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There Are 2 Simple Reasons Why Young Wall Streeters Are Getting Big Raises
Over the summer Morgan Stanley, Goldman Sachs, JPMorgan, and Bank of America have announced that they will be giving junior bankers (think analysts and associates under 30) a pay raise of about 20% to 25%. According to The Wall Street Journal, Citigroup is considering the move, too. There are two simple reasons for this. First, the industry is facing tougher competition for talent from forces both within and outside of Wall Street, and, second, because of a little thing we like to call "banker burn." Post-financial-crisis regulation has changed the way big banks do business. Riskier, lucrative sources of revenue ... (full story)