UPDATE: Goldman Sachs (GS) Will Speed Promotions to Improve the Lives of Junior Bankers

(Updated - November 5, 2015 3:08 PM EST)

Goldman Sachs (NYSE: GS) said to speed promotions to improve lives of junior bankers, according to Bloomberg. The firm will give junior bankers third-year rotations to add to their skill sets.

Goldman will, however, continue giving grunt work to the junior bankers.

UPDATE - Goldman will promote all analysts to associates after two years and let them to switch to different teams in their third year.

Top workers will be able to advance from associate to vice president in 3.5 years, sources said.

The move buy Goldman is to retain top talent. Buy-side clients are the biggest threat, often moving to poach fresh hires after just months and may successfully recruit the bankers within two years.

Shares of Goldman are up modestly Thursday afternoon.

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