Bloomberg News reports the change affects workers globally in investment banking and trading and takes effect in 2015, said the person, who asked for anonymity because the decision wasn’t announced publicly.
Goldman Sachs will boost 2015 salaries for junior U.S. workers about 20%, a person briefed on that plan said.
Wall Street firms have been cutting hours and attempting to improve working conditions for junior bankers to prevent the loss of talent to competitors such as private-equity firms and hedge funds. Charlotte, North Carolina-based Bank of America also is among investment banks that have encouraged analysts to take time off on weekends.
Bank of America is boosting fixed pay for summer associates who have been asked to join the firm around August 2015, the person said. Some new employees already working at the company also will get raises, and bonuses remain variable, the person said.
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