The American financial center Wall Street is known as a place of work with high pressure and very long days, where young people at the beginning of their careers can work a full 100 hours a week or more.
For many years Wall Street has been the most desirable place to work for those educated in business or finance, and summer vacancies in commercial banks, or “internships,” are pending. But in recent years, the big financial houses have faced fierce competition for talent from startup companies in California’s Silicon Valley for example.
As a result, more people on Wall Street are now raising the salaries of their temporary employees sharply. Bloomberg News He writes that the largest banks have now raised their provisional salaries by about 40 percent for the current summer season, and cites data from professional website Wall Street Oasis.
140 thousand crowns
The past two years, as it is well known, have presented new challenges for the biggest companies on Wall Street as well. The pandemic has sent a horde of workers into the home offices, people who are now meeting the demands of the office.
Among other things, big bank Goldman Sachs and CEO David Solomon announced to the public and called on all employees to return to the office after two years at Zoom meetings. At the same time, many of the biggest companies on Wall Street have been raising their salaries for their new employees in hopes of keeping the best, especially in fierce competition with technology companies that offer more flexible work styles and working times.
The competition now means that temporary employees are drawn to the lucrative salaries not only at the major banks, but also at stock exchanges and analysis firms.
“These are record numbers in terms of temporary employee salaries,” Patrick Curtis, founder of Wall Street Oasis, told Bloomberg.
According to Wall Street Oasis, temporary employees of the Jane Street trading company earn a monthly salary of $16,356, which equates to an annual salary of approximately $200,000. With today’s krone exchange rate, there would be a monthly payment of over 140,000 NOK before tax. Wall Street Oasis figures also show that hedge funds, trading firms and investment banks pay the best for their temporary employees. The eight payroll companies pay the highest median salary of over $10,000 per month.
Record number of applicants
The numbers the Wall Street Oasis works with are based on student opinions from last year and this year, and it deals primarily with the financial sector.
However, another job website, Glassdoor, also covers numbers from other sectors. This is a clear trend, Bloomberg writes.
Two years ago, less than half of Glassdoor’s listed companies were on the list of those who pay the best for their temporary hires in the tech industry. Now the same companies make up 68 percent.
In the financial sector, a typical summer temporary position often lasts ten to twelve weeks, with the possibility of an extension. And although Wall Street’s financial center has faced tougher and tougher competition than Silicon Valley, that doesn’t mean the big banks are becoming less attractive destinations.
according to interested in trade 236,000 students applied for temporary positions at Goldman Sachs this year, a new record. The site writes that there was also a 17 percent increase from last year. This is despite the discouraging survey of the work environment in the same bank as Mentioned the same site last yearYounger employees reported 98 hours of work per week and “inhumane working conditions”.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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