Citigroup to raise base pay for junior bankers – memo

Citigroup Inc. (Citi) is a financial services company based in Toronto, Ontario, Canada. The date is October 19, 2017. Chris Helgren/Reuters/File Photo Reuters, July 2 – According to an internal document seen by Reuters, Citigroup Inc (C.N) will raise the basic salary of its junior investment bankers, days following media reports of a similar move by competitor JPMorgan Chase & Co. (JPM.N). Salary increases for program vice presidents, associates, and analysts in the Wall Street firm’s banking, capital markets, and advisory (BCMA) division will begin July 1, according to a memo dated Friday. After a group of first-year analysts at Goldman Sachs complained about excessive hours and “unrealistic timelines” in an internal poll in March, the bank began offering incentives to younger employees. find out more According to BCMA co-heads Tyler Dickson and Manuel Falco, Citigroup will continue to focus on health programs in the business to ensure bankers have enough time off. Most Citi employment will be labeled as “hybrid” post-pandemic, allowing staff to work from home for up to two days per week, according to the bank. In contrast, rivals Morgan Stanley (MS.N), JPMorgan Chase & Co., and Goldman Sachs Group Inc (GS.N) see a return to office similar to before the health-care crisis. find out more Citi’s salary increases were initially revealed by Insider, which also reported on Monday that JPMorgan had increased first-year analyst basic salaries to $100,000 before bonuses. (https://bit.ly/3dFly1x). Niket Nishant contributed reporting from Bengaluru, and Devika Syamnath edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More