An internal survey conducted by Goldman Sachs revealed that the company’s junior bankers work in extremely unpleasant conditions.
The survey results, initially reported by Bloomberg News, showed that the less experienced members of the banking system suffer from abusive behavior from their superiors and are pressured to work strikingly long hours.
Most survey respondents also said that they are very dissatisfied with their personal lives.
The survey suggested that junior Goldman Sachs workers spend an average of 98 hours per week at their workplace and manage to sleep around 5 hours per day.
Moreover, 77 percent of survey respondents revealed that they feel like being abused while 75 percent were either considering or using mental health services to deal with the pressure.
Almost all junior analysts at Goldman Sachs stressed that they were presented with infeasible deadlines.
120 working hours per week!
They also reportedly experienced a significant decline in overall health since taking a position.
The analysts reported that, on average, their mental health has declined by 6 points, whereas their physical health has declined by 6.7 points.
Individual comments provided additional insights.
One junior banker said that he continuously experiences physical pain and feels very gloomy.
Another banker described his life as full of lack of sleep, maltreatment by senior bankers, and stress.
The third one was more specific.
He said that he works between 110 and 120 per week, with just 4 hours per day for sleeping, eating, and hygiene, describing his working conditions as abuse.
The fourth respondent explained that, at times, the only two actions he engages in are working and sleeping.
Given such conditions, it is no wonder that one Goldman Sachs analyst committed suicide in 2015.
What could be the viable solutions for the issues Goldman Sachs junior employees are reportedly experiencing?
One solution suggested by the employees was to put a maximum working hour limit at 80 hours per week.
The limit might also include working hours that would not exceed 9 pm on Friday and would involve free Saturdays, at least if not noted in advance.
In response to the allegations, Goldman Sachs issued a statement in which it expressed its awareness of the working conditions, explaining that the volume of the company’s business is at historically high levels.
The company said that it is willing to address the issues of its employees, especially in the present era of the COVID-19 pandemic.
Goldman Sachs also promised that it would try to speed up bringing new people to the company, in a process the company described as hampered by the complexities of evaluations of prospective employees.