Morgan Stanley Update
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Morgan Stanley is increasing the salaries of its junior investment bankers, making it the latest Wall Street bank to raise salaries after complaining about difficult working conditions in the industry.
According to people familiar with the matter, Morgan Stanley staff were told on Wednesday that investment bank analysts in the first year can earn $100,000 per year, and analysts in the second year can earn $105,000. Before that, they made 85,000 US dollars and 90,000 US dollars respectively. This does not include any bonuses, which are common in investment banking.
Morgan Stanley CEO James Gorman became the leader last month Advocate Go back to the office and tell the staff: “If you can enter a restaurant in New York City, you can enter the office. We hope you are in the office.”
This growth, first reported by Business Insider, brought Morgan Stanley queue up Salaries for junior investment bankers like JPMorgan Chase, Citigroup, and Barclays Bank. Other banks such as Credit Suisse and Jefferies also provide young employees with one-time bonuses and benefits such as Peloton.
The move was carried out in the context of booming transaction activity, and banks including Morgan Stanley benefited from M&A advisory amid the pandemic-driven transaction proliferation.
This activity increased the profitability of investment banks, but it also resulted in longer working hours for junior employees. Earlier this year, a group of first-year investment banking analysts from Goldman Sachs emphasized this point. They surveyed 13 analysts and found that their average work week is 95 hours and sleep per night. The time is 5 hours.
This move makes Goldman Sachs the last major opponent of a large investment bank that has not yet raised salaries, which is a problem facing the bank. wrestling and.
A Goldman Sachs spokesperson declined to comment on any plans the bank may make around compensation.