Evercore Inc. Raised the compensation of its first-year investment bank analysts to $120000, making it one of the best offers on Wall Street in the battle to retain talent.

In addition to a pay rise for bankers in the first year, investment banking analysts will be paid $130000 in the second year and $140000 in the third year, according to people familiar with the matter. The source spoke on condition of anonymity because of the discussion of non-public information.

Moelis & Co., an investment bank founded by Ken Moelis, is also raising the pay of its junior bankers. Analysts will be paid $110000 in the first year and $125000 in the second year, according to people familiar with the matter. Both investment banks provide advisory services to corporate and private clients on mergers and acquisitions, restructuring and corporate financing.

After the Evercore pay rise, its salary has been higher than Wall Street's salary to date. Goldman Sachs GroupAnd Jefferies Financial Group Inc. Have increased the salaries of their employees to $110000, while those at other major banks are about $100000.