$155k for a 2nd year analyst: is Alex Blankfein overpaid?

25 March 2010

1 minute read

$155k for a 2nd year analyst: is Alex Blankfein overpaid?

At Goldman Sachs, they like to keep things in the family. It emerged this week that not only is Lloyd's son Jonathan Blankfein expected to join the firm after leaving university, but that his brother Alex is already there.

Alex reportedly joined Goldman out of Harvard two years ago, and last year earned $155k for his endeavours in 'cross asset sales.'

This has sparked a degree of indignation given the average graduate starting salary for 2009 was $49k according to the National Association of Colleges and Employers.

But is Alex Blankfein really overpaid in Goldman terms? Not if he joined the bank as an associate: as we reported last month, Goldman is rumoured to be paying its 2nd year associates in the UK base salaries alone of 110k ($164k), making AB look underpaid.

However, if AB is a second year analyst, as appears to be the case, his package appears to be perfectly normal. Recruiters in the City say second year analyst salaries in London are a standard 55k, and that 100% bonuses weren't uncommon this year.

AUTHORSarah Butcher

Global Editor

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asy24000
20 April 2010
got to hate these rich boy types who don't know proper hard work
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nick.
25 March 2010
If you think about salary not in terms of cost to the company but in terms of value, I don't think he is overpaid at all. Most Goldman people that I know are quite sharp and more than capable of generating many times their salaries in value for the firm.
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aaaa
25 March 2010
This is so stupid - and a real symptom of what is wrong with the City. As someone who has 25+ years' experience (yes I said EXPERIENCE !!!) and great academics and lots of deals plus an understanding of economic cycles and is still energetic, driven & healthy - but cannot get a job at less than half this pay - WHAT THE HELL IS WRONG WITH PEOPLE THIS IS LUNACY !!!!!!!! NO WONDER THIS COUNTRY IS GOING UNDER WE ARE MAD !!!!!
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Honest John
25 March 2010
About spot on..... fetching coffees is more humiliating than working hard. I know PAs almost up at that level.
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Tom
25 March 2010
I went to a comprehensive and didn't go to Oxbridge/IVY league,and a good number of my school/Uni friends make over 50k in early twenties, so i'd expect him to make at least that amount..not overpaid at all!
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