It all started with a group of 13 young analysts at Goldman Sachs, who made public an informal survey on their working conditions. It was an insight into the brutal lives of junior bankers that detailed 100-hour weeks, mounting demands from bosses, and surging workloads.
The survey kicked off a period of soul searching at banks, and a debate over whether such a privileged, elite group of workers are justified in complaining. Financial News has tracked the controversy from the beginning.
As rivals across Wall Street and beyond raised salaries and amped up hiring, Goldman Sachs was the last major bank to raise pay. Chief executive David Solomon bolstered first-year analyst salaries to $110,000, while second-year pay was upped to $125,000 and associates to $150,000.
Here’s what you need to know about what has become a crisis in the banking industry:
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