Bonuses are relatively small
Bonuses only account for a 28% total income as a maximum, compared to 42% for an Associate, and more than 50% for most many MDs.
The Analyst exception
With policies of paying higher salaries at analyst level, European banks challenge American institutions for the top spots with paychecks at UBS and Deutsche Bank matching Goldman's and Morgan Stanley's.
Easy enough to move up the ranks
Competing for talent at Analyst level is cheap: the narrow £1,000 gap between Morgan Stanley (1st) and Credit Suisse (5th) shows that by increasing pay by just £2,000-£3,000, banks could easily climb up the rankings.
Alice Leguay from Emolument.com says 'With Analysts picking their employer as they would choose an MBA school, a few extra thousand a year is unlikely to sway their desire to work for the bluest-blue chip institutions. Pushing up Analyst pay in order to recruit the best grads might in fact backfire in attracting the most mercenary short-termist individuals. Corporate culture, training & networking, business performance should be the deciding factors, and taking a £1k hit early on in a banking career will pale in comparison with the potential upside of working for a top firm.'