Bank of America Merrill Lynch has joined its investment banking peers by offering a fast-track promotion process for its 2017 analyst intake, as investment banks work harder to hold on to their junior workers.

Front-office analysts who joined BAML in August will now be promoted to associate after two years, according to sources close to the situation. Junior bankers previously spent three years as analysts before being bumped up to the next level. A memo from Christian Meissner, head of global corporate and investment banking at BAML, was sent out yesterday announcing the changes. Financial News has seen the memo.