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Bank of America Plans to Boost Salaries for Its Junior Investment Bankers

  • ‘Your efforts and well-being are critical,’ firm tells workers
  • Several financial companies have promised to lighten the load
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Bank of America Corp. will give its junior investment bankers a pay increase next month in the latest move by a Wall Street bank to address pressures created by intense workloads as the pandemic drags on.

“Given our ongoing remote work environment -- coupled with the recent pace of market activity as well as client requests and transactions -- your contributions and commitment have become more important than ever to the continuous success of our deal teams and client relationships,” the executive committee of Bank of America’s global corporate and investment banking unit wrote in a memo to employees Thursday. “Your efforts and well-being are critical to our success.”