Goldman Sachs to raise pay for junior investment bankers

New reports from Business Insider reveal that Goldman Sachs Group Inc will raise the pay of the junior employees in its investment banking arm. 

Second-year analysts at the bank will now take home US$125,000 in basic salary, while first-year associates will now take home $150,000. The report by Business Insider cited two sources close to the matter.

Although the firm is yet to make an official announcement and has declined requests for a comment on the situation, the news of this development has spread and other sources even speculate that the pay rise may spread well beyond the junior staff.

Goldman Sachs is only one of many Investment banks that have made similar salary increment moves this summer, in a bid to reward their staff, especially given the uncertainty of the past year and the extra effort it has taken many employees to deliver in their various capacities.

Citi Group, Morgan Stanley, UBS Group AG, and Deutsche Bank AG are some of the other banks to have implemented similar increases.