Bank of America raises pay for analysts: memo

[NEW YORK] Bank of America told staff on Friday that it will raise pay for analysts in its global corporate and investment banking, markets and research divisions, according to an internal memo seen by Reuters.

Banks across Wall Street have been raising pay for lower-level staff this year to compensate them for gruelling workloads and hours, particularly in the investment banking divisions where workers have handled record levels of deals.

First-year analysts in those three divisions will now earn US$100,000 in base pay. Second-year analysts will US$105,000, and third-year analysts in the global markets and global research divisions will earn US$110,000.

Those salaries are in line with other banks that recently announced changes.

REUTERS