Goldman Sachs Junior Bankers Complain of Intense Working Conditions
The issue of the intense working conditions of junior investment bankers has again come to the fore following the circulation on March 17th of a Twitter slide deck on social media, which was formatted in the style of a Goldman Sachs presentation. The slide deck, put together by a group of first-year analysts at Goldman Sachs, detailed the stresses encountered by young investment bankers. Of the 13 analysts surveyed, an average workweek of 95 hours was reported, with 5 hours sleep, nightly beginning at 3 am. The analysts reported that the long working days were harming their physical and mental health.
They ranked their satisfaction with both the job and the firm at an average of 2 on a scale of 1 -10, and a majority of those surveyed reported being blamed without justification.
The slide deck had previously been presented to Goldman Sachs management in February. In response, a statement was released in which they said, “We recognise that our people are very busy, business is strong, and volumes are at a historical level.” They further stated, “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.”
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