NEW YORK (Reuters) – Morgan Stanley (NYSE:) raised pay for starting analysts in its institutional securities division, making it the latest bank to increase compensation amid high demand for the entry-level workers.
The move raises pay for all starting analysts to $110,000 across sales and trading, research, investment banking and global capital markets divisions, according to a source familiar with the announcement.
The new salary will take effect in January, according to Business Insider, which first reported the news.
Morgan Stanley raised base pay for first- and second-year bankers in the investment bank and global capital markets divisions in late July, following similar moves by rival Wall Street banks.
Those workers’ base pay increased to at least $100,000, from around $85,000, starting this month. The increase announced on Tuesday will align salaries for starting analysts across the whole institutional securities division, said the person, who declined to be identified.
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