According to , a network that collects remuneration data on a crowdsourced basis from the industry, analysts in the Big Apple earn a median yearly income of up to $115,000. Zurich-based analysts come in second place, with $99,000. In third spot is Hong Kong, at $92,000, then London, at $85,000. Milan came in bottom, at $49,000.

Figures show a drastic variation in bonus cultures. “Banks in New York rely heavily on bonuses to incentivise their employees (bonuses represent 28 per cent of analysts' pay packet), while Europe-based banks' bonuses level out at 17 per cent of analysts' total compensation (Paris and London). The salary to bonus ratio is even lower for junior employees in other locations (most analysts in Amsterdam and Milan do not get bonuses at all),” the report said.

The data does not split out for different sector categories such as private banking, investment or corporate banking, but may be of some guidance to trends in wealth management remuneration.

Directors
Hong Kong is the highest-paying city for directors, with salary and bonuses, on average, totalling $539,000, while in New York, the figure is $498,000, the Emolument.com figures show. Next in line is London, at $418,000, followed by Singapore, at $382,000. Dubai comes next, at $372,000, then Zurich, at $247,000. 

Emolument.com said that across all of the cities in its research, directors' bonuses accounted for a “much larger part of total compensation” (up to 54 per cent in New York), than is the case with analysts. New York banks pay directors 18 per cent more than London but cost of living in NYC is 12 per cent higher than in London.

Directors in Singapore earn six times more than their analysts. That can partly be explained by the fact that 80 per cent of analysts are Singaporean graduates, the firm said, while 87 per cent of directors hold a degree from a foreign university.

“This disparity indicates that banks based in Singapore tend to hire local graduates for more junior positions, in order to reduce their costs, while they rely on foreigners to fill expensive senior positions,” it said.

“While Asia seems to be a sweet-spot in terms of balancing amounts of banking regulation, remuneration and quality of life, bankers should focus on available opportunities in specific institutions as some non-Asian banks still struggle to win mandates in the region, which could result in moving into a frustrating professional dynamic with low yields in terms of raising one's profile and visibility in the industry globally, impacting future earnings as a banker,” said Alice Leguay, co-founder and chief operating officer at Emolument.com.

To see another story from Asia on bankers' pay and related issues, see here.