JPMorgan hikes pay for junior bankers in bid to fight off competitors

Another American investment bank has hiked its pay for junior staff as Wall Street giants strengthen incentives across the board in a bid to attract the best talent.

JPMorgan has increased pay for junior sales, trading and research analysts across its corporate and investment banking practice.

The news was first reported by Bloomberg.

First-year analysts at the banking giant will get $100,000, up from £85,000, whilst second-year analysts will reap in $105,000.

It comes as Wall Street stalwarts are bidding up wages for junior workers amid fierce competition to attract the best and brightest. Investment banks are also coping with the sector’s reputation souring due to reports of severe workloads.

JPMorgan’s rivals Goldman Sachs and Morgan Stanley recently upped their pay for junior staff.

Investment banking has struggled to shake off allegations of poor regard for staff wellbeing after a powerpoint presentation by junior staff was widely circulated showing they are often clocking up over 80-hour working weeks during busy dealmaking periods.