Jefferies Matches Goldman With $110,000 Pay for Junior Bankers
Jefferies Matches Goldman With $110,000 Pay for Junior Bankers
(Bloomberg) -- Jefferies Financial Group Inc. is boosting the salaries of its first-year analysts in the U.S. by more than a quarter, the latest bank to bump pay as they seek to stem defections amid intense workloads.
The Wall Street firm will now pay its junior bankers $110,000, up from $85,000 previously, according to a person familiar with the matter. Second-year analysts and associates, those in their third year, will also see compensation rise to $125,000 and $150,000 respectively.
The raises take effect immediately and will be applied retroactively back to July 1.
The increases align Jefferies with the base rates introduced at Goldman Sachs Group Inc., which upped pay ahead of peers that have largely been aligning first-year salaries around a $100,000 figure.
A group of 13 first-year analysts in Goldman Sachs’ investment-banking division sparked uproar earlier this year when they laid bare the rigors of Wall Street life in a presentation detailing one hundred-hour work weeks and strains on health. In the aftermath, lenders including Morgan Stanley, Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co. have all increased starting wages and pledged to improve the work-life balance of junior staff.
Dow Jones reported the raises earlier.
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