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UBS Lifts Junior Bankers’ Pay, Following Rivals on Wall Street

Bloomberg business news
WATCH: UBS is the latest lender to boost junior banker pay.(Source: Bloomberg)

UBS Group AG is lifting salaries for junior bankers, associates and directors in the U.S., making it the latest financial firm to boost pay in an effort to retain younger employees amid increased competition from buy-side and tech firms and crushing workloads from a surge in deals.

First-year analysts will now earn at least $100,000, matching pay at Deutsche Bank AG, Citigroup Inc., Barclays Plc and JPMorgan Chase & Co., while their second-year counterparts will make $105,000 and third-year analysts will bring in $110,000, according to a person with knowledge of the increase. The raises for U.S. employees at the Zurich-based bank will take effect Aug. 1, the person said, asking not to be identified because the information isn’t public. Associates will earn $175,000 to $225,000 and directors at least $275,000 after the raises, the person said.