Goldman Sachs junior bankers work 98 hours a week, a new survey says — making the equivalent of about $22 an hour

Overworked junior banker
Junior bankers at Goldman Sachs work an average of 98 hours per week, according to a new survey.
That means they are being paid around the same as a Starbucks manager before bonuses.
In 2021, Goldman’s junior bankers protested similarly long work hours, calling it “workplace abuse.”

Junior bankers at Goldman Sachs are working an average of 98 hours a week — 18 hours more than their peers, according to a new survey.

This means first-year bankers at the firm are making about $22 an hour, around the same as a manager at Starbucks, according to calculations by Insider’s Emmalyse Brownstein. This number does not include bonuses, and assumes junior bankers are taking two weeks of vacation.

While end-of-year bonuses can be a large chunk of Wall Street pay, they are slated to dwindle this year due to a decline in IPOs and M&A. Bonus pools, which hit record levels last year, are on track to be slashed by about 30% at banks like JPMorgan and Citigroup, Bloomberg…

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This article was written by [email protected] (Britney Nguyen,Emmalyse Brownstein) and originally published on www.businessinsider.com