Jefferies will match Goldman Sachs at the top of Wall Street’s pay scale for younger bankers, according to people familiar with the matter, in a bid to go head-to-head with better-known rivals.

First-year analysts in the US will now make $110,000, up from $85,000, while second-year analysts will rise to $125,000 from $95,000 and associates, those in their third year, will go to $150,000 from $125,000, the people said. Bonuses, typically handed out in August, are also expected to be high, one of the people added.