JPMorgan raises pay for junior bankers for the 2nd time

JPMorgan Chase & Co. has increased salaries of its junior bankers for the second time in the last seven months, Bloomberg News reported, citing a person familiar with the matter.

Pay for first-year investment-banking analysts will start at $110,000, up from $100,000 announced in June 2021, the report said. Salaries for second-year analysts will be raised to $125,000, while those for third-year analysts will be increased to $135,000. The markets unit will see similar hikes.

In addition, pay for associates will also be increased. The raises will apply internationally, the report added.

A JPMorgan spokesperson did not immediately respond to the news outlet's request for comment.

Recently, Citigroup Inc. also increased pay for junior investment bankers in the U.S.