Goldman Sachs has raised starting salaries for staffers in markets, wealth, and research to $110,000 following bumps for first-year bankers earlier this month

• Goldman Sachs has raised salaries for first-year markets, wealth, and research professionals.
• The firm raised pay for these professionals to $110,000 before bonuses.
• This brings the divisions’ junior base pay in line with what entry-level investment bankers earn.

Goldman Sachs has raised salaries for some first-year staffers in its markets, wealth, and research divisions, Insider has learned.

First-year front-office professionals in the firm’s global markets and research divisions, as well as some roles within the wealth division, are expected to see raises that will set their new base compensation at $110,000 before bonuses, a person familiar with the matter confirmed to Insider.

Previously, first-year staffers in the markets, research, and wealth divisions earned an $85,000 salary, the person said.

The bank is also increasing salaries for some second-year analysts in markets, research, and wealth to $125,000, this person said.

A post shared Thursday on the Litquidity Instagram account purported to show that the information about raises was relayed to incoming full-time staffers starting at the firm next year.

The base-comp raise for staff in these divisions correlates with Goldman’s previous salary increase earlier this month for first-year analysts in its investment-banking division. At the time, the firm also increased pay for some first-year asset-management employees, the person said.

Last week, Bank of America raised salaries for analysts in global corporate and investment banking, global markets, and global research, Insider reported. The entry-level salary for those divisions is now $100,000.

Bank of America’s move follows JPMorgan Chase, which Bloomberg reported earlier this month was set to raise salaries for sales, trading, and research analysts.