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Investment Banking Salary Guide 2025 (London/Europe)
by Canary Wharfian•October 23rd 2025
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Investment banking remains one of the most lucrative career paths in finance, with compensation heavily weighted toward performance-based bonuses that can double or triple base salaries in strong years. In 2025, total compensation has risen modestly (10-15% year-over-year at most levels) due to recovering deal volumes in M&A and ECM, though it lags behind U.S. levels by 20-30% after currency adjustments. London dominates as Europe's financial hub, offering the highest pay—typically 15-25% above continental cities like Frankfurt, Paris, or Zurich. Salaries in other European hubs are comparable to London's after EUR/CHF conversion but often include lower bonuses due to less aggressive U.S.-style structures. Key factors influencing pay:
- Firm Type: Bulge brackets (e.g., Goldman Sachs, JPMorgan) and elite boutiques (e.g., Evercore, Lazard) pay the most; regional players (e.g., BNP Paribas) pay less.
- Group/Performance: M&A and ECM groups out-earn DCM or industry coverage; top performers get 20-50% higher bonuses.
- Experience: Bonuses scale with tenure; 20-50% of senior pay is deferred (stock/cash).
- Market Conditions: 2025 bonuses are up from 2024 but capped by regulatory scrutiny and economic uncertainty.
London Compensation by Level (Total: Base + Bonus)
| Level | Years of Experience | Base Salary | Bonus (% of Base) | Total Compensation | Notes |
|---|---|---|---|---|---|
| Analyst (1st Year) | 0-1 | £50,000 - £70,000 (med: £60,000) | 50-100% (£25,000 - £60,000) | £75,000 - £130,000 (med: £90,000) | Uniform across banks; U.S. banks (e.g., JPM) at high end. Bonuses paid as stub (~£30k) + full year. |
| Analyst (2nd/3rd Year) | 1-3 | £65,000 - £80,000 (med: £70,000) | 70-120% (£45,000 - £95,000) | £110,000 - £175,000 (med: £140,000) | Accelerated promotions to Associate common; elite boutiques add £10-20k. |
| Associate | 3-5 | £80,000 - £120,000 (med: £100,000) | 70-150% (£60,000 - £180,000) | £140,000 - £300,000 (med: £180,000) | 10-20% deferred; top firms (GS, Evercore) hit £250k+ for strong performers. |
| Vice President (VP) | 5-8 | £120,000 - £170,000 (med: £140,000) | 80-150% (£100,000 - £250,000) | £220,000 - £420,000 (med: £300,000) | Deal-heavy groups (M&A) push highs; 20-30% deferred stock. |
| Director | 8-10 | £150,000 - £220,000 (med: £180,000) | 100-150% (£150,000 - £330,000) | £300,000 - £550,000 (med: £400,000) | Origination focus; boutiques like PJT lead. |
| Managing Director (MD) | 10+ | £200,000 - £350,000 (med: £250,000) | 100-300%+ (£200,000 - £1M+) | £400,000 - £1.5M+ (med: £600,000) | Heavily variable; top rainmakers exceed £1M. 30-50% deferred. |
Europe-Wide Adjustments (Non-London)
- Paris/Frankfurt/Zurich: Base salaries align closely with London (£45k-£65k for Analysts, scaling up), but bonuses are 10-20% lower (e.g., Analyst total: £65k-£110k). French banks (BNP, SocGen) cap at lower end; U.S. branches (e.g., Citi Paris) match London. Taxes (40-50%) erode net pay more than UK's 45% top rate.
- Other Hubs (e.g., Amsterdam, Milan): 10-15% below London; focus on regional deals limits upside.
- Overall Trend: London's edge stems from global deal flow; continental pay suits local coverage but offers better work-life balance.
Firm Benchmarks (London, Mid-to-High Performers)
- Bulge Brackets (e.g., Goldman Sachs, JPMorgan): Analyst: £90k-£140k total; VP: £280k-£400k.
- Elite Boutiques (e.g., Evercore, PJT): Analyst: £100k-£150k; VP: £350k-£450k (highest bonuses).
- Middle Market (e.g., Barclays, HSBC): Analyst: £75k-£110k; VP: £200k-£300k.
Investment Banking Salary Guide 2025 (London/Europe)
by Canary Wharfian
October 23rd 2025
Join the conversation
Investment banking remains one of the most lucrative career paths in finance, with compensation heavily weighted toward performance-based bonuses that can double or triple base salaries in strong years. In 2025, total compensation has risen modestly (10-15% year-over-year at most levels) due to recovering deal volumes in M&A and ECM, though it lags behind U.S. levels by 20-30% after currency adjustments. London dominates as Europe's financial hub, offering the highest pay—typically 15-25% above continental cities like Frankfurt, Paris, or Zurich. Salaries in other European hubs are comparable to London's after EUR/CHF conversion but often include lower bonuses due to less aggressive U.S.-style structures. Key factors influencing pay:
- Firm Type: Bulge brackets (e.g., Goldman Sachs, JPMorgan) and elite boutiques (e.g., Evercore, Lazard) pay the most; regional players (e.g., BNP Paribas) pay less.
- Group/Performance: M&A and ECM groups out-earn DCM or industry coverage; top performers get 20-50% higher bonuses.
- Experience: Bonuses scale with tenure; 20-50% of senior pay is deferred (stock/cash).
- Market Conditions: 2025 bonuses are up from 2024 but capped by regulatory scrutiny and economic uncertainty.
London Compensation by Level (Total: Base + Bonus)
| Level | Years of Experience | Base Salary | Bonus (% of Base) | Total Compensation | Notes |
|---|---|---|---|---|---|
| Analyst (1st Year) | 0-1 | £50,000 - £70,000 (med: £60,000) | 50-100% (£25,000 - £60,000) | £75,000 - £130,000 (med: £90,000) | Uniform across banks; U.S. banks (e.g., JPM) at high end. Bonuses paid as stub (~£30k) + full year. |
| Analyst (2nd/3rd Year) | 1-3 | £65,000 - £80,000 (med: £70,000) | 70-120% (£45,000 - £95,000) | £110,000 - £175,000 (med: £140,000) | Accelerated promotions to Associate common; elite boutiques add £10-20k. |
| Associate | 3-5 | £80,000 - £120,000 (med: £100,000) | 70-150% (£60,000 - £180,000) | £140,000 - £300,000 (med: £180,000) | 10-20% deferred; top firms (GS, Evercore) hit £250k+ for strong performers. |
| Vice President (VP) | 5-8 | £120,000 - £170,000 (med: £140,000) | 80-150% (£100,000 - £250,000) | £220,000 - £420,000 (med: £300,000) | Deal-heavy groups (M&A) push highs; 20-30% deferred stock. |
| Director | 8-10 | £150,000 - £220,000 (med: £180,000) | 100-150% (£150,000 - £330,000) | £300,000 - £550,000 (med: £400,000) | Origination focus; boutiques like PJT lead. |
| Managing Director (MD) | 10+ | £200,000 - £350,000 (med: £250,000) | 100-300%+ (£200,000 - £1M+) | £400,000 - £1.5M+ (med: £600,000) | Heavily variable; top rainmakers exceed £1M. 30-50% deferred. |
Europe-Wide Adjustments (Non-London)
- Paris/Frankfurt/Zurich: Base salaries align closely with London (£45k-£65k for Analysts, scaling up), but bonuses are 10-20% lower (e.g., Analyst total: £65k-£110k). French banks (BNP, SocGen) cap at lower end; U.S. branches (e.g., Citi Paris) match London. Taxes (40-50%) erode net pay more than UK's 45% top rate.
- Other Hubs (e.g., Amsterdam, Milan): 10-15% below London; focus on regional deals limits upside.
- Overall Trend: London's edge stems from global deal flow; continental pay suits local coverage but offers better work-life balance.
Firm Benchmarks (London, Mid-to-High Performers)
- Bulge Brackets (e.g., Goldman Sachs, JPMorgan): Analyst: £90k-£140k total; VP: £280k-£400k.
- Elite Boutiques (e.g., Evercore, PJT): Analyst: £100k-£150k; VP: £350k-£450k (highest bonuses).
- Middle Market (e.g., Barclays, HSBC): Analyst: £75k-£110k; VP: £200k-£300k.
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