News: Goldman Sachs analysts complain of long hours, unrealistic deadlines.
NEW YORK (Reuters) – As Goldman Sachs Group Inc benefited from a boom in market activity, a group of first year analysts warned senior management that they are overworked and will quit within six months unless conditions improve. This is based on an internal survey disseminated online.
While Wall Street is notorious for its tough culture, the survey offers a rare glimpse of how stressful working conditions can be.
In it, the junior bankers said they worked an average of 95 hours a week, slept five hours a night, often faced “unrealistic deadlines,” and that their relationships with friends and family felt the strain as a result.
The survey, posted on social media on Wednesday, was conducted by a group of 13 investment banking analysts in the first year.
They presented their findings to Goldman Sachs management in February, and the bank has since taken steps to combat employee burnout, the bank said.
“We understand that our people are very busy because the business is strong and the volume is at historic levels,” said Nicole Sharpe, Goldman spokeswoman, in a statement Thursday.
“A year on from COVID, people are understandably quite overwhelmed and we are listening to their concerns and are taking several steps to address them.”
The bank stated that it had accelerated the hiring of new employees for entry-level employees from January, as it is aware that the resources of the employees are tight. But it takes time for new employees to be screened, hired and taken to work, the bank added.
Goldman’s investment banking business hit a record high of $ 9.42 billion in 2020.
Goldman and other Wall Street banks have recently played a pivotal role in the rapid development of SPAC (Special Purpose Acquisition Company) deals. These shell companies raise funds through an IPO in order to buy assets later.
According to Chicago-based SPAC Research, which compiles data on such transactions, such IPOs this year have already exceeded the $ 83.4 billion raised by the sector throughout 2020.
Wall Street has historically been criticized for a greenhouse culture that can dangerously overwhelm ambitious young workers.
In 2013, an intern at Bank of America’s investment bank, Merrill Lynch, died after allegedly working 72 hours without sleep. reut.rs/30U2sy7
A majority of Goldman analysts in the survey said they were victims of “workplace abuse”.
“There was a point where I didn’t eat, shower, or do anything other than work from morning until after midnight,” wrote one respondent.
Reporting by Anirban Sen in Bangalore and Elizabeth Dilts Marshall in New York; Additional coverage from Sohini Podder; Adaptation by Michelle Price and Hugh Lawson
Original Source © Reuters