Goldman Sachs raises bankers’ pay after complaints over 95-hour workweek
Goldman Sachs has bumped up pay for its junior investment bankers after analysts at the bank sent a presentation to management revealing massive workloads.
First-year analysts at the bank will now make between $100,000 and $150,000 – by their second year, the base pay will rise to $125,000.
The company’s pay rise measures bring it in line with Wall Street rivals Citigroup, JP Morgan Chase, Bank of America, Barclays, Nomura and UBS, who, in recent months, have made similar moves.
The banking giants have been strengthening incentives for its younger workers after up to 70 per cent of junior bankers quit due to burnout from severe workloads since the start of the pandemic.
Earlier in the year, a group of first-year analysts at Goldman leaked a presentation to senior staff stating they had been regularly working 95-hour weeks over the last year, sometimes rising to 100-hour weeks during busy deal periods.
Chief executive David Solomon had implied a pay rise would be on the cards for junior bankers in August.
He has begun a recruitment drive in response as well as automating more junior workloads, while JP Morgan is hiring 190 analysts and associates to support junior staff.
There has been no formal announcement of the pay rise as of yet.
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