JPMorgan has extended its pay raise for junior bankers for some on the next rung of the career ladder.
The US investment bank has raised the salaries of first-year associates who join the bank’s MBA program next year to $ 175,000, according to people familiar with the matter. Previous salaries for first year associates were $ 150,000.
The move follows salary increases for analysts in its investment banking and markets units over the past month. Salary increases for the entire U.S. investment bank associate population have yet to be released.
JPMorgan previously increased its first year analyst salaries from $ 85,000 to $ 100,000 in July, with second years receiving $ 105,000 and third year receiving $ 110,000. He then extended those increases to staff in his sales, trading and research functions on August 10.
It’s the latest move from a major investment bank to keep juniors in the midst of increased workload and spiraling schedules. A group of Goldman Sachs analysts described the potential for burnout among young bankers in a March presentation detailing 100-hour weeks and declining mental health.
Some banks, including Barclays, Deutsche Bank and UBS, announced salary increases for analysts and associates when new salaries were released in July. However, many banks, including JPMorgan and Morgan Stanley, limited increases at the analyst level.
Evercore, the boutique investment bank that raised entry salaries to $ 120,000 earlier this month, will also pay its freshman associates $ 185,000, Insider reported.
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