000 $407,500Average Portion Paid in Cash 88% 82% 67%

Blackstone - 575,000 - Evercore Partners 170,000 305,000 - Jefferies 25,833 162,500 -

Others 34%Average Bonuses $132,033 $208,380 $325,038Average Portion Paid in Cash 98% 88% 89%

BMO 117,500 285,000 500,000Oppenheimer - - 238,333RBC Capital Markets - 266,667 - Other 134,269 172,644 316,929

Average 2011 Bonuses 100% $114,300 $251,059 $324,620Average 2010 Bonuses $152,178 $285,577 $359,136Y-o-Y Increase (25% ) (12% ) (10% )

* Does not include Associate 0


DISTRIBUTION BY LOCATION 2011 Average Bonus by Location and Title

2011 Average BonusBanks Distribution Associate* Vice President SVPNew York 51% $108,233 $233,903 $335,500U.S (ex - NY) 31% 121,227 251,906 455,833London 12% 118,529 316,360 174,913Europe (ex - London) 1% - 600,000 52,000Asia 4% - 216,200 300,000Total Population 100% $114,300 $251,059 $324,620


2011 Average Bonus by Banks, Location and Title

2011 Average BonusBanks Distribution Associate* Vice President SVP

Large U.S. Banks 43% $116,059 $257,993 $417,788New York 113,588 201,250 400,000U.S (ex - NY) 116,250 277,500 810,000London 126,175 307,950 230,575Europe (ex - London) - 600,000 - Asia - 252,333 -

Large European Banks 15% $88,889 $281,563 $143,333New York 88,750 261,667 - U.S (ex - NY) 101,250 368,500 - London 40,000 - 130,000Europe (ex - London) - - - Asia - 314,000 300,000

Boutiques 9% $99,583 $300,000 $407,500New York 97,500 301,250 407,500U.S (ex - NY) 103,750 295,000 - London - - - Europe (ex - London) - - -

Others 34% $132,033 $208,380 $325,038New York 114,200 228,385 356,667U.S (ex - NY) 140,563 191,167 385,000London 142,500 350,000 108,500Europe (ex - London) - - 52,000Asia - 10,000 -




DISTRIBUTION BY GROUPS 2011 Average Bonus by Groups and Title

2011 Average BonusBanks Distribution Associate* Vice President SVPM&A 28% $126,163 $236,333 $391,700Industry Coverage 45% 110,661 280,055 399,115Fin. Sponsors / Lev. Fin. 4% 118,475 266,667 200,000Capital Market 6% 120,000 225,000 - Other Group, incl. Restructuring 17% 92,143 212,333 198,400Total Population 100% $114,300 $251,059 $324,620


2011 Average Bonus by Banks, Groups and Title

2011 Average BonusBanks Distribution Associate* Vice President SVP

Large U.S. Banks 43% $116,059 $257,993 $417,788M&A 114,550 250,167 - Industry Coverage 121,444 296,317 523,717Fin. Sponsors / Lev. Fin. 106,950 300,000 - Capital Markets 140,000 156,250 - Other Group 90,000 248,400 100,000

Large European Banks 15% $88,889 $281,563 $143,333M&A 78,333 70,000 - Industry Coverage 105,000 342,125 300,000Fin. Sponsors / Lev. Fin. - - - Capital Markets - 500,000 - Other Group 40,000 157,000 130,000

Boutiques 9% $99,583 $300,000 $407,500M&A 111,667 240,000 525,000Industry Coverage 38,750 295,000 290,000Fin. Sponsors / Lev. Fin. - 150,000 - Capital Markets - - - Other Group 185,000 575,000 -

Others 34% $132,033 $208,380 $325,038M&A 153,389 261,667 358,375Industry Coverage 103,333 222,760 366,000Fin. Sponsors / Lev. Fin. 130,000 350,000 200,000Capital Markets 100,000 - - Other Group 60,000 104,250 254,000




ASSOCIATE 0 2011 Bonus by Banks

Base Bonus

Type of Bank Distribution Average Median AverageLarge U.S. Banks 36% $100,300 $35,000 $34,975Large European Banks 21% 100,000 32,000 28,000Boutiques 21% 110,000 40,000 40,000Other 21% 91,667 40,000 44,000Total Population 100% $100,464 $35,000 $41,134 2011 Bonus by Location

Base Bonus

Location Distribution Average Median AverageNew York 57% $103,750 $32,000 $33,500U.S (ex - NY) 29% $93,750 40,000 $42,500London 14% $100,750 36,439 $36,439Total Population 100% $100,464 $35,000 $41,134


ASSOCIATE 1 2011 Bonus, Base and Percentage of Bonus paid in Stock, by Banks

Base Bonus CashType of Bank Distribution Average Median Average AverageLarge U.S. Banks 42% $122,182 $75,000 $85,545 97%Large European Banks 23% 117,500 67,500 77,500 83%Boutiques 12% 126,667 27,500 60,833 100%Other 23% 109,167 95,000 106,167 97%Total Population 100% $118,615 $75,000 $85,596 94%

Base 2011 Average BonusBank Distribution Average Total CashBarclays Capital 12% $125,000 $68,333 100%Credit Suisse 8% 125,000 110,000 90%Morgan Stanley 8% 112,500 102,500 100%Total Sub-Group 27% $120,833 $93,611 97%Total Population 100% $118,615 $85,596 94%

2011 Bonus by Location

2011 Average BonusLocation Distribution Median AverageNew York 58% $75,000 $83,067U.S. (excluding NY) 38% 75,000 87,950London 4% 100,000 100,000Total Population 100% $75,000 $85,596 2011 Bonus by Group

2011 Average BonusGroup Distribution Median AverageM&A 42% $95,000 $95,636Industry Coverage 54% 75,000 79,536Fin. Sponsors / Lev. Fin. 0%Capital Markets 0%Other Group 4% 60,000 60,000Total Population 100% $75,000 $85,596



Base Bonus CashType of Bank Distribution Average Median Average AverageLarge U.S. Banks 69% $137,778 $125,000 $132,778 79%Large European Banks 0%Boutiques 15% 140,000 182,500 182,500 63%Other 15% 130,000 142,500 142,500 95%Total Population 100% $136,923 $140,000 $141,923 79%

Base 2011 Average BonusBank Distribution Average Total CashBank of America 23% $140,000 $153,333 80%JPMorgan 31% 135,000 131,250 69%

Total Sub-Group 54% $137,500 $142,292 74%Total Population 100% $136,923 $141,923 79%


2011 Average Bonus

Location Distribution Median AverageNew York 69% $145,000 $141,667U.S. (excluding NY) 31% 132,500 142,500Europe (excluding London) 0%London 0%Total Population 100% $140,000 $141,923 2011 Bonus by Group





Base 2011 Average BonusBank Distribution Average Total CashBank of America 15% $158,333 $133,333 87%Citi 15% 161,833 143,233 58%Credit Suisse 15% 176,667 111,667 57%



2011 Average BonusLocation Distribution Median AverageNew York 30% $115,000 $121,000U.S. (excluding NY) 40% 162,500 152,188Europe (excluding London) 0%London 30% 123,475 121,617Asia 0%Total Population 100% $135,000 $133,660 2011 Bonus by Group

2011 Average BonusGroup Distribution Median AverageM&A 30% $178,750 $165,208Industry Coverage 35% 130,000 129,286Fin. Sponsors / Lev. Fin. 10% 118,475 118,475Capital Markets 10% 120,000 120,000Other Group 15% 85,000 100,000Total Population 100% $135,000 $133,660


VICE PRESIDENT 1 2011 Bonus, Base and Percentage of Bonus paid in Stock, by Banks


Base 2011 Average BonusBank Distribution Average Total CashBarclays Capital 9% $175,000 $137,500 65%Citi 14% 178,833 234,933 75%RBC Capital Markets 14% 150,000 266,667 73%



2011 Average BonusLocation Distribution Median AverageNew York 64% $260,000 $198,720U.S. (excluding NY) 32% 225,000 216,000Europe (excluding London) 0%London 5% 179,800 179,800Asia 0%Total Population 100% $237,500 $203,358 2011 Bonus by Group





Base 2011 Average BonusBank Distribution Average Total CashBank of America 11% $187,500 $320,000 53%Barclays Capital 16% 176,667 265,000 37%Credit Suisse 16% 183,333 344,167 32%Morgan Stanley 11% 200,000 157,500 65%Total Sub-Group 53% $186,875 $271,667 47%Total Population 100% $173,421 $262,763 61%


2011 Average BonusLocation Distribution Median AverageNew York 42% $247,500 $255,000U.S. (excluding NY) 37% 285,000 257,643Europe (excluding London) 0%London 5% 200,000 200,000Asia 16% 314,000 316,333Total Population 100% $285,000 $262,763 2011 Bonus by Group

2011 Average BonusGroup Distribution Median AverageM&A 21% $267,500 $212,500Industry Coverage 42% 332,500 294,188Fin. Sponsors / Lev. Fin. 11% 225,000 225,000Capital Market: ECM / DCM 11% 162,500 162,500Other Group 16% 314,000 219,500Total Population 100% $285,000 $262,763




Base 2011 Average BonusBank Distribution Average Total CashBank of America 13% $197,000 $503,000 38%Barclays Capital 19% 202,667 342,000 30%Citi 13% 145,000 150,000 70%



2011 Average BonusLocation Distribution Median AverageNew York 50% $275,000 $274,375U.S. (excluding NY) 13% 357,500 357,500Europe (excluding London) 6% 600,000 600,000London 19% 406,000 400,667Asia 13% 66,000 66,000Total Population 100% $325,000 $302,750 2011 Bonus by Group

2011 Average BonusGroup Distribution Median AverageM&A 25% $290,000 $290,250Industry Coverage 31% 415,000 380,200Fin. Sponsors / Lev. Fin. 6% 350,000 350,000Capital Market: ECM / DCM 19% 270,000 266,667Other Group 19% 122,000 210,667Total Population 100% $325,000 $302,750


SENIOR VICE PRESIDENT 2011 Bonus, Base and Percentage of Bonus paid in Stock, by Banks


Base 2011 Average BonusBank Distribution Average Total CashBarclays Capital 9% $180,000 $230,575 44%Citi 5% 250,000 400,000 75%Credit Suisse 5% 220,000 130,000 70%Oppenheimer 14% 150,000 238,333 100%Total Sub-Group 32% $200,000 $249,727 72%Total Population 100% $193,830 $324,620 77%


2011 Average BonusLocation Distribution Median AverageNew York 45% $345,000 $335,500U.S. (excluding NY) 27% 400,000 455,833Europe (excluding London) 5% 52,000 52,000London 18% 119,250 174,913Asia 5% 300,000 300,000Total Population 100% $295,000 $324,620 2011 Bonus by Group

2011 Average BonusGroup Distribution Median AverageM&A 23% $425,000 $391,700Industry Coverage 45% 330,575 399,115Fin. Sponsors / Lev. Fin. 5% 200,000 200,000Capital Market: ECM / DCM 5% 0 0Other Group 23% 130,000 235,000Total Population 100% $295,000 $324,620

WallStreetComps.com © 2006-2012

If you would like to be contacted for next year’s survey,

please join our mailing list at

http://www.wallstreetcomps.com/mailing.asp

Note that your e-mail address will not be shared with third parties.

2011 wall street comps survey

Documents

sponsors lev

ecm dcm

group total population

industry coverage fin

london total population

investment bankers

compensation trends

obvious mistakes