Per Bloomberg

Citadel is paying its interns $120 hourly after it bumped its minimum wage by 25%. This results in interns being paid $19,200 a month for 40-hour work weeks.

This comes as the finance industry is trying to attract younger talent while the tech laytoffs increase. Levels.fyi found that the top 16 firms in finance increased their median intern pay by 19%.

The report highlighted how some of the hedge funds paid a 29% higher year-over-year rate at $111. The company noted that this would equate to $4,400 before taxes for a regular 40-hour work week.

Matt Mitro, head of campus recruiting, gave a student regarding what they've seen.

Mitro: “As students have become more informed about career choices in general – and the unique opportunities our internships provide for learning, growth, and impact – they have determined that Citadel and Citadel Securities are the best places to start a career at the intersection of tech and finance,”

In May, it was reported that Bernie Sanders introduced a bill that would result in a $17 federally mandated minimum wage.

In November, NYC proposed a $23.82 minimum pay rate target by 2025 for app-based food workers. This includes people working for the likes of DoorDash and Uber Eats.

See flow at unusualwhales.com/flow.

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