NEW YORK (REUTERS) - Morgan Stanley is raising base salaries for junior bankers by about 25 per cent in a bid to improve working conditions and retention, according to Bloomberg, which cited people briefed on the matter.
Associates and vice-presidents in its investment banking and capital markets divisions worldwide will be the beneficiaries of the pay hike.
Morgan Stanley has also introduced time-management guidelines and internal conferences on career development for junior and mid-level bankers, said Bloomberg, quoting one of the people.
Investment banks across Wall Street have tried to ease schedules of junior bankers.
Institutions such as Bank of America have outlined measures to ensure that analysts and associates are recommended to take a minimum of four weekend days off a month.
Morgan Stanley did not immediately respond to an e-mail request asking for comment after normal business hours.