Analysts vs. CEOs : What's the pay gap?

We have analysed salaries and bonuses from 1,211 Front office Analysts Year 1-3 (junior bankers) working in Europe and the USA.

CEO / Analyst income (salary + bonuses)


CEO income

Average analyst income

Analyst / CEO pay difference

Goldman Sachs




Morgan Stanley




JP Morgan
















Credit Suisse








Deutsche Bank*








*Deutsche bank had in 2 CEOs in 2014. This is the pay figure for each of them.

Analysts should aim for a bank where the CEO has the highest income : the 3 banks with the best paid CEOs (Goldman Sachs, Morgan Stanley, JP Morgan) are the ones paying their analyst the most (up to $111,000 a year for Bank of America Merrill Lynch).

...But high starting packages also equal highest Analyst/CEO gaps! Looking at absolute figures rather than Analyst/CEO pay ratios tells 2 different stories: while top banks pay their analyst the most in absolute terms, that is also where the pay gap is by far the highest (up to 1/218 for Goldman Sachs).

And banks with low analyst pay are actually the fairest ones: While offering below average salaries and bonuses to its analysts ($81,000 a year), Santander is by far the fairest bank, as its CEO pay ($5.4m) is also proportionally low compared to other CEOs.

The Deutsche Bank exception: Deutsche Bank is the bank where the pay gap is the lowest, as it has a below average CEO remuneration ($7m) and the highest analyst compensation ($114,000). It is however linked to the fact that they had 2 CEOs until recently (hence the total compensation allowed to executive income is actually twice of the one displayed).


Emolument provides bonus and salary statistics based on data submitted directly by professionals like you. It is free, anonymous, and already a trusted tool for thousands of professionals worldwide. Are you paid enough? Click here to find out now.

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