Jane Street Increases Base Salary for Traders by at Least 20%
(Bloomberg) -- Jane Street raised its base pay for traders globally by at least 20% amid surging inflation and competition for quantitative financial talent.Â
The New York-based quant-trading firm communicated the increase to employees in recent weeks, according to people with knowledge of the matter. Beyond base pay, traders in such positions also receive a significant portion of their compensation in bonuses.
Jane Street declined to comment.Â
On Wall Street, job-hopping has been accelerating even before the bonus season, and employers are paying up to retain staff. During the most recent earnings calls, bank executives warned that compensation costs will rise in 2022. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon vowed to pay whatever it takes to win the war for talent, naming companies such as Jane Street and Citadel as competitors. Fintech and crypto firms also are poaching talent from the traditional financial industry.
Read more: Job-Hopping on Wall Street Speeds Up With Eight-Figure Packages
Pay raises in the range of 20% or more are not uncommon. Earlier this year, Bank of America Corp. boosted base salaries for managing directors in its investment banking and markets divisions to $500,000 from $400,000, Bloomberg reported. Barclays Plc said it's raising wages for some U.S. workers by at least 21%.Â
In New York's securities industry, the average bonus jumped 20% last year to an all-time high of $257,500, according to an analysis by New York State Comptroller Thomas DiNapoli.
Read more: Jane Street Says Crypto Trading Business Is ‘Clear Growth Area'
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