Top firm advancing junior investment bankers more quickly

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Trying to stop top young talent from being poached.

Bloomberg News reports that Bank of America is allowing junior investment bankers to climb its ranks more quickly, as Wall Street seeks to keep top young talent from being poached.

The bank is shortening its analyst program to two years from three, promoting those with good performance to the title of associate one year earlier than it would previously, Christian Meissner, head of corporate and investment banking, said in a memo to staff. The changes will take effect with the class hired last year, while those who started in 2016 can get earlier promotions on a case-by-case basis.

“We are committed to providing a competitive and successful junior-banker experience and are confident this enhancement will encourage long-term careers at the firm,” Meissner wrote.

Hit the link below to access the complete Bloomberg News article:

BofA Shortens Wait for Junior Investment Bankers to Climb Ranks

BofA Plans to Restrict Pay Conversations During Job Interviews

 

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