Goldman CEO Addresses Junior Bankers’ Complaints After Survey Goes Viral –

Goldman CEO Addresses Junior Bankers’ Complaints After Survey Goes Viral

David Solomon, CEO of Goldman Sachs, speaks during the Bloomberg Global Business Forum in New York on September 25, 2019.

Shannon Stapleton | Reuters

Goldman Sachs CEO David Solomon addressed complaints from junior bankers about increased workload in a message to employees, following the results of an internal survey in which an employee rated the conditions as “inhuman” went viral.

“Let me say to everyone, and in particular to our analysts and associates: We recognize that the people who work today face a new set of challenges,” Solomon said in a voice note to Goldman employees Sunday night.

“In this world of remote work, it seems like we have to be connected 24 hours a day, 7 days a week,” he said. “All of us, your colleagues, your managers, our divisional leaders, we see it. We are here to provide support and guidance. This is not easy and we are working hard to improve it.”

The survey, conducted by a group of first-year analysts and first reported by CNBC, showed employees noticing the exhaustion of 100-hour workweeks and demanding bosses during a deal boom driven by takeover companies. special purpose or SPAC.

SPACs raise capital in an initial public offering and use the proceeds to acquire a private company and go public.

Goldman Sachs previously instituted a policy that sought to protect weekends, where junior bankers were not expected to be in the office from Friday night to Sunday morning.

Amid allegations about the company’s overwhelming workload, Solomon reiterated Goldman’s commitment to protecting Saturdays and vowed to take “additional steps.”

“We are tightening enforcement of the Saturday rule. We are accelerating our efforts to hire new junior bankers in investment banking … We are also being more selective about the business opportunities we pursue and we are working to automate certain tasks in our business.” Solomon said, according to a transcript of the voice memo reviewed by CNBC.

The poll was conducted after a group of disgruntled analysts joined in, according to people familiar with the matter.

The discord originated from the bank’s tech, media and telecommunications team, a prominent group that has been at the center of the SPAC-driven IPO storm, according to the people.

Solomon said the bank aims to be a “workplace where people can share their concerns freely”, before adding that increased workload is “good news” as it is an “opportunity to work with our clients. on so many cool things right now. “

“In the coming months, there will be times when we will feel more stretched than others, but remember: if we all go the extra mile for our client, even when we feel like we are reaching our limit, they really make a difference in our performance,” he added Solomon.


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