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Morgan Stanley is raising base salaries for junior bankers by about 25% in a bid to improve working conditions and retention, Bloomberg said, citing people briefed on the matter.
Associates and vice presidents in its investment banking and capital markets divisions worldwide will be the beneficiaries of the pay hike, Bloomberg reported, citing the people.
Morgan Stanley has also introduced time-management guidelines and internal conferences on career development for junior and mid-level bankers, said Bloomberg, quoting one of the people.
Investment banks across Wall Street have tried to ease schedules of junior bankers. Institutions such as Bank of America Corp have outlined measures to ensure that analysts and associates are recommended to take a minimum of four weekend days off per month.
Morgan Stanley did not immediately respond to an email asking for comment after normal business hours.
(Reporting By Sudarshan Varadhan; Editing by Diane Craft)
