Citigroup will increase annual base salaries for its junior bankers, the latest Wall Street lender seeking to retain younger staff facing burnout from working long hours during the pandemic.
The bank is increasing salaries for program vice presidents, analysts and associates in its banking, capital markets and advisory unit, according to a memo to staff seen by Bloomberg News. The raises range from $15,000 to $25,000 and under the changes a first-year analyst base salary will now be $100,000 according to a person familiar with the matter who asked not to be identified discussing private information.
“Especially in this current environment, it is important we recognize your talent and efforts to drive our businesses’ success and serve our clients,” Tyler Dickson and Manuel Falco, who run the unit, said in the memo.
The raises will apply to most locations, take effect from July 1 and be reflected in August payment dates, the bank said in the memo.
Citigroup follows Barclays Plc and JPMorgan Chase & Co. which
Citigroup will continue to focus on wellness initiatives in the division, ensuring staff have enough time off through its weekend exception policy and protected holiday weekends, according to the memo. The unit will also actively support the bank’s hybrid work model, it said.
Falco last month
Citigroup Chief Executive Officer Jane Fraser said in March, shortly after taking on the top job, that being in the office is important for competitiveness, collaboration and mentoring young staffers. But she said the majority of the lender’s roles will still be designated as hybrid, where workers are in the office at least three days a week and working from home for as many as two.
Insider, formerly known as Business Insider, reported the pay increases earlier.