When Goldman Sachs raised entry-level pay to $110,000 on 2 August, eyebrows were raised among analysts and associates at rival banks.

The Wall Street giant bided its time, as the majority of its US and European peers raised salaries to a near universal $100,000 over the past month. But it also upped the stakes, setting a new bar for both New York and London-based analysts at $110,000 (and £70,000 in the City) for those starting out and $125,000 (£80,000) for second years.