A 10% increase in young bucks.
JPMorgan plans to boost the number of junior investment bankers it employs by about 10% and provide them with 'protected weekends' to reduce their workload, a person familiar with the matter said.
Bloomberg reports that Jeff Urwin, the New York-based company’s global head of investment banking, announced the changes on an internal conference call Tuesday, said the person, who didn’t say how many people would be affected and asked not to be identified because the new policies aren’t public.
All of the major Wall Street firms are planning to increase investment-banking staff in 2014, according to Jeanne Branthover, the head of financial-services recruitment at Boyden Global Executive Search in New York. They are also trying to protect their best employees from poaching as average pay at the biggest banks declines.
'Business is better and they’ve stayed lean for so long', Branthover said. 'People are burned out'.
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