Citigroup Boosts Pay for Most Junior Bankers Despite Tough Year
- Many vice presidents, associates see 10% to 15% pay increase
- Bump comes as dealmaking tumbled in 2022 at Wall Street firms
Employees work on the trading floor at Citigroup headquarters in New York.
Photographer: Marc McAndrews/BloombergThis article is for subscribers only.
Citigroup Inc. is raising compensation for its junior investment bankers by as much as 15% even as many Wall Street peers are cutting jobs and slashing bonuses after last year’s industry-wide deals slump.
In a sign of the ongoing struggle for financial firms to retain staff, the New York-based bank is increasing base salaries by an average of 10% to 15% for associates and vice presidents, people familiar with the matter said, asking not to be identified discussing internal information.