Independent investment bank Lazard has increased salaries for junior bankers as smaller firms follow bulge bracket rivals with six-figure starting salaries.

First year analysts in the US at the bank will now be paid a salary of $100,000, according to a memo seen by Financial News and a person familiar with the matter. The raise will be $110,000 for second and third year analysts, bringing it in line with pay hikes at larger investment banks. The new salaries will be valid from 13 August, but will be retroactive to 1 July.