Bankers' pay seems to a never-ending story. UBS is reported to be planning to raise new recruits' salaries in line with current trends on Wall Street.
Major Swiss bank UBS is planning to raise entry salaries for new recruits in the U.S., according to Reuters on Thursday, citing a person familiar with the matter.
UBS would be following a trend on Wall Street after junior bankers complained about arduous conditions at Goldman Sachs in March.
First year analysts would get about $100,000 a year, with their pay rising successively to $105,000 and $110,000 in their second and third years. The report did not disclose current salaries or any relevant percentage increases.
Associates would earn $175,000 to $225,000, and directors around $275,000, the anonymous source said.
The salary increases are part of an initiative to support bankers at the start of their careers and may be effective as soon as August 1, the source said.
