Here’s how Goldman Sachs wants to hang on to its millennial workers
Goldman Sachs isn't known as the doting type – but it seems the investment banking giant has found a new, more maternal streak, after it outlined a series of measures to ensure its millennial workers go elsewhere.
The bank has unveiled a range of initiatives to ensure its youngest employees aren't tempted to leave the business because of the industry's notoriously long hours and competitive environment.
“We hire a lot of young people,” David Solomon, co-head of Goldman’s investment-banking division, told The Wall Street Journal.
“We don’t need 100 per cent of them to decide they want to spend their whole careers at Goldman Sachs… we need a percentage of them to.”
The new measures include earlier promotions, less donkey work and faster global rotations.
“We recognise this population is critical to the success of our business and contributes to the pipeline of future leaders," it said in a statement yesterday.
City AM reported in May that Goldman Sachs pays its banking directors the biggest bonuses at £194,000. Falling shortly behind was Morgan Stanley at £170,000 and Bank of America at £166,000.
| How Goldman Sachs plans to get millennials onside |
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