• 21 Aug 2014 at 11:49 AM

Pay Hike Watch ’14: Raises For Everyone (Under 25)!

Well, raises for everyone at Goldman Sachs, Morgan Stanley, and Bank of America. JP Morgan and Citi are still pondering this one.

A host of big banks including Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Citigroup Inc., Bank of America Corp. and Morgan Stanley have decided to raise pay or are seriously considering the move for many junior bankers…Goldman Sachs will increase starting salaries for many first-year analysts by about 20%, according to a person familiar with the bank’s plans. The pay raise, slated to go into effect next year, will apply only to analysts in the U.S., the person added…Bank of America is boosting the pay of its junior investment-banking and trading employees by at least 20% next year, a person familiar with the matter said. The bank included the higher salaries in the offers it made this month to summer interns who were invited to return as full-time employees in 2015, the person said. J.P. Morgan may raise some employee salaries by at least 20 percent as well, a person familiar with the matter said Wednesday. Internal discussions are continuing on the subject, though a pay raise for some is likely since rivals have raised pay to try to make their offers more attractive. Citigroup is also considering a pay increase for analysts and associates, a person familiar with the bank said.

Wall Street Banks Lift Pay for Junior Bankers [WSJ]
Citigroup Said to Mull Raising Junior Banker Salaries About 20% [Bloomberg]

Earlier: Morgan Stanley Has A Treat For Senior Junior Bankers; Pay Hike Watch ’15: The Youth Of Goldman Sachs

8 comments (hidden to protect delicate sensibilities)
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Comments (8)

  1. Posted by guest | August 21, 2014 at 11:54 AM

    mouseover made me chuckle.

  2. Posted by Guest | August 21, 2014 at 12:09 PM

    These are the children of baby boomers. Did their parents call Lloyd, Jamie, Gorman and Moynihan to demand better pay for their entitled prince and princesses like they hounded the admissions officers at the Ivy League schools they got them into?

  3. Posted by Associate Guest | August 21, 2014 at 4:39 PM

    Shit.

  4. Posted by Guest | August 21, 2014 at 11:18 PM

    My mom pays my cell phone bill and has me on their auto insurance, but it's not because I need it, it's her choice bro.

    -Noah/Tuck class of 2014

  5. Posted by Guest | August 22, 2014 at 2:01 PM

    No UBS, as expected

  6. Posted by IBANK4LIFE | August 22, 2014 at 2:40 PM

    sign me up!

    Capital One MD

  7. Posted by CHEEF KEEF | August 26, 2014 at 5:52 PM

    what about douche bank?

  8. Posted by IBD1 | August 27, 2014 at 11:20 PM

    Wells just bumped to $85