Morgan Stanley is reportedly planning to increase base salaries for junior bankers by about 25% in a move to improve working conditions and retention.
The increase in base salaries will mainly apply to associates and vice presidents globally in its investment-banking and capital-markets units, reported Bloomberg.
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The jump in base salary is expected to provide the employees with more cash in the near term, since bonuses are often deferred into the future.
Additionally, the bank has also launched time-management guidelines for junior and mid-level bankers, and organized internal conferences to focus on career development.
Last year, Morgan Stanley has delayed at least half of bonuses for any employee with total pay of at least $350,000 and incentive pay of $50,000.
The publication said that investment banks across Wall Street including Credit Suisse and Bank of America Corp have triedto ease schedules of junior bankers as well as to improve working conditions for junior employees by encouraging them to take time off on weekends.
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