Barclays is following JPMorgan and growing salaries for its funding bankers.
The Litquidity Instagram account reported this afternoon that Barclays is growing pay for analysts, associates and vice presidents globally by 17%.
This implies that, as at JPMorgan now, Barclays’ first yr analysts within the U.S. will likely be on salaries of $100k following a $15k hike. Associates and vice presidents are reportedly getting $25k salary hikes.
Barclays did not reply to a request to remark. Until now, the British financial institution had merely mentioned that analysts and associates ought to cease working between 9pm Friday and 9am Sunday (until they have been on dwell offers),and that juniors ought to disconnect from work for 2 a number of 5 days annually.
The British financial institution is the most recent in a succession of firms to supply elevated salaries to junior funding bankers following a yr and complaints of exhaustion. The pay rises imply the usual beginning salary for an analyst on Wall Street has effectively become $100k.
Other banks to have elevated pay in latest months embrace: Guggenheim (up $15k for first yr analysts, $20k for second years, $25k for associates and VPs); Bank of America ($10k for analysts, $25k for associates and vice presidents); Credit Suisse ($20k for everybody at VP and under) and Moelis & Co ($10k for analysts).
While banks seem like submitting one after the other to strain for elevated base pay, Goldman Sachs remains to be holding out and maintaining junior banker salaries regular. Goldman is because of pay analysts bonuses in August, and its juniors are hoping to be rewarded then as a substitute.
It’s not clear whether or not Barclays’ pay rises will likely be in lieu of bonuses. The British financial institution normally pays its analyst bonuses in winter, so will probably be some time earlier than its most junior employees discover out. Earlier this yr, Barclays elevated the typical bonus for high performers in its investment bank by 20%.
Photo by Tom Wilson on Unsplash
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