Top global investment banks raised pay for interns by 37.2% between 2021 and 2022, while other large banks are paying 36.9% more, according to a report by Bloomberg News.
The findings, sourced from data by Wall Street Oasis, come as the finance sector is experiencing recruitment challenges among junior bankers.
Wall Street Oasis reports that proprietary trading firms and hedge funds topped the list of average monthly pay for interns. The eight firms offering the most money for interns all paid them more than $10,000 per month.
According to the Wall Street Oasis data, Citi paid its interns $8,695 a month; Bank of America, $8,468; Goldman Sachs, $8,333; and Morgan Stanley, $8,005.