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Some US banks are paying their junior bankers much higher salaries than others.

Analyst salaries London: JPMorgan on top, Citi way below

If you're an analyst aspiring to work for a US investment bank in London, it helps to be aware that some banks pay far higher salaries than others.

Following its second salary hike earlier this year, JPMorgan is now ahead of the pack. Citi, however, has yet to manifest another salary increase in London, despite hiking fixed pay in America for a second time in January. 

The chart below shows what we understand to be the current state of play. We asked the banks concerned to comment on the figures; they did not.  

Citi's tardiness when it comes to hiking salaries as hoped means the bank has fallen behind US peers. It now pays analysts £10k ($12.5k) less than JPMorgan in the first year and £15k less than US rivals in year two. Citi and JPMorgan are the only banks with third year analysts and Citi's third years appear to be earning as much as JPM's first years.

While there are suggestions that Citi pays strongly for performance and that its bonuses (at least at the senior end) are generous compensate for comparatively sickly fixed pay, the salary discrepancy is understood to be causing disgruntlement, with Citi juniors threatening to leave after bonuses are paid this summer. It probably doesn't help that there was a lot of grumbling about Citi's junior bonuses for 2021 too.

Salaries are likely to comprise a higher proportion of pay this year. Pay consultancy Johnson Associates is predicting a 15-20% global decline in M&A bonuses and a 70% decline in bonuses paid to bankers working in equity capital markets (ECM). The Citi discrepancy is likely to become more painful rather than less. 

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AUTHORSarah Butcher Global Editor

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