Goldman Sachs raked in almost $60 billion in income final yr — however it received’t shell out for the complete price of an analyst’s Chipotle dinner.
The megabank’s junior associates — who famously griped about 100-hour work weeks in a leaked Energy Level presentation final yr — face a $25 restrict on the dinner stipends they get for working lengthy hours and staying late on the workplace.
That’s on the chintzy finish of Wall Avenue, according to data gathered by Litquidity, a carefully watched weblog for the monetary set. By comparability, Morgan Stanley offers $35 for meals, whereas at JPMorgan the speed is $30, the survey discovered.
Certainly, Goldman bankers are caught within the $25 membership alongside overworked friends at lower-tier and abroad banks together with Citi, Deutsche Financial institution, Barclays, Credit score Suisse and Jefferies, in line with the survey.
At Goldman, bankers gripe that they’re pressured stroll to native chains like Sweetgreen as a result of the price of supply with tip, taxes and costs usually takes the value of a salad or Chipotle bowl previous the $25 restrict. Some analysts say they should pool meal orders collectively order from the identical restaurant in an effort to defray supply prices.
“Corporations promised to feed us, however they’re feeding us s–t,” one Goldman analyst stated.
Analysts and associates are indignant they’re being nickel-and-dimed at the same time as their bosses are flattening tens of millions, sources advised The Put up. In the meantime, rampant inflation has despatched the price of Chipotle up 10% over the past yr.
“In the event you’re David Solomon you’re not even conscious of this as a difficulty however this has a lot tangible influence,” Mark Moran, head of progress and operations at Litquidity, advised The Put up. “If I wish to incentivize my workforce, it’s one of many issues that may make a 22-year-old really feel like, ‘I’m wealthy.’”
Goldman Sachs declined remark.
Every financial institution handles juniors that go above the $25 restrict slightly in another way. Some banks power juniors to put in writing a verify; others make workers enter their private bank card to pay the distinction.
“Banking is such a observe the chief ecosystem,” Moran provides. “And that is such a straightforward win.”
At Goldman, the stipend hasn’t elevated for the reason that monetary disaster of 2008. Because the pandemic, the financial institution has began providing free breakfast and lunch.