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Morgan Stanley hikes starting pay for junior bankers to $100K

Morgan Stanley stated it should begin paying six-figure base salaries to its entry-level bankers as a rush of post-pandemic offers and quick staffing have spurred crushing workloads.

The Wall Street behemoth introduced the $15,000 elevate on Wednesday: First year analysts in funding banking and capital markets will now make a base wage of $100,000 and second-year analysts will now make $105,000, up from $85,000 and $90,000, respectively.

Morgan Stanley, headed by CEO James Gorman, follows on the heels of rivals JPMorgan and Citi — each of which introduced in latest weeks that first-year funding bankers would haul in $100,000.

People shut to Morgan Stanley say the pay hike is a nod to the fierce battle for bankers that has ramped up as dealmaking surges. July is often when Morgan Stanley reevaluates and proclaims any adjustments in pay. The new salaries will go into impact on Aug. 1.

Morgan Stanley declined to remark.

Goldman Sachs is now the one top-tier agency that has but to announce a pay hike for junior workers — and debate over the matter is roiling senior executives internally. People shut to the financial institution observe Goldman is keeping track of the competitors and can announce any wage adjustments originally of August.

Morgan Stanley, headed by CEO James Gorman, follows on the heels of rivals JPMorgan and Citi in elevating pay for its junior bankers.
AFP by way of Getty Images

Junior bankers at Morgan Stanley, a few of whom had complained of 20-hour workdays, will begin being paid six-figure base salaries.
Getty Images

In March, a leaked slideshow presentation compiled by 13 junior Goldman Sachs analysts detailed complaints about 100-hour workweeks. Some griped of shifts so long as 20 hours that left them little time to eat, sleep or bathe, claiming that the grind damaging their bodily and psychological well being.

Elsewhere, Citibank CEO Jane Fraser informed workers she was banning Zoom conferences on Fridays to tackle Zoom fatigue. Investment financial institution Jefferies even provided its junior workers the primo Peloton bike as a “thank you” for working lengthy hours.