Brutal lifestyle of Goldman Sachs employees in New York
Anyone who’s seen billions or suits of TV dramas, and not to mention The Wolf of Wall Street, will already have an idea of what life is like on one of the most famous streets in the world. But while these shows and films show workers in all positions devoted to their jobs – along with the lavish parties they can throw thanks to their obscene wealth – they don’t show how much that cultic engagement can be mental health.
Unless you work on Wall Street or are incredibly close to someone who does, you will never really understand what life is really like. However, a leaked informal survey of 13 Goldman Sachs junior employees that was recently picked up by the media might give you an idea. Not only does this suggest that some junior workers were working over 90 hours a week, but it also allowed workers to reveal exactly what kind of toll was affecting their mental health.
Goldman Sachs is one of the most renowned banking institutions in the world with around 40,000 employees.
As reported by Business Insider, the survey was completed by 13 first-year analysts who claimed they were “so overworked that they barely had time to shower, eat or sleep”.
As we reported here at DMARGE, some Wall Street employees have claimed they won’t even go home after one night. Instead, use a 24-hour shower and changing room and toilet cubicle as a bed for the night.
Talk about engagement.
Business Insider continues, “Analysts said they have worked an average of 98 hours a week and slept an average of five hours a night since January. All respondents said that their working hours had a negative impact on their relationships and rated their satisfaction with their personal life with 1 out of 10 points. “
An unnamed analyst is quoted as saying:
“The sleep deprivation, the treatment by high-profile bankers, the mental and physical stress … I’ve been through foster care and that’s arguably worse.”
Other comments that emerged from the survey are: “Beyond the level of ‘hard work’, this is inhuman abuse.”
And while those who stay up late may have found to underperform the next day at work and vice versa, they comment, “I didn’t get this job and expected 9 am-5pm, but neither did I calculated constantly from 9 a.m. to 5 a.m. “, the assumed work performance will have a great success, no matter what time the workers go to bed, if at all.
“Being unemployed is less scary to me than what my body might succumb to if I continued this lifestyle.”
Around 75 percent of those surveyed said they had “used or considered psychological counseling because of work-related stress,” according to Business Insider.
Such long hours and dedication to being engaged by senior executives at all times are well known to many before they even consider a career in finance, but as we’ve seen – and as El País adds – the lure of the unbelievable Amounts of money deposited into their bank accounts each month are enough to outweigh the negatives.
“There is no risk in becoming a banker. Show yourself, work hard and don’t break the law: this is all you really need to get overly rich, ”says former investment banker Alice Fulwood.
According to Wall Street Prep, the base salary of an investment banking analyst in New York City for the first year is $ 85,000, and most analysts receive a year-end bonus in the range of $ 65,000 to $ 75,000.
“Top performers receive a bonus of up to $ 85,000.”
“The total compensation for most first year analysts is approximately $ 160,000.”
Then, for analysts in the third year, $ 95,000 is said to be the “standard for bulge brackets” with annual compensation of “$ 170,000 to $ 210,000”.
In response to the results of the survey, Goldman Sachs CEO David Solomon told Financial News, “This is something that our leadership team and I strongly believe.” This means that our people are very busy because the business is strong and volume are at a historical level. “
“A year after Covid, people are understandably quite overwhelmed and so we are listening to their concerns and taking several steps to address them.”
Analysts’ concerns and inquiries include that “working hours should not exceed 80 hours, that quiet times should be observed from Friday to Sunday morning from 9:00 p.m., and that they should have more time to prepare for meetings,” reports El País.
El Pais adds that Goldman Sachs “has promised to enforce the no-work-on-Saturday rule and move employees to departments with few staff.”
Time will tell if they can get through.