- Wells Fargo Securities is paying analysts and associates special bonuses up to $20,000.
- The bonuses will be spread out over the course of six months.
- Wells made the announcement on an internal call on Monday.
- See more stories on Insider’s business page.
Another Wall Street firm is doling out perks to keep young talent happy.
Wells Fargo Securities is offering corporate and investment-banking analysts and associates up to $20,000 in special bonuses. It’s the latest financial firm to reward junior bankers as Wall Street grapples with grueling workloads while working from home.
The bank announced the bonuses during an internal call on Monday, a source familiar with the situation who asked to remain anonymous to speak freely told Insider. Wells Fargo will give $20,000 to corporate and investment-banking associates, while analysts will get $10,000. The bonuses will be paid out in installments over the next six months.
“The past year has placed great pressure on our talent in certain client facing/revenue-generating roles in the Corporate & Investment Banking division due to unprecedented deal flow and client activity. As such, we’ve decided to pay our analysts and associates a financial allowance,” a Wells Fargo spokesperson told Insider.
The news comes as the U.S.’s fourth-largest bank looks to expand its investment banking capabilities, where it lags well behind other big banks like JPMorgan and Bank of America.
Rob Engel, co-president of Wells Fargo Securities, announced the bonuses on the call, according to the source.
The bonus was first made public Monday in a post on Instagram by the financial-meme account Litquidity.
Recent reports and leaked analyst presentations from junior Goldman Sachs employees have highlighted the current strain young Wall Street talent is feeling, caused by crushing deal volumes and social isolation from remote work. While executives at some firms have been vocal about returning employees and interns to the office, Wells Fargo said last month that its CIB summer internship would once again be virtual.
Wells Fargo is the latest firm showering young professionals with bonuses and perks to combat burnout: Houlihan Lokey increased base compensation as well as doling out $10,000 bonuses and all-expense-paid vacations, Insider reported. A spate of other firms, including Credit Suisse,Bank of America, Warburg Pincus,Apollo, are also appeasing employees with raises, bonuses, and other rewards.
We have all the perks that Wall Street firms are rolling out here.
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