Goldman Sachs to raise junior banker pay

Goldman Sachs Group Inc plans to raise pay for junior bankers by 20 percent next year, the New York Post reported on August 20. The pay raise means that first-year analysts will earn about $85,000 before collecting bonuses in 2015, the newspaper said. Analysts who have been at the Wall Street bank longer will earn more.
A Goldman Sachs spokesperson did not immediately respond to a request for comment.
Goldman's pay hike comes as Wall Street is making an effort to ease strains on junior bankers by limiting hours they work and compensating them better.