(Reuters] – The banks are in fierce competition with each other for employees and must pay more to keep and hire talent. Citigroup Inc (NYSE:) and JPMorgan Chase & Co (NYSE:) saying they are having to pay competitively for top people.

In order to keep talent in the market, banks around the world have to offer bonuses and higher wages to lure them.

Mark Mason, Citigroup Inc Chief Financial Officer said that hiring has been extremely competitive throughout the company. Mason spoke to reporters during a conference call. He said that this is also being observed at entry-level positions.

Mason said that they have experienced pressure to reduce the amount one must pay in order to hire talent. Mason stated, “Yes, we have seen some pressure in what one has to pay to attract talent at certain lower levels.”

Mason explained that analysts and associate bankers were included. Mason also stated there was an “inordinate amount of pressure on wages.”

Jeremy Barnum, JPMorgan’s CFO, stated to reporters during a conference call that the company is facing increasing pressures.

Barnum explained that “it is true that labor market are tight” and that there has been some labor inflation. It was important that Barnum and the rest of his team attract and keep top talent, and that they pay them competitively for performance.

These comments were made as banks announced their earnings.