Morning Coffee: Incoming JPMorgan analysts on $110k salaries cause complaints. The peril of single, smart women
Like most investment banks in search of young talent, JPMorgan has increase salaries for its analyst class. Not once, but twice: having increased them to $100k last summer, it increased them again to $110k in January. In less than a year, salaries for the most junior bankers at JPM rose by nearly 30%.
This has not gone unnoticed by people who've done the same job at JPMorgan, but for a lot less money. The Wall Street Journal has spoken to one of them.
“I’ve definitely heard a lot of disgruntlement from my fellow bankers,” Milly Wang, a Harvard MBA, who was once an analyst at JPMorgan herself tells the Journal. "Maybe there’ll be some grumbling over drinks.”
Wang hasn't actually worked at JPMorgan since 2018, so it's not clear how many fellow bankers she still associates with. It's notable, though, that she when she joined four years ago she earned a salary of $85k, which is what JPM was still paying last year before its first salary hike.
The Journal has also unearthed an incoming JPMorgan analyst who appears to have internalized some of the guilt at having a six figure pay package as a new graduate. “It’s crazy to think that a person straight out of college is making that kind of money," says Anuhya Tadepalli, a Cornell major who'll be earning $110k when she joins JPM this summer.
Separately, if you're a smart young single woman, you probably don't want to let it be known at work. Research by George Washington University and the University of Pennsylvania’s Wharton School has found that women who are perceived as unmarried and analytical are considered less appropriate for leadership positions than married or unmarried men or married women. The bias was evident among both men and women...
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