Junior bankers at Lazard now the highest-paid on Wall Street, pulling in $200K

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According to reports, Lazard’s new pay hike will be effective from October 14, but will be retroactive from July 1.

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According to one report, junior bankers at boutique firm Lazard are now the highest paid on Wall Street after Lazard raised salaries for all associates by $50,000.

According to Insider, the base pay will increase from $200,000 for Lazard associates to $150,000 for first-year associates, from $175,000 to $250,000 for second-year associates and $200,000 to $250,000 for third-year associates.

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It’s just the latest pay hike on Wall Street as disgruntled associates eye exits and companies struggle to retain talent amid a boom in workflows.

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In early summer, first-year bankers at firms including Goldman Sachs, Morgan Stanley and JPMorgan earned $85,000. Now, junior bankers make at least six figures in all major firms.

Still, Lazard’s wage increase is significant for junior bankers and raises the bar — again — for other banks. Before news of Lazard’s pay hike broke, the highest-paid junior banker on Wall Street was earning $120,000 in base salary at boutique firms including Evercore.

According to reports, Lazard’s new pay hike will be effective from October 14, but will be retroactive from July 1.

A Lazard spokesperson did not immediately respond to a request for comment.

Deal-making, capital raising and IPO boom All have helped increase investment banking revenue, while the Federal Reserve is pumping trillions into the markets, driving many stocks to new highs.

Over the past few months, all of Wall Street’s firms have increased salaries for juniors as banks Goldman Sachs And J. P. Morgan With the revival of the economy, record earnings have been registered.

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In August, David Solomon’s Goldman Sachs also enhanced base pay From $85,000 to $110,000. Earlier this year JPMorgan Chase, Citigroup and Morgan Stanley salary hiked From $85,000 to $100,000 for the first year.

It is unclear whether other banks will consider raising salaries to compete with Lazard.

Banks are taking out beaucoups to get more work done escape from talent Thanks for the increase in deals amid the workload. in March, a leaked slideshow presentation Detailed complaints about the 100-hour work week compiled by 13 junior Goldman Sachs analysts. Some grappled with shifts of up to 20 hours, giving them little time to eat, sleep or bathe, claiming the grind harmed their physical and mental health.

Complaints move Goldman and JPMorgan Resolve to hire more employees Later with a pledge to boost its headcount to 200. Private equity firm Apollo Global Management has reportedly offered up to $200,000 to some associates to stay on.

Elsewhere, Citibank CEO Jane Fraser told employees she was Zoom meeting banned on Friday To remove zoom fatigue. Investment bank Jefferies offered the Primo Peloton bike to its junior employees as a “thank you” for working long hours.

Six-figure pay is just the basic salary that junior bankers receive – that number doesn’t include bonuses. For senior bankers, a bonus can be hundreds of thousands — or even millions — of dollars.

To read more from the New York Post, Click here.


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