Boutique Evercore raises wages for juniors in London to keep pace with rivals

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Boutique investment bank Evercore has raised wages for London juniors for the second time, keeping pace with larger rivals after a pay rise over the past year.

The US-headquartered bank raised entry salaries from £63,000 to £70,000 when it unveiled its bonuses last week, according to people with knowledge of the matter. Second-year analysts now receive £80,000 and third-year analysts £90,000. He previously raised wages in the UK last August.

The latest pay increases put Evercore in line with its biggest rivals and follow a pay hike for juniors on Wall Street where it remains one of the highest-earning banks.

Last August, Evercore raised entry salaries for US-based analysts to $120,000 as investment banks battled a burnout crisis in their junior ranks. It was about $20,000 above big rivals such as JPMorgan and Goldman Sachs, which raised wages in reaction to an uprising by young workers as hours soared amid an unprecedented business boom. . The major banks have since raised the entry-level salary in the United States to $110,000.

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Wage increases in the United States have not always been followed by similar increases in London. Citigroup raised salaries for analysts in the UK from £60,000 to £70,000 – and £80,000 for those in their second year – in August. That was about eight months after a second pay hike for analysts in the United States.

Salaries for UK associates at Evercore are now £120,000 for those in year one, £135,000 for those in year two and £150,000 for those in year three, the people said.

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Banks have rushed to keep pace with rivals’ pay rises for juniors, but most have been less generous with bonus payments as deal flow fades in 2022. Barclays, Morgan Stanley, Jefferies and JPMorgan were all disappointed with this year’s payouts, analysts said. Financial News.

Deutsche Bank is set to raise entry salaries by $100,000 to $110,000 in October, making it the latest major investment bank to raise salaries for the second time in a year, after rivals such as JPMorgan , Citigroup, Bank of America, Credit Suisse and Morgan Stanley.

To contact the author of this story with comments or news, email Paul Clarke

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