COMP NEWS – A new survey from Odyssey Search Partners says that junior bankers at Goldman Sachs work nearly 100 hours a week – making their average pay around $22 an hour.

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 reported.

This survey is not the first to shine a light on the finance behemoth’s contentious work environment for junior bankers. In 2021, an internal survey was leaked that showed junior bankers dealing with enormous stress and expectations, including long hours.

Over 2,500 first-year investment bankers from around 50 US firms were asked their pay, what they like and don’t like about their job, and their perks, in a survey by Odyssey Search Partners. The results from the survey are shared with private equity firms and clients who want to recruit talent from banks.

In 2021, Goldman was thrown into turmoil after an internal survey by first-year analysts at the firm was leaked to the press, showing junior bankers had reached a breaking point.

Junior bankers responded they were working 98 hours a week, only getting 5 hours of sleep, and went to bed around 3 a.m. All of them said work hours negatively affected their relationships, and almost 80% of respondents said they felt like a victim of workplace abuse.

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