Goldman Sachs raised the salaries of young bankers and analysts after complaints of long hours, according to the BBC.
With the increase, employees in their first year at the company will earn at least $110,000 per year (about €92.6 thousand). In return, analysts who have worked for two years will be able to earn $125,000 per year (equivalent to €105,000).
The increase will also include members who have worked with the company for a year, and who will start receiving up to $150,000 (€126,000).
The changes come after a small group of Goldman Sachs analysts told management in February that they work an average of 95 hours a week and sleep five hours a night. Remember that on July 13, Goldman Sachs revealed that investment banking income grew 36 percent.
In this way, salaries at Goldman Sachs are in line with those practiced at Morgan Stanley, Citigroup and JPMorgan Chase, which have increased salaries for younger workers.
With the change in wages, some criticism came from Xavier Rolet, who ran the New York Stock Exchange for eight years. According to Rowlett, it used to be a regular practice of working 130 hours a week, seven days a week in the 1980s.
“It’s a free world. If you don’t like what you do or you think the hours don’t fit your lifestyle, do something else,” Roulette said, adding that “junior analysts are paid very well compared to other industries.”
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