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UBS dangles $40,000 bonuses to slow exodus of overworked junior bankers
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Swiss bank UBS will offer its junior banking analysts a $40,000 bonus when they are promoted to the associate level — the latest bid by financial giants to retain younger workers amid an explosion in dealmaking.
The payout is roughly double what competitors like Credit Suisse and Wells Fargo are reportedly offering to keep rookie employees amid increasingly grueling routines, and amounts to roughly 30 percent of the annual base salary of a new associate, according to Bloomberg, which first reported the news on Monday.
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The move comes as banks are scrambling to keep young talent from fleeing amid a dizzying workload from a spike in deals. In March, a leaked slideshow presentation compiled by 13 junior Goldman Sachs analysts detailed complaints about 100-hour workweeks. Some griped of shifts as long as 20 hours that left them little time to eat, sleep or shower, claiming that the grind damaging their physical and mental health.