Credit Suisse is the latest in a series of investment banks to raise the pay of its junior bankers on Wall Street in an attempt to woo talent, according to a U.K. media report.
Cresit Suisse is set to pay first year-analysts on Wall Street $100,000 a year in a bid to attract and retain junior staff, «Financial News» (behind paywall) reports, citing people familiar with the matter.
Salaries would rise to $105,000 for second years and $110,000 for those in their third year, it added.
«Financial News» quoted a spokesperson for the bank as saying: «Credit Suisse, like all banks, places an emphasis on recruiting and retaining talent in every market...As such, we continue to monitor market activity and continue to offer competitive salaries and benefits to existing employees as well as new recruits.»
Goldman Sachs
The «Financial Times» (behind paywall) quoted people familiar with the decision as saying that Goldman Sachs would now pay first-year analysts a base wage of $110,000, rising to $125,000 in their second year. Those at the more senior associate rank would receive a boost to $150,000, it added.
The FT said the move was in response to complaints about burnout from new recruits.
