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Wall Street Gives Younger Bankers A Handsome Salary Bump

Investment banks are not only competing with management consulting and private equity shops when it comes to recruiting, they also go neck-to-neck with tech startups. In order to stay competitive, a handful of investment banks are giving their junior staff a pay raise. Goldman Sachs, JP Morgan, Bank of America Merrill Lynch and Morgan Stanley are reportedly giving a 20% salary bump to the junior bankers. They hope the higher salaries will attract new graduates to Wall Street, where bonuses have been unpredictable. The other aspect tied to investment banking is the long working hours. Banks are trying to address this aspect of the job. Bank of America, for instance, has encouraged junior bankers to take time off on the weekends.