Last month Deutsche increased salaries for its junior bankers. This month we understand that HSBC has (belatedly) done the same.
Recruiters say HSBC just raised salaries for its juniors in M&A by 12.5%, with first year associates going from £80k to £90k. This puts the British bank on a par with its European rivals, with UBS, Credit Suisse and Barclays all paying first year associates a similar amount.
The best paying bank in London at a junior level remains Morgan Stanley, which reportedly pays its most junior associates salaries of £98k.
HSBC wasn't immediately available to comment.