– Young bankers are less stressed – and make more money
Entry level employees at Goldman Sachs wanted a weekly limit of 80 hours. The bank is responding now. CS also competes for youngsters with money.
It’s just a movie. But what stockbroker Jordan Belfort shouts at his junior Wolf of Wall Street staff when he stands before them, pretty drunk in a dark blue $2,000 suit, turns out to be an unrealistic depiction of a very special world.
Belfort asks, “Are you late on your credit card bills?” Does your girlfriend think you are a bloody loser? Then pick up the phone.” They should act kindly. “I want you to solve your problems by getting rich,” cried Balfour.
In the modern world of big banks, things may no longer be as testosterone-charged as in the movie about stockbroker Belfort. But what seems to still apply today to New York’s Wall Street, whether in the offices of stockbrokers or with fellow investment banking colleagues: There is a lot of work to do. W: Problems are often solved with money.
And just this week, CS also raised its starting wages in the US to CHF100,000. In March, there was a “lifestyle bonus” of 20,000 Swiss francs.
Junior Goldman Sachs analysts reportedly complained months ago that their workload was too high. There was talk of 105 hours of weeks in an internal survey that said it came from the bank and made the rounds in February. Some specific demands were even made: Please no work should be expected after 9pm on a Friday. A weekly limit of 80 hours would be great.
Now the US investment bank appears to have responded to the discontent of the young employees. As the Financial Times reports, it will pay them more in the future. In the first year, analysts are supposed to get $110,000, a 30 percent increase from before. In the second year there are already 125,000. Exclusive bonuses of course.
The bank did not comment on the report. In any case, Goldman Sachs will likely also react to the competition with its decision. Banks such as Citigroup and JPMorgan have recently raised the salaries of young investment bankers, thus certainly envying Goldman’s junior staff.
The Swiss institutes Credit Suisse and UBS also participate in this competition. It so happened this week that CS raised their starting wages in the US to CHF100,000, the “Financial News” portal wrote. In March, she also paid a one-time CHF20,000 ‘Lifestyle Bonus’. UBS had already raised his starting salary to CHF 100,000 in July.
Currently, employees have a good argument on their side: due to a number of mergers and acquisitions in the financial markets, banks in investment banking are making impressive profits. Young professionals have a lot to do accordingly. much to do. What advice would Jordan Belfort give you? Maybe just one thing: get to work!