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Goldman Sachs Raises Wages for Junior Investment Bankers – Business Insider

File Photo: The Goldman Sachs company logo is located on the New York Stock Exchange (NYSE) floor in New York City, USA, on July 13, 2021. REUTERS / BrendanMcDermid / File Photo

August 2, 2021

(Reuters) – Goldman Sachs Group, Inc. is raising salaries for junior employees in the investment banking sector, Business Insider reported on Sunday.

Banking second-year analysts earn $ 125,000 on base salary, first-year associates earn $ 150,000, and Business Insiders at https://www.businessinsider.com/goldman-sachs-raises-salaries-investment- Reported bankers-junior-. analysts-associates-salary-2021-8? IR = T, quoted two people who are familiar with the situation.

According to a report from the Financial and Business News website, there was no official announcement of a salary increase and it was unclear what other levels of employees in the investment banking sector were being given a salary increase.

Goldman Sachs declined to comment.

Investment banks are one this summer to ease the burden on these workers and reward their work to support more senior staff in unprecedented trading years. Raised salaries for year and second year employees.

Citigroup, Morgan Stanley, UBS Group AG and Deutsche Bank AG have already raised analysts’ salaries in the first year to about $ 100,000, an increase of about $ 15,000.

In February, a group of junior bankers at Goldman’s investment bank worked nearly 100 hours a week and slept five hours at night to cope with excessive workload and “unrealistic deadlines” and senior management. I talked to my job. Half of the 13 first-year group said they were likely to quit by the summer unless things improved.

Goldman CEO David Solomon said banks are working to hire more employees to support their workload, with employees working Friday night from 9pm to Sunday. I vowed to enforce the “Saturday Rules” prohibiting me from working until 9 am. Specific situation.

(Report by Elizabeth Diltz Marshall and Derek Francis of Bangalore, edited by Jacqueline Wong)



Goldman Sachs Raises Wages for Junior Investment Bankers – Business Insider

Source link Goldman Sachs Raises Wages for Junior Investment Bankers – Business Insider

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