- According to a survey, junior bankers at Goldman Sachs average 98 hours per week.
- They are paid the same amount as a Starbucks manager without bonuses.
- Goldman’s junior bankers protested similar long hours in 2021 and called it “workplace abuse”.
Junior bankers at Goldman Sachs are working an average of 98 hours a week — 18 hours more than their peers, According to a survey.
According to calculations, first-year bankers at this firm make around $22 an hour. That’s about the same salary as a Starbucks manager. Emmalyse Brownstein, Insider. This figure does not include bonuses and assumes that junior bankers take two weeks off vacation.
While end-of-year bonuses can be a large chunk of Wall Street pay, they are slated to dwindle this year due to a decline in IPOs and M&A. At banks such as Citigroup and JPMorgan, bonuses pools which reached record heights last year are set to drop by 30%. Bloomberg reported.
Responding to Brownstein’s email about the survey results, a spokesperson from Goldman Sachs said that the “data doesn’t match ours”. A spokesperson for Goldman Sachs declined to reveal the findings of its survey about the hours that junior bankers work per week.
The survey revealed that Goldman’s junior banksers work an average of 98 hours per week. This is 18 hours more than the average for their peers who report working an average 80 hours per week. The average weekly work hours of junior bankers at Goldman’s runner-up were 86 hours.
In a survey, over 2,500 investment bankers in their first year from 50 US companies were asked about their salaries, their favorite and least favorite aspects of their jobs, and their perks. Survey by Odyssey Search Partners. Results from the survey will be shared with private equity companies and clients looking to hire talent from banks.
Goldman’s troubles began in 2021 after an attack on the bank. An internal survey of first-year analystsLeaks from the firm were leaked to media, showing that junior bankers had reached breaking points.
Junior bankers said that they worked 98 hours per week and only got 5 hours sleep. Nearly 80% said that they felt like they were being victim to workplace abuse.
Goldman spokesperson said that “We recognize our people are busy” because of the strength and volume of business. Insider reported the story at the time. “A year into COVID people are understandably stretched. That’s why we listen to them and take multiple steps to address their concerns.”
According to Brownstein, it It doesn’t appear that much has changed.In regards to the working hours of Goldman’s first-years.
