I think of the young money of Wall Street, and I all I can think of is the movie Wall Street!
The young money is about to get more of it. That’s unlikely to make the Occupy Wall Street crowd happy. But maybe it should.
Goldman Sachs [fortune-stock symbol=”GS”], Bank of America [fortune-stock symbol=”BAC”] and JPMorgan Chase [fortune-stock symbol=”JPM”] have announced or are reportedly set to give as much as a 20% raise to their junior bankers. The latest round of announcements came this week after Morgan Stanley [fortune-stock symbol=”MS”] kicked off the pay war for junior employees a few weeks ago. That means 22-year-old Wall Streeters, who only used to make $120,000, will now be justly compensated. Ahmen.
In a good year, those same 22-year-olds may now make as much as $175,000, according to Wall Street compensation firm Johnson Associates.
Oddly enough, the current round of pay raises seems to have been sparked by cries that Wall Street’s youngins were being mistreated. Earlier this year, Kevin Roose, a journalist at…
View original post 644 more words