Young Goldman Sachs employees appear to be extremely dissatisfied with the workload. This is what a survey of 13 analysts in their first year at the US investment bank suggests. An internal presentation of the results was published anonymously on the Internet and was not denied by the company. Accordingly, the respondents indicated their last weekly working hours with an average of 105 hours.
According to one statement, the workload can be up to 120 hours a week. “The calculation is simple, that leaves four hours a day for eating, sleeping, showering, time for the bathroom and transitions,” says the person concerned. “This is beyond ‘hard-working’, that is inhuman / abuse.” In another statement it says: “My body hurts all the time and mentally I feel really bad.”
Despite the small number of respondents, the survey could rekindle the discussion about working conditions at Goldman and in the banking industry as a whole. In 2015, Goldman analyst Sarvshreshth Gupta took his own life, who had previously complained about 100-hour weeks and worked nights. In 2013, the German intern Moritz Erhardt, who is said to have worked 72 hours in a row, died in London.
When asked about their mental health before and after starting their job on a scale from one to ten, the employees gave an average deterioration from 8.8 to 2.8 points. The physical condition dropped from an average of 9.0 to 2.3 points. All respondents reported that their work had a negative impact on relationships with family and friends and that they were faced with unrealistic deadlines.
Goldman boss David Solomon announced after taking office in 2018 that he would reduce the workload. This included the order that young employees no longer have to work on Fridays from 9 p.m. and on Saturdays.
According to the survey, the respondents urge that these promises be kept because it is “the only time we get protected”. Other requirements include working a maximum of 80 hours a week and sufficient preparation time for meetings.