Swiss bank UBS will offer its junior banking analysts a $40,000 bonus when they are promoted to the associate level — the latest bid by financial giants to retain younger workers amid an explosion in dealmaking.

The payout is roughly double what competitors like Credit Suisse and Wells Fargo are reportedly offering to keep rookie employees amid increasingly grueling routines, and amounts to roughly 30 percent of the annual base salary of a new associate, according to Bloomberg, which first reported the news on Monday. READ MORE