Goldman Sachs Raised Salary After Junior Bankers’ Complaint

Young bankers are not happy with the working conditions at Goldman Sachs, the famous American multinational investment bank and financial services company. Earlier this year, 13 first year bankers submitted a presentation to the management highlighting this issue. These bankers worked 95 hours per week and slept only for five hours. The long working hour affected their health and personal relationships. The bankers said that they would quit their jobs within six months unless things improve.

The sleep deprivation, the treatment by senior bankers, the mental and physical stress… I've been through foster care and this is arguably worse," said one.

Another remarked: "This is beyond the level of 'hard-working', this is inhumane/abuse. 

After the complaint Goldman Sachs increased their salaries. Junior bankers would receive a basic pay of $1,25,000 sans bonus in their second year. 

The news vexed the veterans. Xavier Rolet, a former Goldman Sachs analyst said that if these bankers do not love their jobs, they should choose another profession. 

He said that single mothers work more than 130 hours per week to put their children through school. Even young entrepreneurs earning zero salaries would be more than happy to work a job with six-figure salary right out of college. 

61 year old Rolet, currently serving as the Chairman of PhosAgro, a Russian fertilizer company worked at Goldman Sachs New York and London office in the 1980s. Between 2009 and 2017, he served as the head of London Stock Exchange. 

Talking about his working experience, Rolet said that he regularly worked 130 hours per week. He worked long hours in the office and even worked after going home. When he joined Goldman Sachs, junior bankers’ salary was not so good compared to what they make these days.  

While reading the report, the first thing that came to my mind was the HBO TV Drama Series Industry that shows the struggle of five young graduates working as interns at Pierpoint & Co, a prestigious investment bank in London. Hari Dhar (portayed Nabhaan Rizwan) works very hard. He took ‘Modafinil’ and energy drinks to stay awake all night. He slept at the office toilet. Later, he was found dead. 



In 2016, World Health Organization (WHO) conducted a study which revealed that 7,45,000 people died for working long hours. They had stroke and heart disease.

Source:

BBC (1)

BBC (2)

Entertainment Daily

Comments

  1. Md. Daloare HossainAugust 7, 2021 at 6:16 AM

    Every single day 18.5 (130/7) hours is huge. Nowadays is little bite easy who work on internet. We should practice for daily 15 h up.

    ReplyDelete

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