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Citigroup is raising the salaries of its junior investment bankers, the latest Wall Street company to try to improve conditions for younger staff after a group of Goldman Sachs bankers publicly complained about the industry’s arduous working conditions.
Citi said in a note to staff on Friday that it would increase the basic salaries of its vice presidents, associates and program analysts in the capital markets and advisory unit from July 1.
“BCMA Vice Presidents, Associates, and Analysts are a highly valued resource, contributing greatly to BCMA’s success and strength,” BCMA co-chairs Tyler Dickson and Manolo Falcó wrote in the note. be reviewed by the Financial Times. “Especially in today’s environment, it’s important that we recognize your talent and your efforts to drive the success of our businesses and serve our customers.”
Citi’s BCMA division has approximately 6,000 employees worldwide.
Salary increases range from $ 15,000 to $ 25,000 and will increase the salaries of first-year analysts in the U.S. to $ 100,000 a year, according to someone familiar with the matter. This does not take into account bonuses.
According to large investment banks, including Citi, the average salary of the first-year analyst is $ 91,000 Wall Street oasis, which tracks the financial industry.
Rival investment banks JPMorgan Chase and Barclays have also recently raised first-year analysts ’salaries from $ 85,000 to $ 100,000, according to people on the subject.
Investment banking has long been known for its demanding hours and intense workplace culture, and job demands have only grown during the pandemic.
Earlier this year, a group of first-year investment banking analysts at Goldman Sachs protested against the stress of work. Based on a survey of 13 analysts, the average work week was 95 hours, with five hours of sleep at night, the slide show showed.
Some banks have taken steps to provide additional benefits to compensate younger bankers for the added stress this year.
Earlier this year, Jefferies offered benefits to younger staff, including a Peloton bike and Apple products, while Credit Suisse gave bankers a $ 20,000 bonus, according to reports from Bloomberg i Business Insider.
Citigroup has so far adopted another flexible approach by returning its bankers to work in the office compared to Goldman Sachs and Morgan Stanley.
The bank said most of its bankers would return to work under a “hybrid” model, with at least three days a week in the office and up to two at home.
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