What's the pay gap between boutiques and big firms ?

Oliver Twist

Is big better when it comes to pay ?

The pay data mentioned in this article has been provided by Emolument, and comes from 2,140 Front Office Bankers working in London.

Big banks pay more than boutiques

There is an important pay gap at every level of seniority with sizeable differences in both salaries and bonus amounts

The gap is increasing with experience

The gap between boutiques' and big banks' pay is widest at MD level hitting 29% vs. 18% for Analysts and 24% for Directors

But Boutiques have their perks too

In a boutique, 1 in 2 Directors can expect to be promoted to MD, against only 1 in 3 in Big banks


Emolument Boutique Pay Gap Analysts


Emolument Boutique Pay Gap Directors


Emolument Boutique Pay Gap MDs

Alice Leguay from Emolument.com said 'It's not just about the money: in a smaller shop, bankers are highly likely to feel a stronger sense of ownership, making more of an impact on the direction of the business, whereas listed bank employees have felt more and more disenfranchised over the last few years, stifled by red tape and intense internal politics as they took hits from the media, stock markets and regulatory bodies.'

Emolument Bonus & Salary By Bank Type

The pay data included in this article comes from 2,140 Front Office Bankers working in London

'Boutiques' are banks that employ between 50 and 250 persons.

Source: Emolument, the salary benchmarking site

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