(Bloomberg) -- PJ Solomon is the latest financial firm to raise salaries for bankers amid a bidding war for employees on Wall Street.
The new salaries range from $100,000 for first-year analysts to $225,000 for third-year associates, Chief Executive Officer Marc Cooper said in a memo to PJ Solomon employees Thursday. A company representative confirmed the contents of the memo. The new compensation is retroactive to July 1, and will appear in staffers' next paychecks, on July 21, according to the memo.
“The new structure reflects the competitive market rates for base salaries by level and recognizes the tremendous work you have all delivered,” Cooper said in the memo. “It's because of your commitment to excellence that we continue to grow as a firm, launch new industry verticals, recruit the best talent and invest in professional development.”
Read more: Wall Street Bids Up Junior Banker Salaries in Battle for Talent
Salaries have been rising across the industry as firms struggle to attract and keep talent after the Covid-19 pandemic added to notoriously crushing workloads. Earlier this month, Citigroup Inc. lifted base salaries to $100,000 for its first-year analysts, a figure Barclays Plc, JPMorgan Chase & Co. and Guggenheim Partners are also now offering bankers at that level.
French bank Natixis SA owns a majority share in PJ Solomon, after agreeing to buy 51% in the company in 2016.
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