(Bloomberg) -- Morgan Stanley is increasing salaries for junior employees in its investment banking and global capital markets divisions, the latest Wall Street firm offering a bump to retain staff burned out by crushing workloads.

First-year analysts will now earn at least $100,000, up from $85,000, according to a person familiar with the matter. Their second-year counterparts in both divisions will make $105,000, up from $90,000, the person said, asking not to be identified discussing a private matter.

The raises for its first year analysts bring the lender in line with Deutsche Bank AG, Citigroup Inc., Barclays Plc and JPMorgan Chase & Co., which have all bumped starting wages for those employees to $100,000 in a bid to stem defections sparked amid intense workloads.

The raises for employees at the New York-based bank will take effect Aug. 1, the person said. The pay increases were first reported by Insider.

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