Finance

Why are Goldman 20-somethings on $110,000 a year complaining? Here’s what you need to know

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:

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

These banks now pay 20-somethings starting salaries of $100,000 or more

Xavier Rolet on his 130-hour weeks at Goldman: ‘Not sure what today’s generation is complaining about’

Goldman Sachs hikes junior banker pay to $110,000 as salary battle sweeps Wall Street

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

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

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

 ‘I don’t miss a thing’: Burned-out junior bankers reflect on life after quitting

Hire ‘poor, hungry kids’ instead of ‘entitled’ grads to solve banker talent crisis, Xavier Rolet says

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

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

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

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

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

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

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

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

Lazard joins larger investment bank rivals with junior pay hike

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

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

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

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

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

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

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

JPMorgan increases entry level salaries for junior bankers to $100,000

Morgan Stanley hikes junior banker salaries to $100,000

UBS hikes junior banker salaries as banks battle for talent

Citigroup increases junior banker pay as talent war heats up

Boutique Stifel follows Wall Street rivals with $100,000 salary for juniors

Jefferies fast-tracks junior bankers amid burnout and battle for talent

Citi investment bank boss says flexible working could give it a talent edge over rivals

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

Houlihan Lokey raises junior salaries to $105,000 amid sector burnout crisis

Why solving banker burnout is far from simple

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

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