Wall Street is having its hardest year of hiring, with competition for talent driving up the pay of young bankers.

For now, the big banks are gearing up to recruit junior staff, but even the $100000 entry-level annual salary is still not strong enough. This situation can be attributed to the impact of the COVID-19 epidemic, or the much-criticized long hours of hard work, or the awakening of the younger generation to the banking industry.

Banks will also face competition for talent from private equity firms, which usually plan large-scale recruitment events in the autumn. According to people familiar with the matter, Blackstone Group IncCompanies such as the Group, Carlyle, KKR&Co. And Apollo Global Management Inc. All have autumn hiring plans. Recruitment consultants say private equity firms may decide to recruit junior talent directly later this year, putting pressure on banks to hire more staff now.

"over the past year, companies have increasingly realized that you'd better add two or three analysts rather than having an analyst work 16 hours a day, seven days a week," said Brian Marks, Knopman Marks Financial Training's director of induction for junior analysts at large banks.

Bank pay rise

In the face of fierce competition and physical and mental exhaustion of bankers, Wall Street banks have taken measures such as pay increases and staff increases. JPMorgan Chase & CoThe recruitment target has been raised by hundreds. Almost every big bank will raise the base salary of entry-level analysts and bankers by about 17% and set a new industry standard of $100000-- some even higher, such as Goldman Sachs GroupThe group raised the starting salary for analysts in the first year to $110000.

The following is a list of banks adjusting the treatment of junior bankers:

JPMorgan Chase & Co: it is reported that the salary of junior bankers has been raised, with a starting salary of $100000 for analysts in the first year; it is also reported that the bank's salary increase has been extended to analysts in the primary sales, trading and research departments.

Jefferies: the salary of analysts in the United States increased by nearly 30% in their first year on the job, from $85000 to $110000, and in their second and third years to $125000 and $150000, respectively.

Mizuho: Mizuho Americas, a subsidiary of Mizuho, is reported to have raised the annual salary of a junior analyst to $100000 in its first year on the job.

HSBC: HSBC reportedly raised the salary of junior bankers in its investment banking division to $100000 from $85000.

Goldman Sachs Group: it is reported that the starting salary of analysts increased from US $85000 to US $110000 in the first year and from US $95000 to US $125000 in the second year.

Credit Suisse: credit Suisse is considering raising the starting salary for first-year analysts to six figures, and executives are still evaluating the plan and haven't made a final decision, according to people familiar with the matter.

Morgan StanleyIt is reported that the annual salary of analysts in the company's investment banking and global capital markets division will be raised from $85000 to $100000 in the first year. Analysts will earn $105000 the next year.

UBSIt is reported that the starting salary for analysts will be raised to $100000 in the first year, $105000 in the second year and $110000 in the third year, and an one-time bonus of $40, 000 will be paid to bank analysts promoted to manager.

Deutsche Bank: increase the annual salary of analysts in the first and second years of the investment bank's advocacy and consulting departments to $100000 and $105000, respectively.

Nomura: raise junior bankers' salaries to $100000 a year from July.

Citigroup: raise the base salary of junior bankers, which is reported to range from $15000 to $25000, and the base salary of analysts to $100000 in the first year.

Barclays: it will increase the base salary of all US analysts by $15000; it is reported that the salary of analysts will increase to $100000 in the first year.

Wells Fargo & CoIt is reported that a special bonus of $10, 000 is given to analysts and $20, 000 to junior managers.

Bank of America CorporationRaise the salary of junior bankers in the investment banking department from May 1. Analysts are reported to have received a salary increase of $10, 000, while junior managers and vice presidents have added an additional $25000.