NEW YORK, Aug 31 (Reuters) – Morgan Stanley (MS.N) raised pay for starting analysts in its institutional securities division, making it the latest bank to increase compensation amid high demand for the entry-level workers.

The move raises pay for all starting analysts to $110,000 across sales and trading, research, investment banking and global capital markets divisions, according to a source familiar with the announcement.

The new salary will take effect in January, according to Business Insider, which first reported the news.

Morgan Stanley raised base pay for first- and second-year bankers in the investment bank and global capital markets divisions in late July, following similar moves by rival Wall Street banks. read more

Those workers’ base pay increased to at least $100,000, from around $85,000, starting this month. The increase announced on Tuesday will align salaries for starting analysts across the whole institutional securities division, said the person, who declined to be identified.

Reporting by Elizabeth Dilts Marshall; Editing by Richard Chang

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