Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Morgan Stanley raises pay for junior bankers, capital markets employees - source

07/28/2021 | 05:29pm EDT
FILE PHOTO: Corporate logo of financial firm Morgan Stanley in New York, New York

(Reuters) -Morgan Stanley has raised the base pay for first and second-year bankers in its investment banking and global capital markets divisions, a person familiar with the matter told Reuters, following a trend set by Wall Street peers.

First-year bankers in both the divisions would now earn a minimum $100,000, while second-year bankers' base pay would now begin at $105,000, increasing the pay by $15,000 at both levels, said the person, who declined to be identified.

The raises were announced internally on Wednesday and will come into effect from Aug. 1, Business Insider reported earlier in the day.https://bit.ly/3f1PtSg

The hike was based on a review of annual compensation, the report added, in order to adjust pay with market conditions as part of the bank's normal course of business.

The investment bank's move comes weeks after Citigroup Inc said it would raise base pay for junior bankers at its banking, capital markets and advisory division.

Wall Street banks have been introducing incentives to younger staff after a group of first-year analysts at Goldman Sachs Group Inc complained of long hours and "unrealistic deadlines" in an internal survey in March.

That triggered salary increases across the industry, as the world's biggest banks compete to attract and retain top talent.

Reuters, citing sources, had reported last week that Deutsche Bank AG and UBS Group AG planned to raise salaries for their junior bankers.

(Reporting by Sohini Podder and Anirudh Saligrama in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Shailesh Kuber and Maju Samuel)

By Anirudh Saligrama


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -0.53% 66.94 Delayed Quote.8.56%
DEUTSCHE BANK AG 3.64% 10.47 Delayed Quote.12.86%
S&P 500 -0.08% 4354.19 Delayed Quote.16.02%
THE GOLDMAN SACHS GROUP, INC. -0.61% 375.84 Delayed Quote.42.52%
UBS GROUP AG 1.70% 14.365 Delayed Quote.13.27%
Latest news "Economy & Forex"
08:26aTaiwan applies to join Pacific trade pact CPTPP - official news agency
RE
08:26aCALIX : Grow your Business Securely With Insights From Shark Tank Star and Cybersecurity Entrepreneur Robert Herjavec at Calix ConneXions 2021
BU
08:25aNigerian lawmaker questions why coal power projects have stalled
RE
08:25aPM JOHNSON : There is every prospect of a U.S. trade deal
RE
08:23aTaiwan applies to join Pacific trade pact CPTPP - official news agency
RE
08:23aAtlas Air Expands FedEx Air-Freighter Contract
DJ
08:20aChina to strengthen policy coordination to cope with challenges - cabinet
RE
08:19aFormer UK regulator Ross to chair EU securities watchdog ESMA
RE
08:16aCHINA EVERGRANDE : Wall St set to rise on easing Evergrande concerns; Fed in focus
RE
08:14aTaiwan formally applies to join pacific trade pact cptpp - official news agency
RE
Latest news "Economy & Forex"