The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Sideways: Junior Wall Streeters aren’t paying attention to the market

Wall Street’s junior human capital resources may not appreciate that there is now a bear market for their output, and that could spell tough times ahead.


Late summer often sees news stories gather more attention than they might 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 Wall Street giant.”

An insider at Goldman dismissed the report as “highly sensational and overblown”, adding: “There’s always natural turnover around bonus season [for trainee bankers] and this small number of departures is par for the course. Goldman is seeing a record number of applications for roles like these.”

Goldman often becomes the focus of industry-wide trends, and the bank has been in the spotlight during a debate over working conditions for junior employees since a presentation complaining about long hours for trainees leaked last year.

Competitors to Goldman report that their own junior staff members are also restive, with many dragging their heels about returning to the office.

Newly assertive trainee staff seemed to have some leverage as demand for investment banking services boomed in 2021, and there was a wave of competitive pay increases across Wall Street, along with concessions on working hours, especially at the weekend.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree