Salary in goldman sachs: Goldman Sachs boosts first-year analyst pay to $110K

Goldman Sachs boosts first-year analyst pay to $110K

UPDATE: Aug. 10, 2021: Wells Fargo is pushing base salaries for first-, second- and third-year analysts up by $15,000, according to Business Insider. Effective retroactive to July 1, first-, second- and third-year analysts will now be paid $100,000, $105,000 and $110,000 respectively. Wells Fargo associates are also receiving raises; first-year associates will get $175,000, second-year associates $200,000, and third-year associates $225,000.

“We can confirm the adjustment of base pay in certain client-facing positions across the Corporate and Investment Bank, which ensures we remain competitive and aligned with market practices,” a Wells Fargo spokesperson told Banking Dive. “We are committed to offering compensation that attracts, motivates, and retains talent.” The spokesperson did not confirm specific salary amounts. 

JPMorgan Chase has expanded its planned pay increases to include additional positions, according to Bloomberg. Junior sales, trading and research analysts at the nation’s largest bank will see their salaries rise from $85,000 to $100,000, effective February. 

Dive Brief:

• After months of internal deliberation, Goldman Sachs has decided to join other major investment banks that have recently raised pay for entry-level employees, according to Bloomberg.
• Goldman Sachs’s first-year analysts will receive a bump in base pay from $85,000 to $110,000; second-year analysts $95,000 to $125,000; and first-year associates $125,000 to $150,000, sources told Bloomberg.
• Goldman Sachs has been scrutinized over the salary issue ever since a slide deck circulated online this February, a self-selected survey of 13 junior bankers at Goldman Sachs who claimed to be working 98-hour weeks regularly and sleeping an average of 5 hours a night.

Dive Insight:

The fiscal year for the Goldman Sachs Group ended July 31, and executives have decided to bump pay for junior bankers.  Goldman Sachs was one of the last holdouts among major investment banks, resisting increasing wages for entry-level employees in a booming business environment. Now, the company is joining its rivals including JPMorgan, Morgan Stanley, UBS and Credit Suisse in rewarding their junior employees.

Investment banking is a career infamous for grueling hours, but recent months have proven to be particularly frenetic for entry-level bankers. Mergers and acquisitions are flourishing, due in part to the uptick in Special Purpose Acquisition Company activity.

Some new hires at Goldman Sachs feel themselves to be suffering from success. In February, a presentation by 13 junior employees at Goldman Sachs lamenting work-life balance at the company gained traction on social media. Most of the disgruntled employees who were surveyed reported deteriorating mental health and felt likely to quit within 6 months.

In March, Reuters reported that “a Goldman investment-bank analyst gets around $88,000 a year according to Glassdoor, or around $18 an hour assuming a 100-hour workweek. ” Although that figure is more than twice the federal minimum wage, in New York City the fast-food industry has a minimum wage of $15 an hour.

Junior pay has been the subject of heated debate among executives at Goldman Sachs, according to the Financial Times. Some executives have warned that raising wages will attract money-hungry “mercenaries.” However, tech companies touting similar pay and superior work-life balance have become a major competitive force in the hiring market for big banks. And Goldman Sachs must contend with rival banks like Citigroup, which will allow employees to work from home two days a week after the pandemic.

After the slide deck released, several of Wall Street’s largest banks immediately upped their pay for junior employees. But Goldman Sachs refused to budge, and in the second-quarter earnings call CEO David Solomon stated “we revaluate salaries in regular course every single year and when appropriate, we make sure our salaries are competitive. So, we continue to thrive by having the best people here and paying them appropriately, especially when we perform.  We are performing … expect to see us pay appropriately during our normal cycle.”

Goldman Sachs’s salary hike for first-year analysts to $110,000 outstrips numerous rivals like Morgan Stanley and Citigroup, which recently raised pay to $100,000. Because wages are usually synchronized across the investment banking industry, this move puts upward pressure on entry-level salaries at several large banks.

Goldman Sachs Salaries – – – (2023) – 2839 Entries

2,529 total salary submissions

Average Goldman Sachs Salary

Total Median Pay

$122,000

Median Base Pay

$85,000

Median Bonus Pay

$37,000

How much does Goldman Sachs pay?

Base range: $50,000 – $150,000

For this salary and bonus range, Low is the 10th Percentile and High is the 90th Percentile. These ranges are from employer specific salaries submitted by WSO members.

Bonus range: $5,000 – $100,000

Filter Goldman Sachs Compensation by Position, Location and/or Division

AnalystInternAssociateSummer Associate InternVice PresidentOtherEngineerAssistantTraderConsultantDeveloperAccountantFinancial AdvisorManagerPrincipalQuantTeller

New YorkLondonSalt Lake CityDallasSan FranciscoHong KongChicagoJersey CityHoustonNew York, NY, USALos AngelesSingaporeBangaloreNew YorkSydneyBengaluruCentralBostonirvingFrankfurtMiamiSalt Lake CityTorontoSeattleTokyoParisSeoulmumbaiAlbanyLondon, UKWarsawPhiladelphiaBeijingLondonFrankfurt am MainWashingtonTaipeiAtlantaMoscowMinneapolisCalgarySão PauloMelbourneNew Jersey CityAucklandJersey CityDubaiZurichSalt Lake City, UT, USASantiagoBangalore, Karnataka, IndiaAustinEC4A 4AUAtlantawaylandCity of LondonHyderabadJustinWestportbay areaStamfordNoidaEvanstonWarwick, CoventryBlackburnNewSo PauloSalt Lake CityJerseyIrvingLethbridgeWellandShanghaiMalvernWakefieldSouth BendSidneyAbu DhabiNew CastleNew York City, NY, USASan Francisco, CA, USAManchesterSan FrancscioNahsvilleRiverviewMountain ViewRedmondGrand RapidsAmsterdamJohannesburgOsloDetroitSan Diego, CA, USAAmerican ForkNYC, NY, USANeNw YorkYorkDallas, TX, USAIndianapolisState CollegeAhmedabdDenverHouston, TX, USAOrlandoHong KongHackensackBangalore10006newyorkNew-YorkclevelandJung-gu200 West StreetSan FransicoManhattannew jerseyPhoenixBethesda30 Hudson StJongno-guCohoesDelhiAthenesSan FranciscoNew Rochelle25 Shoe Ln, London EC4A 4AUWest Palm Beach

Investment BankingGeneralistMergers and AcquisitionsOperationsSales and TradingNAAsset ManagementSecuritiesPrivate Wealth ManagementEquity ResearchTechnologyRisk ManagementTechnology, Media and Telecom (TMT)Real EstateEquity Capital MarketsFinanceInvestment ManagementCredit RiskRiskPrivate BankingDebt Capital MarketsTradingFICC – Fixed Income Currency and CommoditiesFinancial Institutions Group (FIG)Information Technology (IT)Private EquityLeveraged FinancePrime BrokerageTreasuryCorporate FinanceInvestment ResearchIndustrialsQuantitative ResearchEngineeringInvestmentsSalesHealthcareEquitiesOtherSpecial Situations GroupGlobal MarketsNatural ResourcesResearchBack OfficeAuditWealth ManagementFixed IncomeAccountingStructured ProductsCompliancePublic FinanceDerivativesOil & GasCommercial BankingFinancial ServicesHuman ResourcesCorporate BankingLegalInfrastructureStrategyStructured Products FSRCapital MarketsGIREnergyCreditAnalyticsRestructuringRetail BankingConsumer – RetailSoftwareMarketsCommoditiesStrategy and OperationsAlternative InvestmentsSecurities UnderwritingOil and GasRotationalProduct ManagementVenture CapitalCommercialFinancial SponsorsConsultingInternal ComplianceCredit InvestingGIGInstitutionalAnalyticAPACRisk ControlPublic Sector Infrastructure (PSI)Strats – Fixed IncomefMerchant Banking DivisionGlobal Compliance Employee ServicesCredit Risk TechnologyPWM ControllerPrime clearingCredit Risk Management & Advisory1Ayco Financial CounselingMnAIBD (2-week Spring Programme)ServicesTTMGSAM – IMDCommodities OperationsFinance, Operational RiskCredit Risk ManagmentControllers – FinanceForeign Exchange FXSecurities (Sales & Trading)Sales TechnologyBondsSecuritizationBusiness DevelopmentFinancial Planning and AnalysisSettlementsTaxEquity HedgeMetals and MiningManagement ConsultingMortgageTransaction Advisory ServicesProp TradingRatesSupply ChainPortfolio ManagementPharmaceuticalsHedge FundGamingGlobal DataTransportationMiddle MarketPower

of 253 pages

of 253 pages

Position

# of Submissions

Avg Total Annual Comp

$ in USD

Total Pay Range

The blue bars below represent the minimum and maximum base salary for each position.

If salary is over $300k, we still show the max # but cap the length of the blue bar not to throw off the scale for the other positions.

The dark blue line within each bar represents the average salary for that position. The green line within each bar represents the median salary for that position. You can get the exact average and median by hovering over any bar

For interns and other positions that are paid hourly, weekly or monthly, we have annualized their base salary for easy comparison based on a 40 hour work week and 50 weeks worked per year.

Managing Director

9 Salaries

$1,295,833

325k

3,300k

Principal

1 Salaries

$900,000

900k

900k

Director

3 Salaries

$791,791

275k

1,500k

Intern

712 Salaries

$316,235

41k

110k

Vice President

86 Salaries

$380,082

136k

795k

Developer

2 Salaries

$202,000

100k

304k

Manager

1 Salaries

$150,000

150k

150k

Associate

317 Salaries

$211,819

94k

330k

Engineer

6 Salaries

$140,333

103k

185k

Consultant

2 Salaries

$105,000

60k

150k

Summer Associate Intern

101 Salaries

$131,449

51k

350k

Trader

3 Salaries

$142,500

65k

235k

Analyst

1163 Salaries

$124,439

61k

195k

Financial Advisor

1 Salaries

$86,000

86k

86k

NA

9 Salaries

$109,000

63k

185k

Other

6 Salaries

$71,777

21k

135k

Accountant

1 Salaries

$43,000

43k

43k

Teller

1 Salaries

$32,000

32k

32k

Assistant

3 Salaries

$31,733

18k

56k

Quant

1 Salaries

$160

160

160

Highest Paying Jobs at Goldman Sachs

Average Pay by City for Goldman Sachs

Salaries by Location at Goldman Sachs

Average rate per hour is calculated based on 40hr week or 2,000hr year.

Goldman Sachs Salaries by Department

Average rate per hour is calculated based on 40hr week or 2,000hr year.

Recently Added Goldman Sachs Salaries

IT specialist went to work in a bank and regretted – Gazeta.

Ru

IT specialist went to work in a bank and regretted – Gazeta.Ru | News

May 15, 2023, 20:38

Text size

A

A

A

close

100%

Programmer Chris Hladchuk left Goldman Sachs bank after only a year of work and moved to the usual tech startup Meow. In an interview with Business Insider , he said that a well-known name and a big salary do not always mean a better job.

“I was 24 years old when I called my boss to tell her I was leaving Goldman Sachs. This was after only one year as an analyst. This is a rarity, usually if they leave such a place of work, then not earlier than after two years, ”he said.

According to Khladchuk, during his employment at Goldman Sachs, he learned accuracy, resilience and the ability to always meet deadlines, even in moments of scandals and crises related to the banking sector. However, he also realized that he would like to do more personal business than work for a “huge, albeit ideal” bank.

“Before I made the decision to leave Goldman and join Meow, I asked three very important questions: What is the worst-case scenario? When I’m 80 and look back on my life, will I regret not doing it? Where can I get new knowledge faster? — explained the IT specialist.

In the end, Khladchuk thought that in the worst case he would be out of a job, but he would regret if he continued to work at Goldman and did not dare to try something new. The programmer is also sure that in startups the learning rate is incomparably higher than in long-established companies.

“I’m the tenth employee at the startup and I don’t regret my decision. If you have startup ambitions, you need to leave quickly, otherwise you are doomed to work in place forever, ”he concluded, reflecting on his former position at Goldman Sachs.

Earlier, an employee of the IT company told that the first 48 hours after receiving the information about the dismissal turned out to be “survival” for her.

Subscribe to Gazeta.Ru in News, Zen and Telegram.
To report a bug, highlight text and press Ctrl+Enter

News

Zen

Telegram

Dmitry Vodennikov

Your unbearable dahlias

That our meeting ahead is inevitable

17.06.2023, 12:22

Dmitry Samoilov

How not to die while on vacation

Why it is important to calculate your own strength when you are going to have a rest

06/16/2023, 08:40

Anastasia Mironova

Game beyond the Moscow Ring Road

Why force students to travel around Russia

06/14/2023, 09:25

Yulia Melamed

The father of all populists has died

On the secrets of Silvio Berlusconi’s popularity

06/13/2023, 08:17

Georgy Bovt

When you get bitten, then come

Will fines help responsible treatment of pets

06/12/2023, 08:07

Apple and Goldman Sachs want to create the most powerful neobank in the world — Ministry of Finance

Despite problems in the banking system, two legendary brands in the technological and financial world — Apple and Goldman Sachs Bank USA — have teamed up to create potentially the most powerful fintech in the United States. It is reported by Forbes Ukraine.

► Read 0106