Goldman juniors’ 100-hour weeks and the plight of young bankers — Here’s what you
It all started with an explosive leaked survey from 13 Goldman Sachs analysts, whose complaints of shocking workloads and brutal 100-hour weeks highlighted the realities of banking life during an unprecedented pandemic and deal bonanza.
Banks have since woken up to how hard it is for their younger, more inexperienced hires. Some have been rolling out perks and bonuses, while others have vowed to amp up hiring to even out the work.
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Financial News has been documenting the life of junior bankers for more than a year. Here’s what you need to know:
10 May: Junior bankers at Stifel to get a $10,000 bonus, even if they quit
10 May: UBS to pay analysts a $40,000 promotion bonus as junior talent war increases
30 April: Lazard CEO eyes banker recruits as dealflow surges — ‘2022 will be even better’
30 May: HSBC hikes junior pay and kicks off hiring spree amid deal surge
26 April: Banks roll out perks and bonuses to keep rebelling junior staff happy
21 April: JPMorgan to hire 190 juniors as banks rush to ease stress and workload crisis
21 April: UBS starts new bonus for juniors as banks look to combat burnout
20 April: Here’s what Goldman, JPMorgan and Citi pay juniors as workloads soar
14 April: Houlihan Lokey offers dealmakers a free ‘global getaway’ and a $10k bonus for juniors in latest perk
12 April: Barclays’ juniors grumble at scrapped bonuses as rivals ramp up perks for younger staff
8 April: Bank of America hands junior bankers a salary boost of up to $25,000 amid deal surge
1 April: Moelis rolls out $10,000 ‘allowance’ for younger bankers as deals skyrocket
30 March: ‘There is a deep supply of type-A’s’: Why the gruelling life of bankers will never change
24 March: Credit Suisse pays juniors a $20,000 ‘lifestyle’ bonus amid spike in deals
24 March: JPMorgan, Citi join Goldman in rush to hire juniors amid busiest recruitment spree in a decade
23 March: Citigroup CEO Jane Fraser introduces ‘Zoom-free Fridays’ as pandemic takes toll on staff
22 March: Citi’s new plan to ease junior banker stress would limit pitchbooks to 15 pages
22 March: Goldman Sachs CEO Solomon promises to beef up junior ranks after scathing survey
19 March: ‘Should I feel sorry for them? No’ — Bankers scoff at Goldman Sachs juniors’ stinging survey
4 March: Credit Suisse tells juniors to expense takeaways as deal boom makes all-nighters the norm
3 March: Deutsche Bank shakes up junior recruitment to diversify from MBA hires
23 February: Nomura starts mentor-matching plan for junior bankers in lockdown
22 February: JPMorgan lures juniors with boxing classes as City’s young flee banking just months into the job
15 February: Bankers mull quitting as Brexit and Covid stress means ‘much longer hours’
30 November: Why high paid, overworked bankers are quitting now: ‘The lifestyle trade-off just wasn’t worth it’
10 September: Junior analysts to get surprise 15% bonus boost as banks keep young staff happy during pandemic
21 August: ‘I work from 8am to 2am’: The lockdown life of overworked and underappreciated junior bankers
20 May: Bank interns worry about job prospects as Barclays joins rivals in shift to online
9 April, 2020: Citi commits to job offers for interns as virus rattles summer plans
31 March, 2020: ‘These hours are unsustainable’: City workers fear effects of long-haul lockdown
To contact the author of this story with feedback or news, email Paul Clarke