(Bloomberg) -- Goldman Sachs Group Inc. raised pay for its junior investment bankers, among the last of the big Wall Street banks to do so following a presentation by the lender’s own analysts revealing their crushing workloads.
First-year analysts at Goldman Sachs will now earn at least $110,000, according to people familiar with the matter. Their second-year counterparts will be paid $125,000, the people said, asking not to be identified discussing a private matter. Pay for first year associates will go to $150,000, they said.
Goldman Sachs’ measures align it with Morgan Stanley, Citigroup Inc., and JPMorgan Chase & Co., which all bumped starting wages for junior banking employees to $100,000 in a bid to slow defections sparked amid intense workloads from record deal flow.
The issue became a flashpoint earlier this year after a group of 13 first-year analysts in Goldman Sachs’ investment-banking group detailed one hundred-hour work weeks and a heightened chance of leaving the bank in a presentation that did the rounds on social media.
Goldman Sachs’ Chief Executive Officer David Solomon had said the bank has a pay for performance culture and total compensation for the junior bankers will reflect the strong performance in the banking group.
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