The one investment bank that was holding out on raising pay for its junior bankers has finally given in to the pressure of other banks raising their junior employees’ pay (and the pressure of a potential PR crisis).
First year analysts at the bank will now make $110,000 per year in their first year and $125,000 their second year, FT reported this morning. Senior associate ranks will see their pay bumped to $150,000.
As we reported weeks ago, there had been significant discussion at Goldman about whether or not boosting junior banker salaries could be counterintuitive. But the rising tide of all banks lifting their pay finally caused Goldman to give in.
There had been pushback from Senior Executives, who argued that bumping up salaries mid-year could set a “dangerous precedent” and break from the company’s long-held “pay for performance” compensation structure.
It’s a sad fate for people that banked on social security. I extended my retirement to 70 still working and making 300K and will probably drop dead working and making money just because I can. What else is there to do ?
What else is there to do? Stop bragging about what you make and bitchin because you have to work until 70.
Meow!