Will UBS and Deutsche Bank pay the biggest bonuses in 2014?

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You’re a director in the front office of a large investment bank in London. Where should you have wanted to work if you were seeking a large bonus in January this year? The answer, according to new data, is either UBS or Deutsche Bank.

[efc_twitter text="Both Deutsche Bank and UBS paid their director-level employees an average of £233k"] in the last bonus round, analysis of data from 327 investment bankers by salary benchmarking site Emolument.com suggests. JPMorgan, Credit Suisse and Nomura make up the remainder of the top five. Goldman Sachs, perhaps surprisingly, is down in eighth place among its peers.


This supports previously released information by the salary benchmark firm, which suggests that Goldman is more parsimonious than most with pay for its directors, while Deutsche and UBS (as well as J.P. Morgan and BAML) pay them well.

How is this ranking likely to pan out for the coming bonus season? Based on the latest quarterly reporting rounds Deutsche has accrued slightly less compensation for those in its corporate and investment bank (despite increasing pay by 15% on Q3 last year), while UBS has hiked pay by an average of CHF10k per person in its investment bank compared to the same point in 2013.

Goldman, meanwhile, has also been upping pay and increased compensation costs by 18% on Q3 last year and J.P. Morgan, which now combines its investment banking reporting with its corporate bank, has been increasing compensation expenses.

However, Credit Suisse looks like the best bet for a big pay rise. Already among the highest paying banks in London, the Swiss bank hiked pay by a massive 31% in the third quarter and 10% year on year. Pay per head for the year to September came in at CHF233k – nearly CHF30k more than the same point in 2013.

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