COMP NEWS – Goldman Sachs is seeing a surge in departures amongst its healthcare banking division after 11 junior bankers quit within the span of a few weeks.

At least 11 junior bankers at Goldman Sachs have quit in recent weeks, with six of them — all first-year analysts — handing in their resignations on the same day last week, according to a person close to the bank. 

The analysts and associates were members of the ultra-elite Wall Street bank’s healthcare investment-banking team, and represented about one sixth of the team’s junior workforce in New York.

[One] associate said a major factor for their departure was the payout of paltry bonuses by Wall Street standards. This person said that other associates had received year-end bonuses, which are paid to junior bankers in August, ranging between $25,000 to $75,000 — and that set off alarm bells. For comparison, the year prior, some top-performing associates earned $200,000 bonuses as a “thank you” for their efforts, the person said.

The current US employee, who has since spoken firsthand with some of the ex-analysts who left last week, said they were tired of feeling “unappreciated” by their bosses and routinely working until 5 a.m.

Some employees at the organization have disputed that the departures are unusual, saying that such movements are commonplace after annual bonuses are released.

The person close to the bank disputed the notion that these 11 departures were an anomaly, saying that their timing reflects the spate of departures that can sometimes happen at Wall Street banks after juniors receive their bonuses in late summer. “There’s always natural turnover around bonus season, and this small number of departures is par for the course,” the person told Insider.

To read more about junior bankers leaving over small bonuses at Goldman Sachs, click here.

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