A survey of Goldman Sachs employees has revealed some unsettling workplace standards.
The world of high-profile Wall Street banking is well known for being an extremely fast-paced, cutthroat business. However, according to a recent survey conducted of financial analysts employed by major bank Goldman Sachs, this cutthroat business is becoming too intense for many to bear.
According to a spokesperson of the bank, the survey was comprised of a self-selected group of 13 first-year analysts. The answers given by these analysts paint a dark picture of life at Goldman Sachs, with common grivences including, but are not limited to, 95-plus-hour work weeks, only five hours of sleep a night, and regular harassment and abuse from higher level staff. Many of the respondents report that their mental health has severely declined, leaving them in extremely dangerous emotional states.
“There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight,” one analyst said.
“My body physically hurts all the time and mentally I’m in a really dark place,” said another.
“This is beyond the level of ‘hard-working,'” one said. “This is inhumane.”
— David Adler (@davidrkadler) March 18, 2021
All of the respondents reported that the number of hours they were required to work had adversely impacted their relationships with family and friends, while around three-fourths of respondents have needed to seek help for mental health issues. Goldman Sachs does have a “Saturday Rule” that mandates all analysts leave the office from Friday night to Sunday morning, but apparently, this rule is frequently shirked.
“We recognize that our people are very busy, because business is strong and volumes are at historic levels,” the bank said in a statement acknowledging the employees’ concerns. “A year into Covid, people are understandably quite stretched, and that’s why we are listening to their concerns and taking multiple steps to address them.”