A day after German lender Deutsche Bank announced it would raise salaries for junior investment bankers, Swiss bank UBS is following suit.
The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter told Insider on Wednesday.
The raises are effective August 1, according to one person familiar with the comp bump. And analysts, associates, and directors across all regions are eligible for the raise, according to another person familiar with the matter.
On Tuesday, UBS beat research analysts estimates for its second-quarter earnings.
But the bank has also seen exits in its ranks. Insider reported in May a team of technology, media, and telecom bankers from UBS left the bank for SVB Leerink.
Here are all the details on the raises:
- First-year analyst base salary to $100,000.
- Second-year analyst base salary to $105,000.
- Third-year analyst base salary to $110,000.
- First-year associate base salary to $175,000.
- Second-year associate base salary to $200,000.
- Third-year associate base salary to $225,000.
- Directors base salary to $275,000.