Goldman Sachs Boosts Junior Banker Perks
What happened
Goldman Sachs has increased its dinner allowance for analysts and junior bankers to as much as $35-$40 per night. The move is part of a broader effort to retain young talent amid intense competition from technology firms and a tight labor market, signaling a cultural shift on Wall Street toward improved lifestyle benefits.
Why it matters
- This perk escalation is part of a broader reaction to a 2021 internal presentation by 13 first-year analysts detailing 95-hour workweeks and deteriorating mental and physical health. In response, Goldman and other banks began reinforcing policies like "protected weekends" and Saturday-off rules. - The dinner allowance increase, from a previous cap of around $30 to the new $35-$40 range, is a direct effort to improve the quality of life for junior employees in the investment banking division, which is known for its demanding hours. - This move follows significant direct compensation increases in recent years. In 2021, Goldman raised base salaries for first-year analysts from approximately $85,000 to $110,000, placing it at the top of the market alongside competitors like Bank of America. - The competition for talent extends beyond Wall Street. The average starting salary for an investment banking data analyst in the U.S. is around $82,640, while a more general data scientist can command a starting salary in the low $100,000s, making the tech and analytics sectors formidable rivals for quantitative talent. - These lifestyle perks are being implemented even as Goldman Sachs maintains a strict return-to-office policy. CEO David Solomon has been a vocal critic of remote work, calling it an "aberration," and the firm has pushed for a five-day, in-office work week since February 2022. - Other banks have offered competing perks to attract and retain junior talent, including one-off $20,000 bonuses at Credit Suisse and free Peloton bikes at Jefferies.
Key numbers
- Goldman Sachs has increased its dinner allowance for analysts and junior bankers to as much as $35-$40 per night.
- - This perk escalation is part of a broader reaction to a 2021 internal presentation by 13 first-year analysts detailing 95-hour workweeks and deteriorating mental and physical health.
- The dinner allowance increase, from a previous cap of around $30 to the new $35-$40 range, is a direct effort to improve the quality of life for junior employees in the investment banking division, which is known for its demanding hours.
- In 2021, Goldman raised base salaries for first-year analysts from approximately $85,000 to $110,000, placing it at the top of the market alongside competitors like Bank of America.
Quick answers
What happened in Goldman Sachs Boosts Junior Banker Perks?
Goldman Sachs has increased its dinner allowance for analysts and junior bankers to as much as $35-$40 per night. The move is part of a broader effort to retain young talent amid intense competition from technology firms and a tight labor market, signaling a cultural shift on Wall Street toward improved lifestyle benefits.
Why does Goldman Sachs Boosts Junior Banker Perks matter?
This perk escalation is part of a broader reaction to a 2021 internal presentation by 13 first-year analysts detailing 95-hour workweeks and deteriorating mental and physical health. In response, Goldman and other banks began reinforcing policies like "protected weekends" and Saturday-off rules. The dinner allowance increase, from a previous cap of around $30 to the new $35-$40 range, is a direct effort to improve the quality of life for junior employees in the investment banking division, which is known for its demanding hours. This move follows significant direct compensation increases in recent years. In 2021, Goldman raised base salaries for first-year analysts from approximately $85,000 to $110,000, placing it at the top of the market alongside competitors like Bank of America. The competition for talent extends beyond Wall Street. The average starting salary for an investment banking data analyst in the U.S. is around $82,640, while a more general data scientist can command a starting salary in the low $100,000s, making the tech and analytics sectors formidable rivals for quantitative talent. These lifestyle perks are being implemented even as Goldman Sachs maintains a strict return-to-office policy. CEO David Solomon has been a vocal critic of remote work, calling it an "aberration," and the firm has pushed for a five-day, in-office work week since February 2022. Other banks have offered competing perks to attract and retain junior talent, including one-off $20,000 bonuses at Credit Suisse and free Peloton bikes at Jefferies.
