Credit Suisse mulls hiking junior staff salaries to $100,000
Credit Suisse has reportedly become the latest banking giant to hike junior staff salaries to $100,000 amid growing competition for fresh talent.
According to Financial News, the lender will pay first year analysts $100,000 a year, with salaries to rise to $105,000 and $110,000 over the next two years.
Morning Wire understands that the hike, which is yet to be finalised, is part of a general review of compensation across the company.
If confirmed, Credit Suisse will join a number of its rivals in increasing graduate level pay to six-figure levels.
Morgan Stanley, Citigroup, JP Morgan Chase, Bank of America, Barclays, Nomura and UBS have all done the same in the last few months.
Banking giants have been looking to entice younger workers after up to 70 per cent of junior bankers quit their roles due to burnout from severe workloads since the onset of the pandemic.
But earlier today former London Stock Exchange Group chief executive Xavier Rolet hit out at “entitled” new recruits, saying that they should stop complaining about working hours.
In comments to the Mail on Sunday, Rolet advised banks to hire “poor hungry kids who managed to put themselves through college” instead of entitled graduates with unrealistic expectations.
A spokesperson for Credit Suisse said: “Credit Suisse, like all banks, places an emphasis on recruiting and retaining talent in every market, as our people and the recruitment of top talent are central to our business.
“As such, we continue to monitor market activity and continue to offer competitive salaries and benefits to existing employees as well as new recruits.”