Bonus Watch '15: Summer Interns

Banking interns in Europe and some lucky ones in the U.S. are getting paaaaid (more money than they expected).

First, Goldman Sachs summer interns are told they're allowed to leave the office between midnight at 7AM. Now, comes word that a gaggle of junior mistmakers are getting heftier paychecks than previously discussed. What's next? A rule barring bosses from swatting interns on the nose with rolled up newspapers when they screw up Starbucks orders? With the embarrassment of riches thus far, it doesn't seem so far-fetched.

Front office interns at leading banks in the City of London say they’re earning “close to £1k” ($1.6k) a week for their 10 weeks in banks this summer. This is up from around £865 a week last year. “I’ve received a revised contract increasing my pay,” says an incoming intern at a European investment bank. “It was supposed to be £45k pro-rata, now it’s been increased to £50k.” The increases are understood to apply at top US banks like Bank of America Merrill Lynch and Goldman Sachs, as well as at European banks like Credit Suisse and Barclays. The hike in interns’ pay reflects recent increases in pay for analysts in investment banks

Banking interns have had their pay revised upwards [eFinancial]

Related: A Million Angels Smile Upon Goldman Sachs Summer Interns