Sideways: Wall Street juniors don’t pay attention to the market
At the end of the summer, stories often get more attention than they deserve. The departure of a group of six junior bankers from Goldman Sachs in August provided an example of this, as it was hailed by a New York tabloid as a “wave” of workers quitting “en masse” from a “toxic giant of Wall Street”.
A Goldman insider called the report “very sensational and exaggerated”, adding: “There is always a natural turnover around bonus season [for trainee bankers] and this small number of starts is normal for the course. Goldman is seeing a record number of applications for roles like these.
Goldman often becomes the center of industry trends, and the bank has been in the spotlight during a debate over the working conditions of junior employees since a presentation complaining about interns’ long hours leaked last year. last.
Goldman’s competitors are reporting their own junior staffers are also restless, with many dragging their feet to get back to the office.
Newly affirmed trainee staff appeared to have some leverage as demand for investment banking services soared in 2021, and there was a wave of competitive pay rises across Wall Street, as well as concessions on working hours, especially on weekends.