Banks push up pay to hire brightest and best

Skyscrapers - Wall Street

A new generation of bankers are about to get a raise, as firms open wallets to head off defections to investment funds and Silicon Valley.

Bloomberg News reports that Bank of America plans to boost salaries by at least 20% next year for junior staff in trading and investment banking globally, while Goldman Sachs will increases salaries for junior U.S. workers by about that much, according to people briefed on the decisions.

JPMorgan Chase and Citigroup are considering similar plans, people with knowledge of those deliberations said. Morgan Stanley also decided this year to raise salaries for some mid-level bankers.

'These firms want to hire the smartest of the top grads, that’s part of building for the future,' said Paul Sorbera, president of Alliance Consulting, a New York-based search firm. 'They’re competing with tech firms that are a little sexier than finance to the younger generation.'

Hit the link below to access the complete Bloomberg News article:

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