Goldman Sachs raises junior bankers' pay after burnout complaints

Goldman Sachs Group Inc. and Credit Suisse Group AG are joining rivals in bumping pay for junior bankers, following uproar earlier in the year over the work-till-you-drop culture exposed by the pandemic.

Goldman Sachs will now pay first-year analysts at least $110,000 up from $85,000, according to people familiar with the matter. Their second-year counterparts will get $125,000 up from $95,000 while first-year associates will go to $150,000, the people said, asking not to be identified discussing a private matter.

The bank’s new pay for staff starting out in the industry is well ahead of its big bank peers, which centered around