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JPMorgan, BofA to raise junior banker pay by 20%

Published on Aug 21, 2014 9:30 AM
This July 13, 2012 file photo shows the entrance to the JP Morgan Chase World Headquarters on Park Avenue in New York. -- PHOTO: AFP

NEW YORK (Reuters) - JPMorgan Chase & Co and Bank of America Corp are planning to hike salaries of junior employees by at least 20 per cent, people familiar with the proceedings said.

JPMorgan executives are determined to pay competitively with other banks and are looking at salary increases of at least 20 per cent for some junior employees, a person familiar with the matter said on Wednesday.

Junior bankers at Bank of America Corp will also receive a raise of at least 20 per cent, according to a person familiar with the matter. The raises will go into effect in 2015, the person said.

Goldman Sachs Group is also planning to raise pay for junior bankers by 20 percent next year, the New York Post reported on Wednesday.

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