LONDON (Reuters) – HSBC has increased pay for first-year analysts in its United States investment banking business to $100,000 from $85,000, a source familiar with the matter said on Wednesday, following similar moves by Wall Street rivals in recent weeks.
The decision, first reported by Financial News, was taken several weeks ago but was communicated to staff this week, the source said, and pay rises for those further up the junior ranks were awarded in May.
HSBC earlier this week topped up its bonus pool by $900 million after reporting profits more than doubled, as it released cash set aside to cover bad loans from the COVID-19 pandemic.
(Reporting by Lawrence White; Editing by David Holmes)
