(Bloomberg) -- Every year, when it comes time for junior bankers to talk about an annual raise, they think about two things: how much of a pay bump they’re getting and how does it compare with everyone else.

Enter Litquidity and its recently revealed founder Hank Medina. The finance meme account admin-turned-entrepreneur has amplified pay transparency on Wall Street, crowdsourcing pay data from analysts all the way up to managing directors. The information is helping junior bankers get a better sense of what they should be making across the competitive landscape.

Good salary data can be a crucial source of leverage for negotiating a raise, especially in a tough labor market where the balance of power has swung back to employers. But even with the more than 800,000 Instagram followers amassed over the past seven years or so, there are some aspects of Wall Street culture that Litquidity hasn’t changed.

Medina is asked near-daily when his next compensation report’s coming out. Typically he releases survey results from investment bankers in the spring and another for private equity and hedge funds around the end of the year. When they’re finally posted they get an “insane amount of traction,” he said, drawing hundreds of thousands of views and tens of thousands of downloads. 

He’s now investing resources into making the reports more robust, to answer the overwhelming demand. 

“People just want to know: Who's getting paid more than me, am I getting paid fairly, am I getting shortchanged?” he said in an interview. 

Litquidity’s high water mark was its 2021 leak of Goldman Sachs junior bankers’ plea for more humane hours. In response, some banks gave analysts raises. 

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Still, there are many things about the industry that are the same as they ever were. Even with policies like “protected Saturdays,” grueling hours remain de rigueur.

That doesn’t surprise Peter Cappelli, a management professor at the Wharton School of the University of Pennsylvania who has studied the reasons why companies underinvest in management best practices. A case study taught in MBA classes every year highlights the dysfunctional way junior bankers are typically assigned work by higher-ups, creating a sense of constant emergency that’s often unnecessary.

“What we don’t tell them until it’s over is that the case was written in 1973,” Cappelli said. “We remind them we’ve taught generations now of people this case, we explain how it’s wrong and how you could easily fix it. It never gets fixed.”

One of the reasons is that changing these processes takes substantial time, effort and buy-in from senior levels of management, which is often in short supply.

One thing that has changed, Medina said: Some abusive bosses — who may have gotten away with harsh treatment at one time — have been shown the door. These days, managers think twice before yelling or sending a nasty email.

“People always say, ‘Don’t send that out, be careful — it might end up on Litquidity,’” Medina said.

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