Interns at BofA Merrill Lynch are now earning 43k (pro-rata)

Full time front office bankers are not alone in benefiting from last year's salary increases. Summer interns appear to be doing well from them too.

We have it on good authority that interns in some front office areas of BofA Merrill have had their pay increased to 43k pro-rata for their efforts over the coming 10 weeks. Last year, they would have been paid 38k.

The increase is understood to be in line with that offered to full time analysts. Notably, however, analysts' have had their salaries increased to compensate for a (theoretical) reduction in bonuses. Interns would never have received bonuses in the first place, and are therefore net winners.

A spokeswoman for the bank declined to comment.

The head of EMEA graduate recruitment at a rival said the number sounded high, but feasible.

"Everyone is pro-rating their intern salaries to their graduate salaries, so if graduate salaries have increased, intern salaries have too. This is higher than we're offering, but it's not crazy numbers," he said.