UBS Group is reportedly planning to raise the salaries of global banking analysts, associates, and directors, marking the latest global bank to increase pay for talent.
In their first year, analysts will earn about $100,000 annually, according to a «Reuters» report citing unnamed sources, followed by $105,000 in the second year and $110,000 in the third year.
Associates will earn $175,000 to $225,000 and directors will make around $275,000.
The salaries increases will come into effect from August 1, the report added.
UBS is the latest global bank to increase salaries in order to attract and retain talent, particularly for non-senior positions.
This follows similar moves by Wall Street banks to incentivize younger financial workers, particularly after first-year analysts at Goldman Sachs complained about a gruesome work-life of long hours and cutthroat deadlines in an internal survey leaked earlier this year.