Jefferies Financial Group raises first-year banker pay to $110K

Investment bank Jefferies Financial Group has markedly boosted salaries for its bankers, a source close to the matter said on Monday, mirroring a pay-scale trend by other Wall Street lenders.

The bank’s first-year analysts in the United States will now earn $110,000 annually, up from $85,000. Second-year analysts will make $125,000 per year, up from $90,000, said the source, who was not authorized to speak publicly on the matter and asked for anonymity.

Salaries of associates were raised to $150,000 from $125,000, the source added.

The new pay scale, which was reported earlier in the day by the Wall Street Journal, has been in effect since July 1 and follows similar moves by major Wall Street firms to attract and retain top talent as dealmaking activity continues at an unprecedented pace.

A wad of hundred dollar bills
The new pay scale, in effect since July 1, was first revealed in the media on Monday.
SOPA Images/LightRocket via Gett

Banks have also been introducing incentives to younger staff after a group of first-year analysts at Goldman Sachs Group complained of long hours and “unrealistic deadlines” in an internal survey in March.

Citigroup, Morgan Stanley, UBS Group AG , Lazard, and Morgan Stanley have also raised pay for their bankers.

Goldman Sachs logo
Complaints of overwork spurred banking giant Goldman Sachs to up newbie salaries.
Bloomberg via Getty Images

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