FirstFT: Goldman raises salary for junior staff

FirstFT: Goldman raises salary for junior staff

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Goldman Sachs has become the last of the big US investment banks to raise salaries for junior staff in response to complaints about burnout from new recruits caught in a dealmaking boom during the pandemic.

First-year analysts will now earn a base wage of $110,000, rising to $125,000 in their second year, according to people familiar with the decision. Those at the more senior associate rank will receive a boost to $150,000.

The figures do not include annual bonuses, which can be multiples of salaries in buoyant years.

Goldman declined to comment.

The increases mean that Goldman will have one of the most generous starting pay packages in the industry, having previously paid junior bankers less than their peers, according to Wall Street Oasis, a website that tracks pay.

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