In a survey, a self-selected group of 13 first-year analysts sketched a bleak, unsustainable picture of life at the bottom of the food chain, saying their mental health and their relationship with friends and family were suffering.
“My body is constantly physically sore and mentally I am in a very dark place,” one analyst wrote.
The group presented its findings to management in February, and their report began circulating publicly last week.
One of the analysts’ pleas for management – in addition to limiting the working weeks to 80 hours – was to apply the ‘Saturday rule’ better, which stipulates that junior staff are not in the office between 21:00 on Friday and 09:00 on Sunday. should not be expected. According to them, junior staff are often asked to do a quick job on Saturdays, and it is incredibly difficult to push back. ‘
“We are strengthening enforcement of the Saturday rule,” Solomon said, adding that the bank will appoint more junior staff in its investment banking division.
Solomon confirms the bank’s statement last week suggesting that ‘historical’ volumes are increasing the bank’s workload.
“Customers are active and the volumes in many of our businesses are at an all-time high,” he said. “Of course, the combination of the pandemic and all of these activities puts stress and strain on everyone at Goldman Sachs.”
In the survey, 100% of respondents said that their working hours harmed their relationship with friends and family. About three-quarters of the analysts said they believe they were a victim of workplace abuse and that they either sought help for mental health issues.
Virtually all of the analysts said they felt pressure from “unrealistic deadlines” and that they were avoided or ignored in meetings.
Although long hours and unprecedented working conditions are not uncommon in the pervasive world of finance – especially among first-year analysts, this report was extreme even by Wall Street standards.
“I did not get into this job and expect it from 9:00 to 5:00,” an analyst wrote, “but I also did not consistently expect it from 9:00 to 5:00.”