Deutsche Bank's big Wall Street salaries, spotted
If you work on Wall Street, Deutsche Bank has long had a reputation as a payer of big salaries. Ever since ex-CEO Anshu Jain hiked salaries in April 2014, the bank has - theoretically - paid more than the rest in terms of fixed pay (and less in terms of bonuses). The need to lure New York talent with unusually large packages is said to have contributed to the German bank's U.S. generosity.
The ever-informative H1B salary database provides an opportunity to fact-check Deutsche's reputation. Although the database only reflects salaries paid to individuals hired from overseas on H1B visas, its information is validated and - helpfully - presented alongside actual job titles.
Deutsche Bank Securities Inc. has been busy this year and hired around 95 people on H1B visas into its 60 Wall Street office so far. 45 are analysts, 26 are associates, 23 are VPs, and one is a managing director. The range of salaries on offer is shown in the chart below.
Deutsche Bank declined to comment on the figures on the H1B database, so we can't say whether they're representative of the bank's overall compensation in New York or not. However, it's worth noting that DB's salary figures for H1B visa holders are remarkably similar to Barclays'.
Barclays Capital Inc pays its analysts $85k to $95k, its assistant vice presidents (similar to associates) $100k to $220k, and its vice presidents (VPs) $120k to $250k according to H1B visa information. So far, so similar to Deutsche Bank.
Where the two European banks diverge, however, is at the managing director (MD) level where data points are thin. Deutsche Bank's single H1B MD hire, made in September 2019, joined on a salary of $500k. By comparison, Barclays Capital made two MD level hires to its New York banking division, both on far lower salaries of $375k each.
Does this mean Deutsche pays a third more than its European rival at the top end? The German bank isn't saying. The $500k salary may simply be an anomaly, or may reflect higher compensation in trading rather than investment banking. If you're going for an MD job at Deutsche Bank, however, it could also be something to aspire to.
Photo by Joen Patrick Caagbay on Unsplash
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