Amid a leaked presentation that revealed the grueling hours put in by a group of junior investment bankers at Goldman Sachs, the company said it is “working hard” to make sure employees find a better balance between home and work, according to a new report.
Goldman Sachs CEO David Solomon applauded employees for raising concern about the working conditions at the investment firm, according to the New York Post, which obtained a transcript of a memo Solomon sent to employees on Sunday.
“In this case, it’s great that this group of analysts went to their management,” said Solomon, referring to the leaked powerpoint presentation that made rounds last week about the work conditions of first-year bankers.
“We want a workplace where people can share concerns freely,” Solomon said, via NYP. “We want to encourage all of you to take the opportunity to speak with your management.”
Per the report:
In a voice memo late Sunday, the hard-charging chief executive told employees he will “strengthen enforcement” of the Wall Street giant’s “Saturday rule” — which means that employees cannot work from 9 p.m. Friday to 9 a.m. Sunday except in certain circumstances — in a bid to make sure they have at least one day off each week.
The presentation, which was posted on the Instagram account Litquidity earlier this month, highlighted several troubling accusations against the firm, including mental abuse, sleep deprivation, and physical abuse.
Workers typically don’t get full weekends off, which means they can log more than 100 hours per week.
One junior analyst said the working conditions are “inhuman.”
“What is not ok to me is 110-120 hours over the course of a week! The math is simple, that leaves 4 hours for eating, sleeping, showering bathroom and general transition time This is beyond the level of ‘hard-working,’ it is inhuman/ abuse,” a worker complained in the presentation.
Another analyst outlined the physical and mental toll the job’ hours had had on them.
“My body physically hurts all the time and mentally I’m in a really dark place,” they said.
Another said: “Junior bankers should not be expected to do any work after 9 p.m. Friday or all day Saturday without a pre-approved exception, as that is the only safe-guarded personal time that we get.”
A spokeswoman for Goldman Sachs said the company was listening to the concerns brought up in the powerpoint, while planning to address it with them.
“We have to help people find balance in an ever-connected world,” Solomon said in the memo obtained by The Post. “In this world of remote work, it feels like we have to be connected 24/7. We’re here to provide support and guidance. This is not easy, and we’re working hard to make it better.”
Solomon, 59, had sharp words for remote working in recent weeks. The CEO said the work-from-home model is an “aberration” and that he wanted workers back int he office.
“This is not ideal for us and it’s not a new normal,” he said. “It’s an aberration that we are going to correct as quickly as possible.”
Solomon was also blasted for using Goldman Sachs’ private jet for weekend jaunts to ritzy locations, including the Bahamas, while workers continued to manage heavy workloads in remote settings.