Salary guide
Sales and trading salary: what US banks post for summer 2027 and 2028
Every figure here comes from a bank's own US job posting, with the program, the office and the summer it was posted for. The short version: the big Markets programs in New York post a rate of about $110,000 a year, whether they quote it per hour or per year.
In short
A sales and trading summer analyst in New York is paid at a rate of about $110,000 a year. RBC Capital Markets posts $110,000 for its summer 2028 Global Markets program, Barclays posted $110,000 for summer 2027, and Morgan Stanley posted $52.89 an hour for its 2027 Institutional Equity and Fixed Income programs, which works out to the same annual figure at 40 hours a week. Postings cover base pay only; bonus is not posted.
US pay transparency rules mean many bank postings now print a base pay figure. For sales and trading, the numbers line up closely: RBC Capital Markets, Barclays and J.P. Morgan quote an annual rate, Morgan Stanley quotes an hourly one, and Citi gives a rate inside a wider New York band.
A summer analyst is paid that rate for the weeks of the program, not the full year. At $52.89 an hour and 40 hours a week, a week is about $2,115 before tax. Over RBC's 10-week program at $110,000 a year, that is about $21,150 before tax.
The posted figure is base pay. Barclays says its range covers only base salary or base hourly rate, and Morgan Stanley, Citi and J.P. Morgan each say other pay, such as discretionary incentive awards, can sit on top for eligible employees.
Posted pay for sales and trading and Markets summer analysts
Each row is one posting, with the office and the summer it hires for. Hourly and annual figures are quoted exactly as the bank posts them.
| Firm | Program and office | Posted pay | Cycle |
|---|---|---|---|
| RBC Capital Markets | Global Markets Sales & Trading summer program, New York | $110,000 a year | Summer 2028 |
| Morgan Stanley | Institutional Equity Summer Analyst Program, New York | $52.89 an hour | Summer 2027 |
| Morgan Stanley | Fixed Income Summer Analyst Program, New York and San Francisco | $52.89 an hour | Summer 2027 |
| Barclays | Sales, Trading and Structuring Analyst Summer Internship, New York | $110,000 a year | Summer 2027 |
| J.P. Morgan | Quantitative Research, Markets, Summer Internship (Analyst): New York, Jersey City, Palo Alto, Seattle | $110,000 a year | Summer 2027 |
| Citi | Markets Quantitative Analysis Summer Analyst, New York | $110k at the full-time analyst level, in a New York band of $80,000 to $115,000 | Summer 2027 |
Base pay only, as posted. Bonus is not posted. Hourly to annual: $52.89 x 2,080 hours = about $110,000.
By role
What it pays by seat
The same banks post the same rate for their investment banking summer analysts, so the desk you pick does not change your summer base.
Morgan Stanley, Investment Banking Summer Analyst, United States
Summer 2027, the same rate as its Markets programs.
J.P. Morgan, Global Investment Banking Summer Analyst, Houston
Summer 2028, the same rate as its Markets quant program.
Wells Fargo, Investment Banking Summer Internship, Houston
Summer 2028. At 52 weeks, about $110,000 a year.
Watch out
Compensation traps to avoid
The ways a headline number turns out smaller than it looked: clawbacks, deferrals, signing-bonus strings and comparisons that do not hold.
Comparing an hourly quote with an annual one. Convert first: $52.89 an hour is about $110,000 a year.
Reading Citi's $80,000 to $115,000 band as the summer pay. The posting names $110k as the figure inside that band.
Treating the posted base as total pay. The postings leave bonus out.
What the programs ask for
Morgan Stanley's summer 2027 Fixed Income program in New York asked for students graduating in December 2027 or spring 2028 with at least a 3.0 GPA, with a HireVue sent after you apply. Applications closed on Sunday, March 1, 2026.
Barclays' summer 2027 Sales, Trading and Structuring program in New York took undergraduates graduating within a year of the internship, ideally with a 3.2 GPA or higher, and rotated interns across desks such as Credit, Equities, Foreign Exchange, Rates, Structuring and Securitized Products.
RBC Capital Markets runs its summer 2028 Global Markets program for 10 weeks as a rotation across Global Equities and Fixed Income, Currencies and Commodities, for students entering their final year after the summer.
Hourly or annual: reading the number
An hourly quote and an annual quote describe the same pay here. A full year of 40-hour weeks is 2,080 hours, so $52.89 an hour is about $110,000 a year, and Wells Fargo's $2,115 a week is the same rate again.
Citi is the one posting with a band rather than a single number: its New York Markets Quantitative Analysis posting lists $110k at the full-time analyst level inside a range of $80,000 to $115,000.
What the posting leaves out
Every figure above is base pay. Barclays limits its posted range to base salary or base hourly rate, and Morgan Stanley says base pay is only part of total compensation, which depending on the position can include discretionary bonuses. Citi and J.P. Morgan both mention discretionary incentive awards for eligible employees. None of these postings gives a bonus figure, so treat any bonus number you see elsewhere as outside the posting.
Earn the number
The pay is real. So is the interview.
Intervyo turns this guide into firm-specific practice: real HireVue questions scored by AI, the online tests these firms use, live mock interviews and a resume review calibrated to what they reward. Start free, no card required.
The firms
Firms paying these bands
Each links to a full firm guide: the application process, the interview stages, the pay and what they look for.
Firm process pages
How each bank on this page recruits in the US, stage by stage.
- Morgan Stanley applicationDates, resume and what the form asks.
- Morgan Stanley first roundFormat and questions.
- Morgan Stanley superdayThe final round.
- J.P. Morgan applicationDates, resume and what happens next.
- J.P. Morgan superdayThe final round.
- Barclays applicationDates and what to send.
- Barclays superdayThe final round.
- Citi applicationDates and what to send.
- Citi superdayThe final round.
- RBC Capital Markets applicationDates and what to send.
- RBC Capital Markets superdayThe final round.
- Wells Fargo applicationDates and what to send.
Sales and trading salary: what US banks post for summer 2027 and 2028
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