Aug. 9 (Reuters) – Investment bank Jefferies Financial Group Inc (JEF.N) has significantly increased the salaries of its bankers, a source familiar with the matter said on Monday, reflecting recent salary increases from other Wall lenders Street.
The bank’s first-year US analysts will now earn $ 110,000 per year, up from $ 85,000. Second-year analysts will earn $ 125,000 a year, up from $ 90,000, said the source, who was not authorized to speak publicly on the matter and requested anonymity.
Associates’ salaries were increased to $ 150,000 from $ 125,000, the source added.
The new pay scale, reported earlier today by the Wall Street Journal, has been in effect July 1 and follows similar steps taken by large companies on Wall Street. The hikes are an attempt to attract and retain top talent and appropriately offset the workload of bankers as trading activity continues at an unprecedented rate.
In the United States, mergers and acquisitions worth $ 699 billion were announced in the second quarter of this year, up 440% from a year ago.
The blank check frenzy has also started to pick up steam after a lull earlier this year, adding to the workload of bankers already struggling to meet the needs of more customers as the store reopens. the economy.
Since last year, Jefferies has worked on a number of high profile deals. He was one of the underwriters of Bill Ackman’s Pershing Square Tontine Holdings Ltd (PSTH.N), the largest PSPC of all time.
Citigroup Inc, Morgan Stanley (MS.N), UBS Group AG (UBSG.S) and Lazard Ltd (LAZ.N) also raised the salaries of their hard-working bankers, after a grueling year that took its toll on their health and mental health. well-being.
Large Wall Street companies introduced incentives for younger staff after a group of first-year analysts at Goldman Sachs Group Inc (GS.N) complained of long hours and “unrealistic time frames” in a internal investigation in March.
Repotting by Nishant Niket in Bangalore; Editing by Sherry Jacob-Phillips and Shinjini Ganguli
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