Banking

How much junior bankers are getting paid at 14 Wall Street firms after a frenzy of salary hikes

  • Many Wall Street firms are raising base pay for junior investment bankers. 
  • The going rate for first-year analyst base pay is now at least $100,000 at many banks. 
  • Here’s a rundown of salaries at different levels across investment banking. 

Across Wall Street, financial firms are competing to keep talent by raising pay. Some banks are also going on big recruiting pushes— though recruiters say the hiring pool is nearly tapped out for junior talent. 

The going rate for base pay for first-year investment banking analysts is now at least $100,000 across many firms. And Evercore has bumped base comp to $120,000 for first-year analysts

Some firms are also raising pay outside of just IB. Goldman Sachs has raised salaries for first-year analysts and some second-year analysts in markets, wealth, and research. And Bank of America’s latest pay raises applied to analysts in global corporate and investment banking, global markets, and global research.

And a second wave of pay hikes is emerging, with firms including Morgan Stanley telling staff about further bumps to pay that will go into effect in January 2022. 

Trying to keep up with the latest on pay for junior bankers on Wall Street? Here’s a bank-by-bank breakdown of changes in salaries for analysts, associates, and other levels at firms like Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and more.

You can also see our full running list here. 


Bank of America announced a second round of pay increases for junior investment bankers that will go into effect in the coming months.

The firm is bumping salaries for analysts in global corporate and investment banking, global markets, and global research divisions, according to an internal memo sent by the bank’s global banking and markets leadership team and reviewed by Insider.

See all the pay details here.


Analysts, associates, and vice presidents in Citigroup’s banking, capital markets, and advisory division will receive base salary increases.

The raises will be reflected in payments starting in August, according to an internal announcement first reported by Insider on July 2. Tyler Dickson and Manuel Falcó, co-heads of Citi’s BCMA group, sent the memo, which was reviewed by Insider.

Keep reading here.


The firm raised salaries for people in the global capital-markets and advisory group at the director level and below, which includes vice presidents, associates, and analysts. Salary raises took effect for directors, vice presidents, and associates as early as April.

See the full story here.


Evercore bumped its base compensation for junior bankers to make it the top-paying investment bank for first- and second-year analysts. The firm is also bumping base comp for 2022 first-year associates, Insider has learned.

More on the latest pay here.


Goldman Sachs is bumping pay for investment banking analysts and associates, Insider first reported on August 1. The move came months after the firm’s culture regarding junior bankers first came under scrutiny this spring.

The firm later moved to raise salaries for first-years in markets, wealth, and research.

Read the latest here. 


Guggenheim Securities, a division of the financial-services firm Guggenheim Partners, has raised base compensation for investment-bank analysts for a second time in a matter of months.

Read the full story here. 


Wall Street’s biggest bank is rolling out pay bumps for junior workers in its investment bank, sources familiar with the situation told Insider on June 28

More on JPMorgan raises here.


Lazard is raising base comp for junior investment bankers in the US, a person familiar with the matter told Insider on August 3.  New salaries went into effect as of the August 13 payroll and be retroactive as of July 1.

Keep reading here.


Morgan Stanley is set to raise salaries for its junior traders and research analysts, as well as raising base compensation for junior investment bankers for a second time, Insider has learned.

More on Morgan Stanley pay here. 


RBC raised analyst and associate base pay. The raises impacted US employees and went into effect in June.

See the full story here.


The firm is increasing base compensation for first-, second-, and third-year investment-bank analysts, according to an email sent by James Bunn, Raymond James’ president of global equities and investment banking. The raises will take effect on October 1. 

While Bunn said in his email that the pay bumps should put Raymond James at the “high end of analyst salaries on the Street,” junior bankers may not end up taking home more total pay than before.

“Importantly, our primary focus is on total compensation (salary + bonus) and these salary increases are not intended to represent an increase in total comp,” said the email.

See all the details here. 


The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter told Insider on July 21. 

The raises were effective August 1. And analysts, associates, and directors across all regions are eligible for the raise.

Read the full story here. 


Wells Fargo raised base comp for analysts and associates in its corporate and investment bank, a Wells Fargo spokesperson confirmed to Insider. These raises are retroactive to July 1. 

“We can confirm the adjustment of base pay in certain client-facing positions across the Corporate and Investment Bank, which ensures we remain competitive and aligned with market practices,” the spokesperson said. “We are committed to offering compensation that attracts, motivates, and retains talent.”

See more here.


William Blair is raising base salaries for bankers from first-year analysts to managing directors. The raises went into effect in the Aug. 15 payroll cycle. A person familiar with the matter told Insider that the raises apply to the firm’s investment bankers globally.

William Blair executives earlier this year told its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. 31 they would receive “a special, one-time spot bonus” in the amount of $20,000.  More recent hires got smaller bonuses. The special bonuses hit accounts in the April 15 payroll cycle.

Keep reading here. 

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