Wall Avenue pay: JPMorgan first-year analysts will now make $100,000
JPMorgan Chase (JPM) is raising the salary of first-year analysts to $100,000, up from $85,000, a person familiar with the matter told CNN Business.
The pay hike, which takes effect July 1, means some millennials and Gen Zers will be making six-figure salaries fresh out of college.
JPMorgan is also raising second-year analyst salaries to $105,000 from $90,000, and third-year salaries from $95,000 to $110,000, the source said, confirming a report from Insider. A JPMorgan spokesman declined to comment.
The hikes will make JPMorgan the most lucrative big bank for junior analysts — a shrewd move amid an ongoing war for talent between Wall Street and Silicon Valley, where many tech firms offer greater flexibility for remote work.
Alan Johnson, managing director at compensation consultant Johnson Associates, said the moves are a sign of “healthy business and a tight labor market.”
Banking culture came under further scrutiny recently after a group of junior analysts at Goldman Sachs (GS)…
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