As banks increase salaries for their analysts and associates, junior banker pay is being re-rated. The going rate or first year analysts on Wall Street in 2021 is $100k; the going rate for second year analysts is $105k; the going rate for third year analysts is $110k.
Rothschild appears to have outdone this. The bank is now understood to be paying some first year analysts $105k and some second year analysts $110k. Third years are presumably on $115k.
The increases are thought to apply to analysts in New York City. Some associates are thought to be getting the raises too. The new rates are understood to apply from July.
The increases mean that Rothschild now pays some of the highest salaries to junior bankers on Wall Street. The only banks to out-pay Rothschild appear to be Bank of America and RW Baird. Baird - which also prides itself on its culture - is said to have hiked first year salaries to $110k, and to be offering second year analysts $115k.
Rothschild declined to comment on the pay rises, which are not thought to apply across the board. The new salaries mark a substantial increase for some: previously, Rothschild's first year salaries were $85k according to Wall Street Oasis.
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