(Adds JPMorgan, BofA comments)
By David Henry and Peter Rudegeair
NEW YORK Aug 20 JPMorgan Chase & Co and
Bank of America Corp are planning to hike salaries of
junior employees by at least 20 percent, people familiar with
the proceedings said.
JPMorgan executives are determined to pay competitively with
other banks and are looking at salary increases of at least 20
percent for some junior employees, a person familiar with the
matter said on Wednesday.
Junior bankers at Bank of America Corp will also
receive a raise of at least 20 percent, according to a person
familiar with the matter. The raises will go into effect in
2015, the person said.
Goldman Sachs Group Inc is also planning to raise pay
for junior bankers by 20 percent next year, the New York Post
reported on Wednesday.
The pay raise means that first-year analysts will earn about
$85,000 before collecting bonuses in 2015, the newspaper said.
Analysts who have been at the Wall Street bank longer will earn
A Goldman Sachs spokesperson did not immediately respond to
a request for comment. JP Morgan and Bank of America were not
immediately available for comment outside regular U.S. business
The pay hikes come as Wall Street is making an effort to
ease strains on junior bankers by limiting hours they work and
compensating them better.
(Additional reporting by Lauren Tara LaCapra in New York and
Ramkumar Iyer in Bangalore; Editing by Cynthia Osterman)