Thursday 23 January 2020

JPMorgan, Bank of America to raise junior banker pay by 20pc: sources

America's largest bank JPMorgan Chase
America's largest bank JPMorgan Chase

JPMorgan Chase & Co and Bank of America Corp are planning to hike salaries of junior employees by at least 20pc.

JPMorgan executives are determined to pay competitively with other banks and are looking at salary increases of at least 20 percent for some junior employees, sources told Reuters.

Junior bankers at Bank of America Corp will also receive a raise of at least 20 percent, according to a person familiar with the matter. The raises will go into effect in 2015, the person said.

Goldman Sachs Group Inc is also planning to raise pay for junior bankers by 20pc next year, the New York Post reported on Wednesday.

The pay raise means that first-year analysts will earn about $85,000 before collecting bonuses in 2015, the newspaper said. Analysts who have been at the Wall Street bank longer will earn more.

A Goldman Sachs spokesperson did not immediately respond to a request for comment. JP Morgan and Bank of America were not immediately available for comment outside regular U.S. business hours.

The pay hikes come as Wall Street is making an effort to ease strains on junior bankers by limiting hours they work and compensating them better.

Reuters

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