Here's how much JPMorgan first-year analysts are set to earn as inflation hits Wall Street

JPMorgan Chase is remapping its wage structure and the company’s junior bankers are getting a huge bump in their compensation. With inflation has arrived on Wall Street, the bankers are all smiles as they will now get fatter paychecks. The company’s first-year analysts will now take home a six-figure wage bill for the first time ever.

JPMorgan first-year analyst salary gets a huge hike

According to reports, first-year analysts at JPMorgan Chase will now make a six-figure salary. The Wall Street giant, which is currently facing a labour shortage due to the ongoing pandemic, revealed that its banking analysts are now getting a $15,000 pay hike across the board starting July 1. The new hike will see the salary of first-year analysts jump from $85,000 to $100,000 for the first time ever.

The company’s second-year analysts will fruit from the hike as their paycheck will now increase from $90,000 to $105,000, while the third-year analysts will rise from $95,000 to $110,000. The fresh hikes will now make the bankers’ salaries the highest on Wall Street, beating industry leaders like Goldman Sachs and Morgan Stanley. The fresh out of college junior bankers have also been asked by the bankers to return to offices. The employees have been asked to go to their offices regardless of their vaccination status.

The sudden rise in demand for bankers

The banking sector owing to the inflation post-pandemic is slowly finding its track. Apart from JPMorgan Chase, Bank of America had also announced a raise in the hourly minimum wage of its US employees to $25 last month. Work culture in the banking sector was put to scrutiny after a group of junior analysts at Goldman Sachs revealed their stories of working 95-hour a week. The resistance from the employees caused the bankers to start hiring more junior bankers. The Wall Street giants also ensured to free employees from working on Saturdays.

The banking sector was one of the fields that took a big blow due to the pandemic. With economies slowing down and the world going into back-to-back lockdowns, many companies including industry leaders were forced to let employees go. Post pandemic, many businesses reported the lack of a suitable workforce. According to the country’s government data, the United States had a record 9.3 million job openings in April, including in the Silicon Valley leaders. 

IMAGE: AP