Some Goldman Sachs VPs now paid $1m
How much do you earn as a vice president at Goldman Sachs? According to last year's salary and bonus survey from recruitment firm Arkesden Partners, the going rate for VPs in London was between £248k and £315k ($338k to $429k) in total compensation in 2021. Following yesterday's bonus announcements, that rate has risen considerably.
"There are now newly promoted VPs at Goldman now earning £420k," says one senior London headhunter, speaking on condition of anonymity. "They've been paid incredibly well this year after the retention and hiring problems of 2021."
Analysts and associates at Goldman Sachs are paid bonuses in the summer, meaning that VPs are the most junior staff to have been paid yesterday.
The London headhunter says some third year VPs at Goldman are now earning seven figures in dollar terms. This echoes a claim on the Litquidity Instagram account, which said yesterday that first year VPs at Goldman are now on around $750k, that second year VPs are on $800-$900k, and that third years are on $900k -$1m+.
VPs typically have between five and nine years' experience. Some can be as young as 26 years old.
Goldman Sachs didn't respond to a request to comment on the alleged numbers.
The headhunter observed that pay at these levels hasn't been seen in banking for decades. "Funnily enough, we're back to where we were 20 years ago," she said.
Goldman's generosity comes after both Citi and JPMorgan implemented the second pay rise in a year for their junior bankers, bringing first year analyst salaries to $110k - which was inline with the amount awarded by Goldman in August 2021.
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