Wall Street’s leading banks increased pay by nearly 15 per cent last year as they fought a war for talent that is expected to drag on as long as dealmaking remains buoyant.
JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America disclosed in recent days that they had handed out $142bn in pay and benefits in 2021, up from $124bn in 2020, in an effort to keep their top bankers satisfied and cope with a global rise in wage inflation.
Pay experts warned that there was a risk that the upward pressure on remuneration would continue as bankers consider their career options following a gruelling year in which banks reaped record profits from a boom in mergers and acquisitions, initial public offerings and debt deals.
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