German lender Deutsche Bank AG is raising the amount it pays investment banking analysts. The bank will now pay first and second-year analysts in its origination and advisory arms $100,000 and $105,000, respectively. U.S. analysts being promoted to the associate level midyear will see their pay rise by $25,000 to $150,000. Globally, analysts and those being promoted to associate will see their compensation increase.
The pay adjustments will be shared during midyear compensation reviews. This is according to the source, and also, they said that formal communication will take place on Aug. 4. Wall Street banks have been rolling out incentives to younger staff after a group of first-year analysts at Goldman Sachs complained of long hours and unrealistic deadlines. This is from an internal survey that was taken in March.
The four largest U.S. consumer banks are Wells Fargo & Co, Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co. They posted blockbuster second-quarter results, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.