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.