Citigroup is increasing remuneration for its junior investment bankers by up to 15 percent, despite the fact that many of its Wall Street competitors are cutting employees and lowering bonuses in the wake of last year’s industrywide deals collapse.
The New York-based bank is increasing the basic wages of its associates and vice presidents by an average of 10 to 15 percent, according to unnamed sources with knowledge of the matter who requested anonymity to discuss internal matters.
Citigroup told investors that inflation will increase compensation costs this year, prompting the raise. After a difficult year, the Wall Street titan and its rivals must also battle with private equity firms poaching talent.
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