Goldman Sachs cut London analyst bonuses 60% in two years
The dust has settled on last summer's analyst pay round, and recruitment firm Dartmouth Partners has scraped the embers and produced its annual analyst compensation report.
If you work as a junior banker at Goldman Sachs in London, it seems there was both good and bad news from the most recent pay round.
The good news is that Goldman Sachs' first year analysts (typically recent university graduates aged circa 21 or 22 years old) are apparently earning more than anyone else at the same stage. Their combined salary and bonus averages £106k, according to the recruitment firm.
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The equally good news is that Goldman barely cut first year analyst pay year-on-year. In 2022, Dartmouth said Goldman's first year analysts were on £107.5k. Effectively, pay was held stable.
The glory days are, however, past. In 2021, Dartmouth said Goldman paid its first year analysts £130k, comprising a £65k bonus and a £65k salary. That feat will clearly not be repeated soon.
Needless to say, it's bonuses that are flexing down. This year, Dartmouth put first year analyst bonuses at Goldman Sachs at an average of £41k: a ∼60% decline in two years.
Goldman's £41k bonuses were, however, far higher than the average London first year analyst bonus at all banks this year. Dartmouth put this at 'just' £29k.
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