© Reuters. FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company’s world headquarters in New York, New York January 20, 2015. REUTERS/Mike Segar/File Photo
(Reuters) – Morgan Stanley (NYSE:) has raised the base pay for first and second-year bankers in its investment banking and global capital markets division, according to a Business Insider report on Wednesday. https://
Base pay for first-year bankers in both divisions will now begin at $100,000 before adding bonus and second-year bankers will earn a minimum of $105,000, the report said, citing a person familiar with the matter.
The raises, which were announced internally on Wednesday, will come into effect from Aug 1, the Insider report said.
Such raises were based on a review of annual compensation, the report added, in order to adjust pay with market conditions as part of the bank’s normal course of business.
Morgan Stanley declined a Reuters request for comment.
The investment bank’s move comes weeks after peer Citigroup Inc (NYSE:) said it would raise base pay for junior bankers at its banking, capital markets and advisory (BCMA) division.
Late last month, Business Insider had also reported that JPMorgan Chase & Co (NYSE:) was raising base compensation for first year analysts to $100,000. https://
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.