TOKO (THE BUSINESS TIMES) - Nomura Holdings is raising the salaries of its entry-level bankers to US$100,000 (S$136,000), the latest lender to boost pay as the industry struggles to retain junior talent that has been inundated by deal flow amid the work-from-home grind.
The Japanese lender will introduce the pay bump in July, according to a person with knowledge of the matter. The move aligns it to banks including Bank of America, Barclays and JPMorgan Chase & Co.
Wall Street is trying to ease the burden on younger bankers, traditionally the engine room of investment banks. A presentation from a group of Goldman Sachs Group analysts thrust the issue into the fore earlier this year when it shed light on their 100-hour weeks and declining physical as well as mental health.
The race to boost pay for juniors has pushed the salary of first-year analysts at several banks up by US$15,000 to reach about US$100,000, reporting by Bloomberg News show. That puts Nomura's decision, which was first reported by Financial News, in line with the industry.
As well as boosting compensation, some lenders have also introduced policies in recent months that include restricting weekend hours and mandating vacations.