Goldman Sachs raises banker pay after 95-hour week complaint

Goldman Sachs has increased its salaries for younger bankers following complaints of long working hours.

It is understood that first-year investment bank analysts globally will get a pay rise this year to $110,000 (£80,000) from a previous $86,000.

As first reported in the Financial Times, the pay increase does not include bonuses. Basic pay will rise to $125,000 in the second year.

It comes as a top banker criticised recruits for being "entitled".

Xavier Rolet, who ran the London Stock Exchange for eight years, said the younger generation of bankers should stop complaining about long working hours or find another job.

He suggested banks should hire "poor hungry kids who managed to put themselves through college" instead of "entitled" graduates.