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Goldman Sachs introduces new employee benefits

© Reuters. The Goldman Sachs global headquarters is seen by people in Manhattan, New York. November 15, 2021. REUTERS/Andrew Kelly

(Reuters) – Goldman Sachs Group Inc (NYSE:), Monday brought a host of new benefits to its employees as part of its efforts to reduce stress and attract talent.

A source familiar with the matter said that the bank was increasing its retirement fund and matching contributions for U.S. workers to 6%. That’s a jump up of 2%.

Goldman will contribute 8% to total compensation for employees earning $125,000 per year or less. The person stated that Goldman was also eliminating the one year waiting period before matching contributions from new hires.

According to a source, employees will have 20-day paid leaves for any loss in the immediate family or miscarriage.

Bentley de Beyer is the global head for human capital management. He responded to Reuters’ inquiry by e-mail.

The Wall Street Journal was the first to report on this news. They cited details from an internal memo.

A group of Goldman’s junior bankers told their senior managers that they had been working over 100 hours per week, and only sleeping five hours each night in order to maintain a high workload and meet unrealistic deadlines.

David Solomon, Goldman’s Chief Executive Officer, stated that the company would make every effort to accommodate the complainants and shift them to the busy sections of the investment bank.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.