By Kanishka Singh
(Reuters) - German lender Deutsche Bank AG (DE:DBKGn) is raising the amount it pays investment banking analysts, a source familiar with the matter told Reuters late on Tuesday.
The bank will now pay first- and second-year analysts in its origination and advisory arms $100,000 and $105,000, respectively, which is a $15,000 increase from previous amounts, the person said, asking not to be identified.
U.S. analysts being promoted to the associate level midyear will see their pay rise by $25,000 to $150,000, the person said. Globally, analysts and those being promoted to associate will see their compensation increase by a similar percentage, the source added.
The pay adjustments will be shared during midyear compensation reviews, according to the source, who said that formal communication will take place on Aug. 4 but will be effective from July 1.
Wall Street banks have been rolling out incentives to younger staff after a group of first-year analysts at Goldman Sachs (NYSE:GS) complained of long hours and "unrealistic deadlines" in an internal survey in March.
The four largest U.S. consumer banks - Wells Fargo (NYSE:WFC) & Co, Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C) and JPMorgan Chase & Co (NYSE:JPM) - posted blockbuster second-quarter results last week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.