Financial services company Goldman Sachs on Monday said it would raise the salaries of its junior investment bankers after receiving complaints from overworked employees.

These first-year analysts will now be paid a $110,000 annual base salary, up from their previous $85,000, a source told CNBC.

As for second-year analysts, they were bumped to $125,000 from their $95,000 salary. First-year associates will make $150,000 compared to their previous $125,000.

According to CNBC, other investment banks have already raised their employees’ salaries. Out of its competitors, Goldman has been the company that most resisted pay raises.

Complaints of long work hours started circulating in February, when an internal survey found that junior bankers were working nearly 100 hours a week to keep up with an “inhumane” workload and "unrealistic deadlines.”

Some said they were preparing to quit if work conditions did not change.

"In this world of remote work, it feels like we have to be connected 24/7," Goldman Chief Executive David Solomon said. "This is not easy, and we're working hard to make it better."

Solomon told employees in a voice note that it would also work on hiring new junior bankers. He hopes to reassign these new hires to busier divisions to alleviate the workload from current employees.

A person familiar with the changes said employees are also expected to hear about the size of their bonuses later this month.

“We have always paid very competitively,” Solomon said last month during an earnings conference call. “We have always been a pay-for-performance organization.”

A formal announcement of the pay changes is expected to be released this week, the Guardian reported.