Boutique investment bank Stifel has joined larger rivals by increasing pay for entry-level jobs to $100,000 as the sector faces a battle to hold on to younger talent amid an increase in workload and burnout.

The US headquartered investment bank has raised salaries for first-year analysts to $100,000, according to people familiar with the matter. The move has also means an increase to $110,000 for those in their second year of work and $125,000 for third year analysts, they added.