Goldman Sachs subordinates have been complaining about their grueling work-from-home routines for longer than previously known, in fact, since the start of the pandemic.
Last spring, nearly a year before a group of first-year analysts created last month’s viral PowerPoint presentation, asking to work 80 hours a week instead of more than 100, a group of Goldman rookies put together a deck. similar, just a few weeks after the start. of the COVID-19 crisis.
While February’s slideshow cited first-year analysts’ deteriorating physical and mental health as they grappled with “inhumane” working conditions, last April’s newly leaked presentation focuses on the basics: computers and food.
“I find myself looking for time to prepare food, which usually involves late night sandwiches or scrambled eggs since I work all day,” wrote a subordinate. “Management should extend the dinner spending policy as it lessens the stress of worrying about food preparation while working to meet deadlines.”
Specifically, beginning bankers said they did not receive the $ 25 stipend they received for meals when forced to work after 8 p.m. at Goldman’s posh lower Manhattan headquarters at 200 West St.
“All analysts reported working after 8 pm on five or more days of the seven-day week,” the presentation lamented in a series of vignettes. “The median analyst also worked after 12 pm for five days a week.”
While some employees clamored for daily meal reimbursements, others pushed for a weekly stipend to cover grocery or frozen food deliveries, citing a different set of concerns.
“The coronavirus can be spread through poor hygiene in the kitchen and I would not ask for that in restaurants, even if it was covered,” the employee wrote.
Elsewhere, subordinates complained that they were not being compensated for the laptops, monitors and mice they were forced to buy to start doing their work at home. According to the platform, which was first sourced by Business Insider (paywall), analysts were on average shelling out $ 1,000 for tech gear, an expense for which rival companies were offering refunds to employees.
“One of the biggest challenges is the lack of a suitable office environment (monitor, keyboard, high-quality phone, reliable Internet, etc.),” said one analyst. “To overcome this, I have invested in equipment to continue to deliver the same performance and quality as in the office.”
According to the filing, food and computer costs were a painful nibble on the finances of first-year bankers, who earn roughly $ 85,000 outside of college, not including their bonus, bringing their annual salary to $ 140,000 a year. .
“Based on our analysis, the cost of the WFH equipment amounted to approximately 35 percent of the median analyst’s remaining cash after non-discretionary spending, leaving him with $ 600 at the end of the month (not including travel, credit card payments / student loans, etc.), ”the presentation said.
The presentation reached Goldman’s top brass, including Will Bousquette, chief operating officer for the bank’s global markets division, according to BI. Bousquette spoke directly with junior bankers, and sources said the firm’s executives examined their complaints. However, nothing was done, according to the report.
A representative for Goldman Sachs declined to comment on the contents of the deck or why the bank has not taken action.
“We are pleased to have created a culture in which employees regularly come to management and share their ideas and concerns,” said Goldman director of corporate communications Nicole Sharp.
“We had in-depth discussions with teams across the firm about this and other measures when we moved to work from home last year,” Sharp added. “We continue to have an active dialogue with employees about the steps we can take to address specific concerns and requests during this difficult and unusual time.”
A media frenzy over the February slide show prompted Goldman CEO David Solomon to leave a voice memo to employees Sunday night, promising to “strengthen enforcement” of an anti-work rule on Saturdays.
However, Solomon, who earlier this month came under fire with a report about his recent habit of taking the company’s private jet to the Bahamas on weekends, added that business was improving lately and that “if we all do a The extra effort for our client, even when we feel like we’re reaching our limit, can really make a difference in our performance. “