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JPMorgan’s junior bankers are getting a big bump in their compensation, with first-year analysts slated to make six figures for the first time ever beginning next month.
The Wall Street giant — which like many other industries is facing a worker shortage as its post-pandemic business cranks up — said Tuesday that as of July 1, its banking analysts will get a $15,000 pay hike across the board.
That means first-year analysts will jump from $85,000 to $100,000 — the first time they’ve ever pulled down six figures. Second-year analysts will see their pay increase from $90,000 to $105,000 and third-year analysts will go from $95,000 to $110,000.
The hikes for JPMorgan’s bankers — who are expected back in the office next month regardless of whether or not they’re vaccinated against coronavirus — will make the lender’s investment banking salaries the highest on Wall Street, besting even Goldman Sachs and Morgan Stanley, sources told The Post.
JPMorgan declined to comment.
It’s been a banner year for JPMorgan’s investment bankers, who raked in a record $3 billion in the first quarter of 2021 alone — a 57-percent increase from a year earlier.
Nevertheless, It’s been several years since most banks including JPMorgan have raised base pay, sources tell The Post. JPMorgan is typically first to announce an increase for analysts followed several weeks later by Goldman Sachs and Morgan Stanley.
Wall Street is scrambling to keep young talent from fleeing amid a dizzying workload from a spike in deals. In March, a leaked slideshow presentation compiled by 13 junior Goldman Sachs analysts detailed complaints about 100-hour workweeks. Some griped of shifts as long as 20 hours that left them little time to eat, sleep or shower, claiming that the grind damaging their physical and mental health.
After such complaints spilled onto social media, banks including Goldman and JPMorgan vowed to hire more staff, with the latter pledging to boost its headcount by 200. Private equity firm Apollo Global Management has reportedly offered some associates as much as $200,000 to stick around.
Elsewhere, Citibank CEO Jane Fraser told employees she was banning Zoom meetings on Fridays to address Zoom fatigue. Investment bank Jefferies even offered its junior staff the primo Peloton bike as a “thank you” for working long hours.
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