New business employees at Goldman Sachs earn a base salary of at least $110,000 in their first year. In the second year, that can be up to $125,000. With more senior bankers, the income also rises to $150,000.
With the wage adjustment, Goldman Sachs ranks among the highest paid youngsters in the banking sector. Bonuses are not even included. It can add up to several annual salaries in the good times.
Earlier this year, an internal study at Goldman Sachs revealed that many young employees face burnout due to very long work weeks. In particular, the very high enthusiasm among companies to go to the exchange via SPAC meant that junior bank employees sometimes had to work more than 100 hours a week.
Goldman Sachs previously pledged to reduce the workload of its employees. For example, there is an active search for additional employees and there are fixed weekends, unless a deal is being worked on.
In addition to internal complaints, Goldman Sachs’ fear of losing the good little ones also plays a role in increasing wages. For example, large tech companies and private equity firms offer similar salaries, but with a much better work-life balance.
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