Aug 1 (Reuters) – Goldman Sachs Group Inc 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 , citing two individuals accustomed to the scenario.
No formal announcement concerning the pay increase 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 mentioned.
Goldman Sachs declined to remark.
Funding banks have raised pay for first- and second-year associates this summer time in an try and ease the pressure on these staff and compensate them extra for his or her work supporting extra senior workers in a yr of unprecedented deal making.
Citi Group , Morgan Stanley , UBS Group AG and Deutsche Financial institution AG have already elevated pay for his or her first-year analysts to round $100,000, a increase of about $15,000.
In February, a bunch of junior bankers in Goldman’s funding financial institution advised senior administration they have been working almost 100 hours every 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, mentioned they have been prone to stop by summer time except circumstances improved.
Goldman’s Chief Govt Officer David Solomon has mentioned 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 evening and 9 a.m. on Sunday, besides in sure circumstances.
Reporting by Elizabeth Dilts Marshall, and Derek Francis in Bengaluru; Modifying by Jacqueline Wong