I can speak for the bank I worked at - this is true, but the base pay level was very low to begin with and the increase is nowhere near competitive for the most talented engineers. Also, the experienced engineers at those companies are salty about new hires making more then they are.
Again, this stems from the culture of financial institutions where tech workers are viewed as support staff, not strategically critical, despite what financial institutions say publicly.
Again, this stems from the culture of financial institutions where tech workers are viewed as support staff, not strategically critical, despite what financial institutions say publicly.