Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Mar 28, 2024

Goldman Sachs CEO responds to analyst survey describing 'inhumane' workplace

Goldman Sachs CEO responds to analyst survey describing 'inhumane' workplace

Goldman Sachs' CEO says the bank will strengthen enforcement of its "Saturday rule" and speed up hiring of junior bankers after a group of analysts described "inhumane" working conditions, including 95-hour weeks and instances of workplace abuse.
"This is something that our leadership team and I take very seriously," CEO David Solomon said in a voice message sent to staff on Sunday.

In a survey, a self-selected group of 13 first-year analysts painted a grim, unsustainable picture of life at the bottom of the finance food chain, saying their mental health and relationships with friends and family were suffering.

"My body physically hurts all the time and mentally I'm in a really dark place," one analyst wrote.

The group presented its findings to management in February, and their report began circulating publicly last week.

One of the analysts' pleas to management — in addition to capping workweeks at 80 hours — was to better enforce the "Saturday rule," which stipulates that junior staff should not be expected in the office between 9 pm Friday and 9 am Sunday. They said junior staff are often asked to do "quick" work on Saturdays "and it is incredibly hard to push back."

"We're strengthening enforcement of the Saturday rule," Solomon said, adding that the bank would hire more junior staff across its investment banking division.

Solomon echoed the bank's statement from last week that pointed to "historic" volumes adding to bankers' workloads.

"Clients are active, and volumes in a lot of our businesses are at historic highs," he said. "Of course, the combination of the pandemic and all this activity put stress and strain on everyone at Goldman Sachs."

In the survey, 100% of respondents said their work hours had hurt their relationships with friends and family. About three-fourths of the analysts said they feel they've been a victim of workplace abuse and have either sought or considered seeking help for mental health issues.

Virtually all of the analysts said they felt pressure from "unrealistic deadlines" and have been shunned or ignored in meetings.

Although long hours and unglamorous working conditions aren't uncommon in the cutthroat world of finance — especially among first-year analysts — this report was extreme even by Wall Street standards.

"I didn't come into this job expecting 9am-5pm's," one analyst wrote, "but I also didn't expect consistent 9am-5am's either."
Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×