Under the radar, Wall Street had a banner year. Trading, initial public offerings, SPACs, deal making, mergers and acquisition and wealth management did extraordinarily well during the pandemic
and traders and managers who I should say did an extraordinary job in the last couple years.”
While no one is going to hold a pity party for the bankers, the lucrative pay—a large percentage in bonuses—came at a cost. In 2020, a group of young analysts complained about being forced to work over. Other young bankers shared their concerns over being forced to work so many hours that they weren’t able to lead a normal life outside of the office. To pacify the junior bankers, they were given raises in the neighborhood of around $150k in total compensation.
. Bank Of America, Barclays and other banks offered five-figure raises, time off and other incentives to make the junior bankers happier. Private equity giant Apollo Global Management doled out six-figure, retention-type bonuses. In a hot market, Apollo plans to make aboutawards, predicated upon the recipients remaining with the private equity firm for a specified time period.
Goldman Sachs plans to offer new employee benefits, in an effort to attract and retain its employees. Goldman is offering, introducing an unpaid sabbatical for longtime employees, increasing its retirement fund matching contributions for U.S. employees and eliminating the one-year waiting period before matching employee contributions.
Goldman head of human resources Bentley de Beyer said about the program, “We wanted to offer a compelling value proposition to current and prospective employees, and wanted to make sure we’re leading, not just competing.” reported that banks are begrudgingly loosening up on their demands for people to be in an office setting. “Across the financial industry, at firms big and small,. Bankers, for whom working from home was once unfathomable, now can’t imagine going back to the office full time.
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