For most (practically all) Americans, this is officially the worst recovery ever. As we pointed out previously, wage growth has never been slower in a post World War II recovery. However, not everyone is hurting...
- *GOLDMAN SACHS SAID TO RAISE JUNIOR STAFF'S SALARIES ABOUT 20%
This comes just weeks after Morgan Stanley announced it would raise junior banker salaries by 25%.
But not for the bankers... (as Bloomberg reports)
Goldman Sachs Group Inc. will increase 2015 salaries for junior employees in the U.S. by about 20 percent, according to a person briefed on the decision.
The raises will apply to employees with the title of analyst across all divisions, said the person, who asked not to be identified speaking on personnel matters. Analysts are typically recent college graduates.
Morgan Stanley is raising salaries for junior bankers worldwide by about 25 percent, a person briefed on the matter said last month. That change only applied to associates and vice presidents in the investment banking and underwriting units.
The New York Post reported on Goldman Sachs’s pay increases earlier today.
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It appears President Obama's hopes for 'fair, livable' minimum wage is being heeded by the banking community - good patriots, they are.