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He works an average of 95 hours a week. Now they demand “short” 80-hour weeks.
Many newly graduated financial analysts in the United States dream of a high-paying job at one of Wall Street’s coveted investment banks. But a new internal poll among so-called junior analysts at the big bank Goldman Sachs, now circulating on social media, shows that such a run comes at a high price.
Junior analysts, who have been employees of investment bank Goldman Sachs for less than a year, have conducted a separate survey among their own colleagues and among themselves about working conditions at the investment bank.
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13 junior analysts participated in the survey, which among other things reveals that they work an average of 95 hours per week. On average, they sleep five hours a day.
The survey also reveals that work goes beyond personal circumstances and that work affects physical and mental health.
The newly hired analysts also warn that they will leave their jobs if conditions do not improve in six months, the BBC reports.
– The level of anxiety skyrockets
The internal survey provides a rare insight into the enormous job pressure young and newly qualified banking analysts are exposed to at one of Wall Street’s most reputable investment banks.
“The lack of sleep, the treatment of superiors in the bank, the mental and physical tension … I have gone through foster care and this is undoubtedly worse,” says one of the respondents in the survey.
“I don’t think it’s okay to work 110-120 hours a week. The math is simple. Then there are four hours a day left for eating, sleeping, showering, time to take care of the bathroom and general transition time. This is well above the average. level of “hard work”. It is inhuman / abusive, “says another respondent.
Here are several excerpts from the survey comments:
“I can’t sleep anymore because my anxiety level is skyrocketing.”
“I have physical and physical pain all the time, and mentally I’m in a really dark place.”
“There was a time when I didn’t eat or shower or do anything other than work from morning until after midnight.”
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– Excessive supervision and detail management.
All respondents say their work has had a negative impact on their relationships with friends and family, and 77 percent say they have suffered abuse in the workplace.
83% say they are exposed to “excessive monitoring and detailed management”. 17 percent say they are regularly exposed to yelling and cursing in the workplace.
Up to three-quarters respond that they have received, or have considered receiving, professional help to cope with the mental stress caused by the work situation.
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Goldman Sachs: – Take it seriously
The survey also contains specific recommendations to management to improve working conditions for junior analysts, including a recommendation for a maximum work week of 80 hours, free on Saturdays, and no work after 9:00 p.m. on Friday night.
Analysts presented the survey to Goldman Sachs management in February. The investment bank says it takes the survey results seriously.
– We recognize that our employees have a lot to do, because business is strong and volume is at historic levels, spokeswoman Nicole Sharpe said in a statement to the BBC.
– After a year of covid, understandably, people’s elastic is quite stretched, which is why we listened to their concerns and implemented various measures to address them, Sharpe says.
Goldman Sachs says they are reverting to the “Saturday Exception” as a guideline, meaning non-working Saturdays, in addition to taking steps to automate some of the job tasks of so-called junior staff.
Goldman Sachs had a reported net income of $ 44.6 billion in 2020, according to the BBC, which is equivalent to 382 billion crowns.
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