FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company’s world headquarters in New York, New York January 20, 2015. REUTERS/Mike Segar//File Photo
July 28, 2021
(Reuters) -Morgan Stanley has raised the base pay for first and second-year bankers in its investment banking and global capital markets division, according to a Business Insider report on Wednesday. https://bit.ly/3f1PtSg
Base pay for first-year bankers in both divisions will now begin at $100,000 before adding bonus and second-year bankers will earn a minimum of $105,000, the report said, citing a person familiar with the matter.
The raises, which were announced internally on Wednesday, will come into effect from Aug 1, the Insider report said.
Such raises were based on a review of annual compensation, the report added, in order to adjust pay with market conditions as part of the bank’s normal course of business.
Morgan Stanley declined a Reuters request for comment.
The investment bank’s move comes weeks after peer Citigroup Inc said it would raise base pay for junior bankers at its banking, capital markets and advisory (BCMA) division.
Late last month, Business Insider had also reported that JPMorgan Chase & Co was raising base compensation for first year analysts to $100,000. https://bit.ly/3dFly1x
(Reporting by Sohini Podder in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Shailesh Kuber)