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.

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.