Curious case of well-paying jobs at Standard Chartered

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Which investment bank pays the most in the City of London? Is it Goldman Sachs? Is it JPMorgan? Is it the Bank of America? No, no and no. Apparently it’s … Standard Chartered.

Standard Chartered’s comparative generosity was unveiled last week in a press release from Glassdoor, which ranked the bank as the fourth highest-paying companies in the UK (behind SalesForce, Man Group and Kearney) and just above of Credit Suisse in fifth place.

According to Glassdoor’s own data, Standard Chartered in the UK pays a median total compensation of £ 90k, well above the median of £ 87.5k that Glassdoor says is offered at Credit Suisse, the £ 85k at RBC, 81k £ at UBS, £ 80k at Deutsche Bank and Macquarie and £ 76k at JPMorgan, Revolut and BlackRock.

Standard Chartered is probably even more generous than banks like Goldman, Morgan Stanley, Citi, Bank of America and Barclays, which weren’t even on the list.

Standard Chartered even appears to pay more than notorious high payers like G-Research (which hires graduates with salaries of just £ 150,000) and Jane Street (not on the list).

But is it really? The last time we looked, Standard Chartered was moderately generous to its top-performing staff, but was well behind its top-paying US banking rivals. 2020 hasn’t been a good year for Standard Chartered compensation either. US data from Wall Street Oasis suggests the median salary at Standard Chartered is $ 90,000, compared to $ 123,000 at Goldman Sachs.

Glassdoor says its methodology was based on companies with at least 30 salary reports between February and March 2020, suggesting those omitted from the list simply did not have enough data points. Glassdoor also says it did not adjust the age of people leaving data, suggesting that Standard Chartered could have benefited from an older distribution of people leaving data.

Alternatively, maybe Standard Chartered really is an exceedingly good payer, and we’ve missed it from the start. If you are working on it and think it is, please let us know in the comments below.

Photo by Colin Watts on Unsplash

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