Big Banks To Boost Entry-Level Salaries

The raises for junior staff is an attempt to keep up-and-coming talent from heading to private equity firms or to Silicon Valley, Bloomberg News reports.

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DAVID GREENE, HOST:

And our Last Word in business today is a bump for young bankers. Bloomberg reports more raises coming to Wall Street at the entry level.

KELLY MCEVERS, HOST:

Banks like Goldman Sachs and Bank of American are boosting base salaries for junior staff by as much as 20 percent. And other big banks are considering similar moves. It's an attempt to keep up-and-coming talent from heading to private equity firms or to Silicon Valley.

GREENE: Wall Street firms are also, apparently, aware of their reputation as super intense places to work. So they are trying to ease up a little bit by cutting hours and even - get this - telling some employees to take time off on the weekend.

MCEVERS: There's an idea.

GREENE: That's a great idea. Happy Friday. That's the Business News on MORNING EDITION from NPR News. Our theme music was written by BJ Leiderman and arranged by Jim Pugh. Our colleague Renee Montagne is continuing her sabbatical. She will be back in the studio in late-October. This week, it has been great having Kelly McEvers with me in the studio.

MCEVERS: It has been really great to be here.

GREENE: It's been a lot of fun. You'll keep hearing her reporting in the weeks ahead. And, Kelly, don't be a stranger here on MORNING EDITION, OK?

MCEVERS: Sure.

GREENE: I'm David Greene.

MCEVERS: I'm Kelly McEvers.

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