BofA Said to Join Goldman Raising Junior Bankers’ Salaries
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Bank of America Corp., the second-largest U.S. lender, plans to raise salaries for junior staff by at least 20 percent as Wall Street firms try to discourage defections, a person briefed on the matter said.
The change affects workers globally in investment banking and trading and takes effect in 2015, said the person, who asked for anonymity because the decision wasn’t announced publicly. JPMorgan Chase & Co. also is likely to increase salaries by at least 20 percent for some junior employees, and Citigroup Inc. is considering a similar move, according to people with knowledge of those talks. Goldman Sachs Group Inc. will boost 2015 salaries for junior U.S. workers about 20 percent, a person briefed on that plan said earlier today.