Raymond James is bumping base pay for investment-banking analysts, but the group’s head said not to expect higher overall comp

• Raymond James is raising base pay for its investment-banking analysts.
• First-, second-, and third-year analysts will make $105K, $110K, and $125K in base pay, respectively.
• A Raymond James exec said in an email announcing the move it wouldn’t translate to higher total pay.

Raymond James is bumping base pay for its junior bankers, but young talent at the firm may not actually see more money in their pockets at the end of the year.

The firm is increasing base compensation for first-, second-, and third-year investment-bank analysts to $105,000, $110,000, and $125,000, respectively, according to an email sent by James Bunn, Raymond James’ president of global equities and investment banking. The raises will take effect on October 1.

While Bunn said in his email that the pay bumps should put Raymond James at the “high end of analyst salaries on the Street,” junior bankers may not end up taking home more total pay than before.

“Importantly, our primary focus is on total compensation (salary + bonus) and these salary increases are not intended to represent an increase in total comp,” said the email, which was first shared by financial meme account Litquidity.

A spokesperson for Raymond James confirmed the memo, but declined to comment further.

This spring, Wall Street firms have been offering bonuses and bumping base pay for junior bankers. Raymond James handed out $20,000 bonuses in April and promised an additional $10,000 bonus in December as a retention offer, according to Bloomberg.

On Friday, Insider reported Evercore would pay its incoming class of 2022 first-year analysts $110,000.

At Lazard, Morgan Stanley, UBS, Deutsche Bank, PJ Solomon, Barclays, and JPMorgan, entry-level investment bankers now take home $100,000 in base pay.

William Blair is paying first-year analysts $110,000, and Goldman is paying first-year analysts “at least” $110,000.

Reed Alexander contributed reporting to this story.

Are you a young person working on Wall Street? Contact Samantha Stokes via email at sstokes@insider.com, on Signal at 646-389-7866, or direct message on Twitter @stokessamanthaj.