Goldman Sachs prides itself on many things—well, everything, really—and near the top of that list is its commitment to “pay for performance.” If you’re good, you’ll be amply rewarded for it come bonus time. If you’re not, well, you know.
Alas, David Solomon’s Goldman hasn’t been shy about debasing itself to become more like everyone else. So if the less good investment banks are going to pay their whiny little Zoomers a princely sum simply for existing, well Goldman’s just going to have to swallow the “dangerous precedent” of offering a king’s ransom.
First-year analysts — the most junior of investment bankers who are typically recent college graduates — will be paid a $110,000 annual base salary, up from $85,000, according to a person with knowledge of the changes. The person added that second-year analysts will earn $125,000, up from $95,000, and first-year associates will get a $25,000 pay bump to $150,000…. In the end, Goldman not only met competitors’ pay, but also exceeded it. The move could ultimately force rivals to match the bank’s $110,000 salary for first-year bankers, according to a Wall Street recruiter who declined to be identified.
Junior Goldman bankers also have more news coming: They will learn about the size of their bonuses later this month, according to the person.
And there’s more: No, Goldman won’t be budging on requiring the kids to leave whatever slightly nicer apartments their new salaries allow to trudge into 200 West, no matter how much they want it. But they can sleep a bit later on account of being allowed to do so in their pajamas.
“It’s a little bit more relaxed than what I anticipated,” said Melissa Cortes, a legal analyst who recently joined Goldman. “I’m wearing sneakers right now, and people are wearing jeans with blazers or shirts,” said Ms. Cortes, who sported a white jacket, black wide-leg trousers and white sneakers on Wednesday.
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