The investment bank is set to raise the salary of junior staff after complaints were made of 100-hour working weeks. 

Goldman Sachs is set to raise the salaries of junior analysts in light of a survey released earlier this year which criticised the company’s working conditions.

This means that first-year analysts are set to see their salary rise from £50,000 to £79,000, excluding bonuses.

Furthermore, second-year analysts are projected to receive an annual wage of £90,000 while third-year analysts will be paid around £108,000.

This pay rise is set to be one that all staff globally receive and formal announcements regarding this salary increase are expected to be announced next week.

This salary increase comes after an internal survey circulated by junior-level staff at Goldman Sachs earlier this year revealed they had been working an average of 100 hour weeks.

Self-reportedly, this led to a steep decline in the mental and physical wellbeing of the junior staff, with many stating they went to sleep at 3am and felt relationships with family and friends had been negatively impacted.

In light of this report, the company stated it would be making changes to improve including enforcing a day off on Saturdays as well as automating some tasks for junior staff which, they hoped, would alleviate their workload.

However, the former Chief Executive Officer of the London Stock Exchange Xavier Rolet has recently spoken out against junior bankers who he accused of being “entitled”.

Mr. Rolet stated:

Junior bankers are paid very well compared to other industries or sectors: ask a young entrepreneur drawing no salary how they would like to make $100,000-plus straight out of college? Or a single working mum of three working herself to death to put her kids through school?

It’s a free world – if you don’t love what you’re doing or think the hours don’t suit your lifestyle, by any means do something else.

David Solomon, the Chief Executive Officer of Goldman Sachs, previously claimed “it was great that this group of analysts went to their management” and said staff should “reach out to ask for help” if they had any issues.

 

 

 

 

Monica Sharma is an English Literature graduate from the University of Warwick. As Editor for HRreview, her particular interests in HR include issues concerning diversity, employment law and wellbeing in the workplace. Alongside this, she has written for student publications in both England and Canada. Monica has also presented her academic work concerning the relationship between legal systems, sexual harassment and racism at a university conference at the University of Western Ontario, Canada.