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Deutsche Bank raising amount paid to junior bankers - source

Deutsche Bank raising amount paid to junior bankers - source
Deutsche Bank raising amount paid to junior bankers - source   -   Copyright  Thomson Reuters 2021
By Reuters

By Kanishka Singh

– German lender Deutsche Bank AG is raising the amount it pays investment banking analysts, a source familiar with the matter told Reuters late on Tuesday.

The bank will now pay first- and second-year analysts in its origination and advisory arms $100,000 and $105,000, respectively, which is a $15,000 increase from previous amounts, the person said, asking not to be identified.

U.S. analysts being promoted to the associate level midyear will see their pay rise by $25,000 to $150,000, the person said. Globally, analysts and those being promoted to associate will see their compensation increase by a similar percentage, the source added.

The pay adjustments will be shared during midyear compensation reviews, according to the source, who said that formal communication will take place on Aug. 4 but will be effective from July 1.

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” in an internal survey in March.

The four largest U.S. consumer banks – Wells Fargo & Co, Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co – posted blockbuster second-quarter results last week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.