January 14 () – Banks are facing stiff competition to hire and are forced to pay more to hire and retain talent, Citigroup Inc. and JPMorgan Chase & Co. say they need to pay competitively for high-profile people .
As the economy recovered and people wanted to change, global banks had to come up with benefits such as higher wages and bonuses to attract and retain talent.
“Recruitment has been very competitive across the business,” Citigroup Inc. chief financial officer Mark Mason told reporters. This is also being observed in the introductory stages, he said.
“We saw the pressure we had to pay to attract talent,” Mason said. “So yeah, you’ve seen it even at some lower level, I have to say at the entry levels to the organization.”
This includes analysts or partner bankers, Mason said, and said there is “a lot of competitive pressure on wages.”
JPMorgan chief financial officer Jeremy Barnum told reporters they were under pressure.
“It’s true that labor markets are tight, labor inflation is a bit low, and it’s important for us to attract and retain the best talent and pay competitively to work,” Barnum said.
The comments came as banks reported their earnings.
Interviews by Niket Nishant in Bengaluru and David Henry, Matt Skaffem and Megan Davis in New York; Written by Megan Davies; Edited by Nick Zieminski