- Goldman Sachs CEO David Solomon responded to the complaints of junior bankers.
- In a letter to employees, Solomon said the company would work harder to give young bankers a leave of absence on Saturday.
- In a poll circulated on social media, 13 young bankers described the conditions as “inhuman”.
- See more stories on the Insider business page.
The CEO of Goldman Sachs said the company would address the issues raised by a group of junior bankers who described this “Inhuman” working conditionsPoor mental health and sleep deprivation in an internal survey.
“This is something that I and our leadership team take very seriously,” said David Solomon, CEO of Goldman Sachs, in an audio message sent to employees on Sunday, according to a transcript seen by Insider.
Solomon said the investment bank would apply a more stringent “Saturday rule”, which stipulates that young bankers should not be expected in the office from 9 pm Friday to 9 am Sunday. It will also speed up the hiring and transfer process of employees to the company’s busiest departments to ease the workload of junior bankers.
at Informal survey Posted on social media, a group of 13 first-year investment analysts at Goldman described being so exhausted that they had no time left to shower, eat or sleep.
Analysts said they had worked an average of 98 hours a week since January and were sleeping an average of five hours a night. All respondents said their work hours negatively affected their relationships, and rated their personal life satisfaction at 1 out of 10.
“Sleep deprivation, treatment by senior bankers, emotional and physical stress … I’ve gone through foster care, and it’s arguably worse,” said an anonymous analyst.
All 13 respondents said they often went through unrealistic deadlines, and 83% said they were repeatedly exposed to excessive surveillance or micromanagement. 75 percent of respondents said they sought or considered seeking mental health advice because of work-related stress.
At the end of the survey, analysts suggested several solutions to management, including limiting the number of working weeks in 80 hours and giving junior bankers a sabbatical on Saturday unless notified. They said first-year analysts are often assigned “quick” work on Saturdays, and it is extremely difficult to turn them off.
Solomon attributed the high stress conditions to a business boom in the midst of the pandemic. He also said that working from home makes it more difficult to achieve a work-life balance.
“Clients are energetic, and volumes in much of our business are at historic highs,” Solomon said. “Of course, the combination of the pandemic and all of this activity is putting pressure on everyone at Goldman Sachs.” “We realize that people who work today face a new set of challenges. In this world of telecommuting, it seems we have to call 24/7.”
Although arduous hours and heavy workloads are expected on Wall Street – and are generally counterbalanced by hefty paychecks – junior analysts have indicated that they are unlikely to stay with the bank if business conditions do not improve.
“Being unemployed is less frightening to me than what my body might succumb to if I continued this lifestyle,” said one analyst.