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India's ECM Battle: $417M Underwriting Surge Fuels 30% Banker Pay Hikes
India's equity capital markets are witnessing a fierce talent war, driving up investment banker salaries by up to 30%. With underwriting fees reaching $417M, firms are aggressively expanding teams, signaling a robust outlook for finance professionals.
India's equity capital markets (ECM) are witnessing a heated talent war, driving significant compensation increases for investment bankers. Faced with booming demand for experienced dealmakers, banks are offering salary hikes of up to 30% and planning to expand their teams by 15-20% this year. The intense competition is attracting new entrants, with an estimated 300 additional bankers expected to join the industry.
This aggressive hiring spree comes as investment banks in India earned a record $417 million in IPO underwriting fees last year, according to LSEG data, fueled by a surge in listings and improved pricing power. While the current year's IPO market has shown some softness, the underlying demand for ECM professionals remains robust. Search firms project a 15% increase in banker jobs for 2026, indicating a sustained need for skilled talent. Firms like 360 One WAM, Emirates NBD Capital India, and DBS Group Holdings are actively building out their equity capital markets capabilities, targeting a limited pool of highly sought-after talent.
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