Millennial Bankers Get Raises as Firms Fight Defections
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A new generation of Wall Street bankers is about to get a raise, as firms open wallets to head off defections to investment funds and Silicon Valley.
Bank of America Corp. plans to boost salaries by at least 20 percent next year for junior staff in trading and investment banking globally, while Goldman Sachs Group Inc. increases salaries for junior U.S. workers by about that much, according to people briefed on the decisions. JPMorgan Chase & Co. and Citigroup Inc. are considering similar plans, people with knowledge of those deliberations said. Morgan Stanley also decided this year to raise salaries for some mid-level bankers.