Goldman Sachs (NYSE:GS) Group Inc (NYSE: GS) is to raise the salary of its junior bankers amid a surge in deal making.
Second-year analysts will receive a base of US$125,000, rising to US$150,000 for first-year associates, Business Insider reported.
It is not clear whether other employees of the group’s investment bank arm will receive a pay raise.
Other banks have upgraded the salaries of junior staff this summer to compensate them for the extra work done in a particularly busy season.
Citi, Morgan Stanley (NYSE:MS), UBS and Deutsche Bank (NYSE:DB) are all paying their first-year analysts US$100,000 per year.
Goldman Sachs (NYSE:GS) is infamous for pressuring employees to work insanely long hours, with reports of junior members of the staff suffering burnout after putting in 100-hour working weeks.
According to an internal survey conducted in February, first-year analysts are working more than 95 hours per week and sleeping five hours per night.