MUFG Joins Rivals to Bump Junior Pay as Hikes Limit Hiring (2)

Mitsubishi UFJ Financial Group Inc. is joining Wall Street rivals to bump pay for junior bankers in the U.S. as competition for entry-level workers heats up, making it harder for Japan’s largest bank to recruit new staff.

“The biggest challenge for us is talent acquisition and development. We cannot hire at reasonable prices,” Masato Miyachi, MUFG’s head of global corporate and investment banking, said in an interview. Miyachi recently gave approvals to raise base pay, he said, declining to give details on the increase and number of affected bankers.

Masato Miyachi

Source: MUFG

The bank, which is boosting its institutional investor business, ...