When JPMorgan hiked junior banker salaries for the second time in six months in January, it set off a chain reaction among its rivals. Analyst pay spiralled by 40% as firms grappled with an exodus of talent.
The biggest investment banks in the City were keeping pace with Goldman Sachs, which increased entry-level pay to £70,000 in London last year after a group of analysts leaked a PowerPoint presentation outlining 100-hour weeks and declining mental and physical health.
