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There’s a new firm at the top of the Wall Street pay scale for associate bankers.
Lazard is raising base pay for first and second-year associates to a whopping $200,000 and $225,000, respectively, two people familiar with the matter confirmed to Insider. One of the people added that third-year base pay will increase to $250,000. The three new figures were also shared on the financial meme account Liquidity .
Raises were „50k across the board“ for associates, one of the people familiar said. First-year associates at Lazard previously made $150,000 in base pay, while second- and third-year associates made $175,000 and $200,000 in base comp, respectively, two of the people said.
The raises will go into effect October 14 and be retroactive to July 1, one of the people said.
Representatives for Lazard did not respond to Insider’s requests for comment.
The pay bumps make Lazard associates the highest paid on Wall Street following an industry-wide pay-raise frenzy that kicked off in the spring and continued through summer. Previously, the highest-paying firm for associates was Evercore, which bumped pay in August to $185,000, $200,000, $225,000, and $250,000 for first- through fourth-year associates, as Insider has reported.
Firms like Wells Fargo, UBS, and PJ Solomon, meanwhile, are paying their first-year associates $175,000 in base compensation. Goldman Sachs raised base-pay for first-year associates in early August to $150,000.
Lazard raised analysts‘ pay in early August to $100,000 for first years and $110,000 for second and third years. Analysts are an investment bank’s most junior employees, some of whom are eventually promoted to associates that begin to manage teams of more junior bankers.
Lazard Raises Associate Pay to $200,000, Highest in Investment Banking – Business Insider
