Global Markets (S&T) Salary Guide 2025 (London/Europe)
Global Markets, often encompassing Sales and Trading (S&T) roles in investment banks, includes activities like equities, fixed income, currencies, commodities (FICC), structuring, and research. Compensation in this sector is highly variable, depending on factors such as desk performance (e.g., macro trading vs. equities sales), individual contributions, firm type (bulge bracket vs. European banks), and market conditions. In 2025, S&T pay in London has seen modest increases of 5-10% year-over-year, driven by improved trading volumes but tempered by regulatory caps on bonuses and economic uncertainty. London remains the highest-paying hub in Europe, with continental cities (e.g., Paris, Frankfurt, Zurich) typically offering 10-20% lower total compensation due to smaller deal flows and local tax structures. Data is aggregated from industry reports, with bonuses often deferred (20-50% in stock for seniors) and paid in early 2025 for 2024 performance.
Note: Figures are in GBP for London (converted from USD where necessary at ~1.3 USD/GBP rate) and represent ranges from 25th to 75th percentiles, with medians noted. Europe-wide data adjusts London figures downward. Junior levels (analyst/associate) in S&T align closely with investment banking (IB) comp, while seniors see more variability based on P&L contributions. No major distinctions between sales vs. trading at juniors; traders may out-earn sales at VP+ due to direct revenue ties.
| Level | Experience | Base Salary | Bonus | Total Compensation | Key Notes |
|---|---|---|---|---|---|
| Analyst (1st Year) | 0-1 year | £60,000-£65,000 (med: £62,500) | 25-60% (£15,000-£40,000) | £75,000-£105,000 (med: £95,000) | Entry-level; bonuses subdued vs. US; bulge brackets (e.g., JPM, GS) at higher end; similar to IB. |
| Analyst (2nd/3rd Year) | 1-3 years | £65,000-£85,000 (med: £75,000) | 40-90% (£26,000-£76,000) | £110,000-£165,000 (med: £140,000) | Promotion to associate common; top performers in macro desks add 10-20%; medians align at ~£78,000 total for analysts. |
| Associate | 3-5 years | £95,000-£130,000 (med: £110,000) | 60-120% (£55,000-£140,000) | £170,000-£300,000 (med: £225,000) | 20-30% deferred; structuring/FICC roles skew higher; estimates med £152,000 total. |
| Vice President (VP) | 5-8 years | £130,000-£180,000 (med: £150,000) | 70-140% (£90,000-£250,000) | £240,000-£430,000 (med: £330,000) | Wider spreads by desk; 25-40% deferred; bulge brackets (e.g., MS, Citi) £300,000-£400,000 med. |
| Director/Executive Director | 8-10 years | £170,000-£240,000 (med: £200,000) | 90-170% (£155,000-£400,000) | £350,000-£650,000 (med: £450,000) | Deal/P&L-driven; European BBs lower than US peers. |
| Managing Director (MD)/Senior | 10+ years | £250,000-£400,000 (med: £300,000) | 120-300%+ (£300,000-£1,200,000+) | £650,000-£1,800,000+ (med: £900,000) | Top rainmakers exceed £2M; MRT averages (incl. S&T) at bulge brackets: GS £1.3M, JPM £1.4M, MS £1.15M, BofA £1.27M, Citi £975,000 (converted from USD). |
- Bases: Similar to London (e.g., €70,000-€90,000 for analysts, equivalent to £60,000-£77,000), but bonuses 10-20% lower due to less aggressive structures.
- Total Comp Examples: Analyst £65,000-£110,000 (med: £85,000); Associate £150,000-£270,000 (med: £200,000); VP £215,000-£385,000 (med: £295,000); seniors adjusted similarly.
- Key Hubs: Paris/Frankfurt/Zurich pay 80-90% of London totals; French banks (e.g., BNP, SocGen) cap lower; U.S. branches match closer to London. Taxes (40-50%) reduce net pay more than UK's 45% top rate.
- Trends: Better work-life balance in continental Europe; local coverage roles dominate, limiting upside vs. London's global focus.
- Firm Benchmarks (London, mid-performers): Bulge brackets (GS, JPM) analysts £90,000-£140,000 total; VPs £280,000-£400,000. European banks (e.g., Barclays, HSBC) 10-15% lower.
- US Comparison: London pay lags NY by 15-30% (e.g., US analyst $135,000-170,000 USD ~£105,000-£130,000, but actual London lower).
- Trends for 2025: Bonuses up 10-30% from 2024 lows, led by FICC recovery; regulatory scrutiny (e.g., EU pay caps) limits growth. Top performers in volatile desks (e.g., rates trading) see outsized gains.
- Caveats: Data reflects aggregates; actual pay varies by performance and market (e.g., equities vs. commodities). Negotiate using benchmarks; gender gaps ~10% at juniors.
Global Markets (S&T) Salary Guide 2025 (London/Europe)
Global Markets, often encompassing Sales and Trading (S&T) roles in investment banks, includes activities like equities, fixed income, currencies, commodities (FICC), structuring, and research. Compensation in this sector is highly variable, depending on factors such as desk performance (e.g., macro trading vs. equities sales), individual contributions, firm type (bulge bracket vs. European banks), and market conditions. In 2025, S&T pay in London has seen modest increases of 5-10% year-over-year, driven by improved trading volumes but tempered by regulatory caps on bonuses and economic uncertainty. London remains the highest-paying hub in Europe, with continental cities (e.g., Paris, Frankfurt, Zurich) typically offering 10-20% lower total compensation due to smaller deal flows and local tax structures. Data is aggregated from industry reports, with bonuses often deferred (20-50% in stock for seniors) and paid in early 2025 for 2024 performance.
Note: Figures are in GBP for London (converted from USD where necessary at ~1.3 USD/GBP rate) and represent ranges from 25th to 75th percentiles, with medians noted. Europe-wide data adjusts London figures downward. Junior levels (analyst/associate) in S&T align closely with investment banking (IB) comp, while seniors see more variability based on P&L contributions. No major distinctions between sales vs. trading at juniors; traders may out-earn sales at VP+ due to direct revenue ties.
| Level | Experience | Base Salary | Bonus | Total Compensation | Key Notes |
|---|---|---|---|---|---|
| Analyst (1st Year) | 0-1 year | £60,000-£65,000 (med: £62,500) | 25-60% (£15,000-£40,000) | £75,000-£105,000 (med: £95,000) | Entry-level; bonuses subdued vs. US; bulge brackets (e.g., JPM, GS) at higher end; similar to IB. |
| Analyst (2nd/3rd Year) | 1-3 years | £65,000-£85,000 (med: £75,000) | 40-90% (£26,000-£76,000) | £110,000-£165,000 (med: £140,000) | Promotion to associate common; top performers in macro desks add 10-20%; medians align at ~£78,000 total for analysts. |
| Associate | 3-5 years | £95,000-£130,000 (med: £110,000) | 60-120% (£55,000-£140,000) | £170,000-£300,000 (med: £225,000) | 20-30% deferred; structuring/FICC roles skew higher; estimates med £152,000 total. |
| Vice President (VP) | 5-8 years | £130,000-£180,000 (med: £150,000) | 70-140% (£90,000-£250,000) | £240,000-£430,000 (med: £330,000) | Wider spreads by desk; 25-40% deferred; bulge brackets (e.g., MS, Citi) £300,000-£400,000 med. |
| Director/Executive Director | 8-10 years | £170,000-£240,000 (med: £200,000) | 90-170% (£155,000-£400,000) | £350,000-£650,000 (med: £450,000) | Deal/P&L-driven; European BBs lower than US peers. |
| Managing Director (MD)/Senior | 10+ years | £250,000-£400,000 (med: £300,000) | 120-300%+ (£300,000-£1,200,000+) | £650,000-£1,800,000+ (med: £900,000) | Top rainmakers exceed £2M; MRT averages (incl. S&T) at bulge brackets: GS £1.3M, JPM £1.4M, MS £1.15M, BofA £1.27M, Citi £975,000 (converted from USD). |
- Bases: Similar to London (e.g., €70,000-€90,000 for analysts, equivalent to £60,000-£77,000), but bonuses 10-20% lower due to less aggressive structures.
- Total Comp Examples: Analyst £65,000-£110,000 (med: £85,000); Associate £150,000-£270,000 (med: £200,000); VP £215,000-£385,000 (med: £295,000); seniors adjusted similarly.
- Key Hubs: Paris/Frankfurt/Zurich pay 80-90% of London totals; French banks (e.g., BNP, SocGen) cap lower; U.S. branches match closer to London. Taxes (40-50%) reduce net pay more than UK's 45% top rate.
- Trends: Better work-life balance in continental Europe; local coverage roles dominate, limiting upside vs. London's global focus.
- Firm Benchmarks (London, mid-performers): Bulge brackets (GS, JPM) analysts £90,000-£140,000 total; VPs £280,000-£400,000. European banks (e.g., Barclays, HSBC) 10-15% lower.
- US Comparison: London pay lags NY by 15-30% (e.g., US analyst $135,000-170,000 USD ~£105,000-£130,000, but actual London lower).
- Trends for 2025: Bonuses up 10-30% from 2024 lows, led by FICC recovery; regulatory scrutiny (e.g., EU pay caps) limits growth. Top performers in volatile desks (e.g., rates trading) see outsized gains.
- Caveats: Data reflects aggregates; actual pay varies by performance and market (e.g., equities vs. commodities). Negotiate using benchmarks; gender gaps ~10% at juniors.
