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Goldman Sachs to raise salary of junior staff amid surge in dealmaking

Published: 11:49 02 Aug 2021 BST

Goldman Sachs - Goldman Sachs to raise salary of junior staff amid surge in dealmaking

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.

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