The world’s largest investment banks are embroiled in a battle to keep hold of their junior bankers, who have been in open rebellion against a surge in workload and an increase in burnout.

JPMorgan was the latest large investment bank to make a major move to placate its analysts and associates, vowing to recruit 190 more juniors globally, amid record deal flow for the sector that has placed strain on existing employees. But the US banking giant stopped short of following rivals with hiking pay for its juniors, with senior executives saying in a town-hall meeting on 20 April that it would send out the wrong message, people familiar with the matter told FN.