The grueling hours at Goldman Sachs are catching up with first-year analysts.
Junior investment bankers at the bank say they are suffering burnout due to 100-hour work weeks, with workers calling it “inhumane” how the investment banking firm has it’s first-year analysts working as much as 120 hours per week.
The complaints were logged in a survey conducted by 13 junior analysts at Goldman Sachs, which was presented to managers in a presentation that leaked on social media.
The report highlighted several red flags at the firm, including claims of mental abuse, sleep deprivation, and physical stress.
“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,” one worker complained, via the New York Post.
Another analyst said: “My body physically hurts all the time and mentally I’m in a really dark place.”
In the presentation, the analysts — which typically tend to be college graduates — said they wanted to work a maximum of 80 hours per week and avoid being the made to make changes to presentations at the last minute.
“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,” they explained in the presentation, which was posted on the Instagram account Litquidity earlier this week.
A Goldman Sachs spokeswoman said that the company plans to take steps to address the concerns.
“We recognize that our people are very busy, because business is strong and volumes are at historic levels,” said Nicole Sharp, a Goldman spokeswoman, said via CNBC. “A year into COVID, people are understandably stretched pretty thin, and that’s why we are listening to their concerns and taking multiple steps to address them.”
CNBC said that Goldman executives met with employees last month and said that they were hiring more junior bankers to address the workload.
The details of the tough work-life comes after Goldman Sachs CEO David Solomon was recently exposed for taking weekend trips to tropical locations using the company’s private jet.
Bloomberg reported Solomon, 59, has booked several trips with the Goldman Sachs Gulstream — the company’s new jet — with the latest trip that happened in the Bahamas on Friday.
Solomon’s questionable behavior also come on the heels of his personal vendetta against remote working. Solomon has been a critic of the work-from-home model and called it an “aberration” recently.
“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.”