Finance

Goldman juniors’ 100-hour weeks and the plight of young bankers — Here’s what you need to know

It all started with an explosive leaked survey from 13 Goldman Sachs analysts, whose complaints of shocking workloads and brutal 100-hour weeks highlighted the realities of banking life during an unprecedented pandemic and deal bonanza.

Banks have since woken up to how hard it is for their younger, more inexperienced hires. Some have been rolling out perks and bonuses, while others have vowed to amp up hiring to even out the work.

Join a Barron’s discussion about the impact of banker burnout on 10 May. Sign up here.

Financial News has been documenting the life of junior bankers for more than a year. Here’s what you need to know:

10 May: Junior bankers at Stifel to get a $10,000 bonus, even if they quit

10 May: UBS to pay analysts a $40,000 promotion bonus as junior talent war increases

5 May: Banks forced to get creative in frenzied hiring push — ‘We haven’t seen this since the pre-crisis boom days’

30 April: Lazard CEO eyes banker recruits as dealflow surges — ‘2022 will be even better’

30 May: HSBC hikes junior pay and kicks off hiring spree amid deal surge

26 April: Banks roll out perks and bonuses to keep rebelling junior staff happy

21 April: JPMorgan to hire 190 juniors as banks rush to ease stress and workload crisis

21 April: UBS starts new bonus for juniors as banks look to combat burnout

20 April: Here’s what Goldman, JPMorgan and Citi pay juniors as workloads soar

14 April: Houlihan Lokey offers dealmakers a free ‘global getaway’ and a $10k bonus for juniors in latest perk

14 April: ‘The only benefits are the exit opportunities’: More than 400 junior bankers vent in sweeping new survey

12 April: Barclays’ juniors grumble at scrapped bonuses as rivals ramp up perks for younger staff

8 April: Bank of America hands junior bankers a salary boost of up to $25,000 amid deal surge

1 April: Moelis rolls out $10,000 ‘allowance’ for younger bankers as deals skyrocket

30 March: ‘There is a deep supply of type-A’s’: Why the gruelling life of bankers will never change

24 March: Credit Suisse pays juniors a $20,000 ‘lifestyle’ bonus amid spike in deals

24 March: JPMorgan, Citi join Goldman in rush to hire juniors amid busiest recruitment spree in a decade

23 March: Citigroup CEO Jane Fraser introduces ‘Zoom-free Fridays’ as pandemic takes toll on staff

22 March: Citi’s new plan to ease junior banker stress would limit pitchbooks to 15 pages

22 March: Goldman Sachs CEO Solomon promises to beef up junior ranks after scathing survey

19 March: ‘Should I feel sorry for them? No’ — Bankers scoff at Goldman Sachs juniors’ stinging survey

18 March: ‘I’m in a dark place’: Leaked Goldman Sachs survey shows just how stressful it is being a junior banker

4 March: Credit Suisse tells juniors to expense takeaways as deal boom makes all-nighters the norm

3 March: Deutsche Bank shakes up junior recruitment to diversify from MBA hires

23 February: Nomura starts mentor-matching plan for junior bankers in lockdown

22 February: JPMorgan lures juniors with boxing classes as City’s young flee banking just months into the job

15 February: Bankers mull quitting as Brexit and Covid stress means ‘much longer hours’

30 November: Why high paid, overworked bankers are quitting now: ‘The lifestyle trade-off just wasn’t worth it’

10 September: Junior analysts to get surprise 15% bonus boost as banks keep young staff happy during pandemic

21 August: ‘I work from 8am to 2am’: The lockdown life of overworked and underappreciated junior bankers

20 May: Bank interns worry about job prospects as Barclays joins rivals in shift to online

9 April, 2020: Citi commits to job offers for interns as virus rattles summer plans

31 March, 2020: ‘These hours are unsustainable’: City workers fear effects of long-haul lockdown

To contact the author of this story with feedback or news, email Paul Clarke

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