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

Other banks have upgraded the salaries of junior staff this summer to compensate them for the extra work done in a particularly busy season

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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