Goldman Sachs to raise pay for junior investment bankers



© Reuters. FILE PHOTO: The Goldman Sachs firm brand is on the ground of the New York Inventory Trade (NYSE) in New York Metropolis, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Picture

(Reuters) – Goldman Sachs Group Inc (NYSE:) is elevating salaries for its junior staff within the funding financial institution division, Enterprise Insider reported on Sunday.

The financial institution’s second-year analysts will now make $125,000 in base compensation, whereas first-year associates will earn $150,000, Enterprise Insider reported https://www.businessinsider.com/goldman-sachs-raises-salaries-investment-bankers-junior-analysts-associates-salary-2021-8?IR=T, citing two folks accustomed to the scenario.

No formal announcement in regards to the pay elevate has been made and it was unclear which different ranges of staff on the funding banking division have additionally been given wage will increase, the report from the monetary and enterprise information web site stated.

Goldman Sachs declined to remark.

Funding banks have raised pay for first- and second-year associates this summer time in an try to ease the pressure on these employees and compensate them extra for his or her work supporting extra senior employees in a 12 months of unprecedented deal making.

Citi Group, Morgan Stanley (NYSE:), UBS Group AG (SIX:) and Deutsche Financial institution AG (NYSE:) have already elevated pay for his or her first-year analysts to round $100,000, a elevate of about $15,000.

In February, a gaggle of junior bankers in Goldman’s funding financial institution instructed senior administration they had been working almost 100 hours per week and sleeping 5 hours an evening to maintain up with an over-the-top workload and “unrealistic deadlines.” Half of the group, which consisted of 13 first-year staff, stated they had been prone to give up by summer time until circumstances improved.

Goldman’s Chief Government Officer David Solomon has stated the financial institution was working to rent extra associates to assist with the workload, and vowed to implement the “Saturday rule,” which prohibits staff from working between 9 p.m. Friday night time and 9 a.m. on Sunday, besides in sure circumstances.

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