Goldman CEO addresses complaints from junior bankers after the poll went viral
Goldman Sachs CEO David Solomon speaks during the Bloomberg Global Business Forum in New York on September 25, 2019.
Shannon Stapleton | Reuters
David Solomon, CEO of Goldman Sachs, responded in a message to employees on complaints from junior bankers about increased workloads after the results of an internal survey in which one employee described the conditions as “inhuman” went viral.
“Let me tell everyone, and especially our analysts and employees, we recognize that the people who work today are facing new challenges,” said Solomon in a voice memo to Goldman employees on Sunday evening.
“In this world of remote work, we need to be connected around the clock,” he said. “We all – your colleagues, your managers, our department heads – see it. We are here to provide support and guidance. It is not easy and we are working hard to do better.”
The survey, conducted by a group of first-year analysts and first reported by CNBC, found that employees noticed burnout after 100-hour workweek and discerning supervisors during a boom in deals fueled by special-purpose acquisition companies or SPACs were.
SPACs raise capital through an IPO and use the proceeds to track down a private company and get it public.
Goldman Sachs had previously put a policy in place to protect weekends when junior bankers were not supposed to be in the office Friday night through Sunday morning.
Amid allegations of the company’s oppressive workload, Solomon reiterated Goldman’s commitment to sheltered Saturdays and pledged “further action”.
“We are stepping up enforcement of the Saturday rule. We are accelerating our efforts to hire new junior bankers in investment banking. … We are also more selective about business opportunities we pursue and are working to automate certain tasks in our business,” said Solomon, according to a transcript of the CNBC-verified voice memo.
The survey was conducted after a group of disgruntled analysts banded together, according to those familiar with the matter.
The discord arose in the bank’s technology, media and telecommunications team, a marquee group that, according to the population, was at the center of the IPO storm fueled by SPAC.
Solomon said the bank aims to be a “place of work where people can freely share their concerns” before adding that increased workload is “good news” as it is an “opportunity to be with our clients right now.” working on so many interesting things “.
“In the months ahead we will sometimes feel more stressed than others, but remember: if we all go one step further for our client, even if we feel like we are reaching our limits, it can really make one possible Difference in our performance, “added Solomon.