At many companies, both startups and established, if you're a top performer and/or joined early enough, stock grants can easily propel you into this range (and beyond).

the figures he referenced are straight salary. A typical 30 year old investment banker at top firms will make 400k salary, but could easily be over 7 figures with bonus. Startup equity is rarely, if ever, worth that much on a risk-adjusted basis.

Not just startups, but even big companies like Google and Facebook have seen significant stock growth that have resulted in 2-3x compensation increases -- even if you joined post-IPO.

Ah, yes the "get rich through stock options" myth again. It is funny how everyone uses Facebook and Google as examples not realizing that they are pretty much unicorns. The truth is that 7 out 10 start-ups fail, and your options will be close to (or completely) worthless. Even if your start-up does well, are you really going to get rich with your 0.05% share of the company? Except for VP Eng or CTO positions, it is rare that anyone in development gets more than 0.5% of shares. Which are diluted at every round of subsequent VC round.

the average banking bonus is far less risky ie it will pay out most if not all of the time

i'm talking about cash compensation on an annual basis. this is what matters when you are working for a living.

i.e., not the stock lottery which doesn't apply to 99% of people.