Goldman Sachs investment bankers have had it. Calling for a 80 hour cap and systemic changes.

[Anerdyblackguy]

Junior Goldman Sachs bankers complain of 95-hour week
Group of first-year analysts send slide deck to management calling for reforms to reduce workload

The presentation concluded with several proposals including capping the work week at 80 hours © Reuters

March 18, 2021 7:54 pm by Robert Armstrong in New York


A group of first-year investment banking analysts at Goldman Sachs presented management with a slide deck describing arduous working conditions last month, shining a rare spotlight on the stresses faced by young people working in investment banking.

Based on a survey of 13 analysts, the slide deck reported an average work week of 95 hours, with five hours of sleep a night starting at 3am.

The respondents said the long hours were taking a toll on their physical and mental health, with three-quarters reporting that they felt they had been “victims of workplace abuse”.

I can’t sleep any more because my anxiety levels are through the roof,” said one of the analysts.

Another said that “being unemployed is less frightening to me than what my body might succumb to if I keep up this lifestyle”.


A year into Covid, people are understandably quite stretched, and that’s why we are listening to their concerns and taking multiple steps to address them

Goldman Sachs statement
The slide deck — which was formatted as though it was an official Goldman Sachs presentation — began to circulate on social media on Wednesday, and was available in full on Twitter by Thursday.

A majority of the analysts surveyed reported being blamed without justification, as well as “excessive monitoring or micromanagement”. On a scale of 1-10, the respondents ranked their satisfaction with the job and the firm at 2 on average.

The presentation concluded with several proposals, including capping the work week at 80 hours, scheduling client meetings to provide a week of preparation time, and respecting the company’s policy that junior bankers should not work from Friday at 9pm until Sunday morning.

“We recognise that our people are very busy, because business is strong and volumes are at historic levels,” Goldman Sachs said in a statement. “A year into Covid, people are understandably quite stretched, and that’s why we are listening to their concerns and taking multiple steps to address them.”

A person briefed on the situation described the survey respondents as “self-selected” and said the bank had been working with the group to address their concerns.

From the archives: Wall Street banks explore option of ‘virtual internships’ ;
They added that Goldman had accelerated the hiring of new junior bankers, shifted personnel to overworked departments, taken a “selective” approach to new business, and reinforced the Saturday work policy.

“No one has been in trouble — these are valid points,” the person said.

Young investment bank recruits are often expected to work very long hours in exchange for higher than average salaries and the prospect of being promoted, but the pressures tend not to be made public.

In 2013, banks in the City of London faced calls to overhaul the working culture for younger staff following the death of a 21-year-old intern at Bank of America.

 

[Anerdyblackguy]

Current and former investment bankers react to claims of workplace abuse by junior analysts at Goldman Sachs.

A group of junior bankers at Goldman Sachs assembled a presentation about working conditions at the Wall Street bank that circulated on social media.Credit...Emon Hassan for The New York Times
Last week, a presentation by a group of junior bankers at Goldman Sachs went viral on social media, in which they complained about what they described as workplace abuse, including 100-hour weeks.

The DealBook newsletter’s inbox has been overflowing with reactions, notably from current, former and aspiring investment bankers. Here’s what some had to say — most requested anonymity to speak freely about their experiences — edited and condensed for clarity:

• “My view is that if it’s not to your liking, quit and find another line of work. It won’t pay as well, but it’s also possible that you won’t learn as much. I am still reaping the benefits of what I learned.” — Anonymous in Sydney
  
  
• “I had heard all about the long hours, but once I was in it, I found that I had underestimated. I threw in the towel and left banking, because no amount of money was worth the terrible lifestyle.” — Anonymous in New York
  
  
• “I knew I was worked like a donkey but quid pro quo. I could leave, work fewer hours and make less money. But I wasn’t interested in that.” — Anonymous in London
  
  
• “In our day, we may have complained to our friends or our family, but we knew that short-term pain was good for long-term gain. I now live a comfortable life enabled by my first years at Goldman Sachs.” — Anonymous in New York
  
  
• “We would do the math on the compensation and realize that we were making less than minimum wage per hour. It wasn’t worth being tortured. My health still suffers from my years on Wall Street.”— Anonymous in New York
  
  
• “The learning experience was incredible and career-wise it set me on the right track. In hindsight, it could have actually killed me, but I was too young to realize this.” — Anonymous in Dubai
  
  
• “Yes, we were ‘abused’ and yelled at, but this was expected and how we learned. My message for these analysts is: If you can’t stand the heat, get out of the kitchen.” — Anonymous in New York
  
  
• “There is no money that rewards the mental and physical harm that investment banking does to you. Of course, it’s a hell of an experience, Excel and PowerPoint-wise.” — Anonymous in São Paulo
  
  
• “I spent many long nights in the office at the behest of associates and V.P.s, most of the time for no reason but ‘they might need me.’ Then I joined the military, where I had better work-life balance and more respectful leadership than I did in banking.” — Anonymous in New York
  
  
• “I am an incoming Goldman Sachs intern. I knew about the work conditions before applying to the job. Anyone engaging in a career at a top investment bank knows about it, or else they applied for the wrong reasons.” — Anonymous in Europe
  

 

[Hood Critic]

Did anyone query Steven Bannon on his thoughts?


Jokes aside, this is a prime example of, you're built for it or you're not. Doesn't make it right or wrong but this has been common practice in the finance industry forever, at this point, it's used to weed people out.

If they want this to change, they'll have to accept it won't change for them but they are in position to potentially change it for those who come after.

 

[Secure Da Bag]

“My view is that if it’s not to your liking, quit and find another line of work. It won’t pay as well, but it’s also possible that you won’t learn as much. I am still reaping the benefits of what I learned.” — Anonymous in Sydney

What a punk. Workplace conditions suck? Speak up. Don't just take it. Don't accept it as ok. And fukk if someone else did it before. That's their problem not yours.

 

[ORDER_66]

Bet you most of them is WHITE... investment bankers make money tho why complain about it no one said the training was gonna be easy???

 

[dora_da_destroyer]

i mean that industry has always been that way for jr bankers (analysts and associates) and 5 hours of sleep aint my preference, but again, that's by far not the most egregious, esp for IBD. people who go into banking sell out for the money, i can't be mad that they work you for it. over the past 5-10 years tho banking has struggled to recruit as those same people flock to tech for the high pay but much better WLB and perks. if you're still trying to do investment banking, especially at a BB like GS, Merrill, or Morgan Stanley, you know what you're signing up for.

that said, good luck...i'm not sure anything will change given the number of people who want that limited # of roles, but it's worth a shot.

 

[ExodusNirvana]

Problems with workplace conditions? If only there was a way to fix that

 

[Hood Critic]

Problems with workplace conditions? If only there was a way to fix that

Imagine jr bankers trying to unionize...


Meanwhile in the c-suite:

 

[radio rahiem]

Maybe they should unionize

 

[Frangala]

There is a HBO series called Industry on analysts in the investment banking sector in London. The ultimate question centers around if the money is worth it?

 

[DEAD7]

...hope they get hit with themaking room for hungrier and hopefully more melanated associates.

 

[Macallik86]

Did anyone query Steven Bannon on his thoughts?


Jokes aside, this is a prime example of, you're built for it or you're not. Doesn't make it right or wrong but this has been common practice in the finance industry forever, at this point, it's used to weed people out.

If they want this to change, they'll have to accept it won't change for them but they are in position to potentially change it for those who come after.

Do you feel the same way about unpaid internships? What about fraternity hazing?

To me, they are all equally machoistic masochistic. Why is it that a woman who puts you through hell to prove your worth/love is insecure but when a company does it, it is respected and unchallenged?

 

[Scholar]

Nothing will change except slides


Plz fix

 

[NaijaProdigy Redux]

The most recent issues have been largely driven by the SPAC boom and the fact that analysts and associates, 1st years in particular, are in a work from home environment so there is a lack of mentorship, training and socializing while working obscene hours alone.

As much as I bytched about my analyst years, the socializing made it bearable (and fun at times).

 

[Piff Perkins]

I work at a firm (not investment banking, but financial nonetheless) and manage our interns and junior staff. The competition aspect is one of the major problems. You got kids straight outta college who think the best way to stick around is to work 24/7. Arrive early, leave late, work all night from home and then come in the next day to do it again. That doesn't impress me at all. I'm far more interested in how you think/problem solve, and how you maximize your time. I'm not interested in someone who works nonstop because there's no way your productivity is going to remain consistent. You need lunch, you need rest, etc. If you can't balance that, I'm not interested. That's not to say we don't work extremely hard - I expect you to. But I also expect you to understand that the things you do outside the office (rest, eating, prepping for work, etc) determine how hard you can actually work.

Another thing I notice...older employees who take advantage of juniors and interns. I shut that shyt down as much as I can.