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Bloomberg
Jefferies Financial Group Inc is boosting the salaries of its first-year analysts in the US by more than a quarter, the latest bank to bump pay as they seek to stem defections amid intense workloads.
The Wall Street firm will now pay its junior bankers $110,000, up from $85,000 previously, according to a person familiar with the matter. Second-year analysts and associates, those in their third year, will see compensation rise to $125,000 and $150,000 respectively.
The raises take effect immediately and will be applied retroactively back to July 1. A group of 13 first-year analysts in Goldman Sachs’ investment-banking division sparked uproar earlier this year when they laid bare the rigors of Wall Street life in a presentation detailing one hundred-hour work weeks and strains on health. In the aftermath, lenders including Morgan Stanley, Citigroup, Deutsche Bank and JPMorgan Chase & Co have all increased starting wages.