(Bloomberg) -- Lazard Ltd. is raising salaries for its U.S. junior financial-advisory analysts amid increased competition from buy-side and technology firms and intensified workloads during the pandemic.

First-year analysts will now earn at least $100,000, matching pay at Goldman Sachs Group Inc., Deutsche Bank AG, Citigroup Inc., Barclays Plc and JPMorgan Chase & Co., according to a person with knowledge of the move. Second- and third-year analysts will make $110,000, the person said, asking not to be identified because the information is private.

The raises for U.S. employees at the New York-based bank will take effect immediately and be retroactive to July 1, the person said, adding that analysts will still receive their annual bonuses this month.

The person didn’t say what standard base pay was for junior bankers before the increase. At bulge-bracket firms, the standard base salary for a first-year analyst was about $85,000 before banks started increasing pay in recent months, according to estimates from Wall Street Prep, which provides courses and training for some of the biggest investment banks.

Boutique bank Guggenheim Partners increased first-year analyst salaries to $100,000 from $85,000 in May, while Moelis & Co. provided a $10,000 one-time allowance for its banking staff. Jefferies Financial Group Inc. offered its junior bankers a selection of fitness perks, including a Peloton Interactive Inc. bike, and Apple Inc. products earlier this year.

Lazard advises clients across the globe on mergers, capital raising and restructurings. 

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