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.
- 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.
