JPMorgan raises salaries for junior bankers for second time

[NEW YORK] JPMorgan Chase is raising the pay for its junior bankers. Again.

The US lender is increasing pay for 1st-year investment banking analysts to US$110,000, up from US$100,000, according to a person familiar with the matter.

The bank is raising 2nd-year analyst pay to US$125,000 and 3rd year pay to US$135,000. Salaries in the markets unit will also see similar jumps.

The raises will apply internationally and pay for associates will also be increased, the person said.

A spokesman for JPMorgan didn't immediately respond to a request for comment. Financial News reported the news earlier.

The jump comes after news that Citigroup is increasing pay for junior investment bankers in the US after their division posted its best performance on record last year, Bloomberg reported last week.

It increased base salaries for 1st-year analysts to US$110,000, while those in their 2nd and 3rd years will now receive US$125,000.

BLOOMBERG