Earlier this year, a report on Goldman SachsThe internal investigation report on the working status of new investment bank employees has sparked a heated debate in the United States, prompting Wall Street banks to take measures to improve the treatment of junior employees. Now, Goldman Sachs, which caused the storm, is finally going to give its junior employees a raise.
Goldman Sachs raised pay for junior investment banking employees, making it one of the last Wall Street banks to do so, according to people familiar with the matter.
Analysts in their first year will now earn at least $110000 a year, rising to $125000 in the second year. The first-year income of the assistant (associates) position will be increased to $150000.
Goldman's measures and Morgan Stanley, Citigroup and JPMorgan ChaseIn line with the approach, the giants have raised the starting salary of their junior bank employees to $100000 to ease job-hopping caused by the stress of record deals.
David Solomon, CEO of Goldman Sachs, has previously said that the bank has a performance-based pay culture and that the total compensation of junior bankers will reflect the strong performance of the banking group.