Posted on 03/23/2021 5:47:44 AM PDT by C19fan
The CEO of Goldman Sachs has responded to complaints from junior bankers, saying management is going to work harder to give them Saturdays off after a group complained they were being forced to work 100 hours a week.
CEO David Solomon made the promise on a voice memo to staffers on Sunday, days after a group of junior bankers' PowerPoint presentation complaining of work conditions leaked in the media.
The 13 first-year analysts, who make $91,000 a year before bonuses that can double their compensation, complained they were working nearly 100 hours a week and sleeping five hours a night to keep up with an over-the-top workload and 'unrealistic deadlines.'
(Excerpt) Read more at dailymail.co.uk ...
Gee, you’d think they were in the military or something..............
No they didn’t, but this is not uncommon. Banks have long squeeze ever penny out of their employees. Do the math, it’s about $4/hr and Goldman is reaping untold billions off of the backs of its junior analysts. Think Phil Murphy and how he made all his millions.
Goldman has always been known as a sweat shop. If you want those huge bonuses then you will have to choose between your life and money. There are plenty of banks, large and small that don’t work their people to death and still make good money but just not insane cash.
Show the math. $4/hr
“It’s always been done this way” is a pretty bad reason for doing a stupid thing.
waaah, waah, waaah - I want all the money that wallstreet pays, I just don’t want to put in the hours...its not fair.
It’s $17.50 an hour, plus meals and benefits and probably a car service home at night and maybe a bonus as well. And if you survive it, you get to be in a club that ensures you will be a multi-millionaire. It’s not a bad deal, really.
It selects in obsessive, driven, ruthless people, and that’s who they want working with them, and for them.
$91,000 salary and likely doubled with bonus per the article. Assuming 100 hours every week (unlikely) and no vacations etc. it works out to $35 an hours. These are “entry level” analyst jobs and these are the hard chargers that are trying to get ahead into jobs where they will make high 6 figure and 7 figure salaries.
Not saying it is right but these are generally people that are driven by ambition and complaining is not becoming.
Only for a LOT more pay. You’d have to be an O-4 on flight and combat pay.
I loathe Goldman just the same.
These kids fight their way into the Ivy Leagues and top universities so they can become finance slaves to Goldman Sachs. In 20 years, their goal is to get to the top of the exploitation chain.
Its going to kill America that so many of our brightest and most entrepreneurial minds go into trading paper money.
What would these soy-boys think if they had to eat crappy food, sleep on the cold ground, march 25 miles in one day, and wear the same clothes for a month?................
I'm guessing they'll still expect that bonus even though their hours have been cut.
I did tech consulting at many NYC banks — every third person is a vice-president! Really!
I knew a very smart woman some years ago who worked for a Wall Street investment bank in a junior officer position. She too eventually quit the job for the reasons implied by this article - had to dedicate too many hours to work, often including late nites and weekends, or remain a lowly drone with only grunt work just picking up the pieces of the real work being done by those above you.
She was smart enough to do the most advanced work and be an officer, but did not have the temperament for it; did not have the temperament to be a high paid workaholic, for someone else.
She admitted that IF she was doing some sort of start up company for herself, she could probably work that way, for awhile; but that eventually she’d be unable to keep it up.
Heck. With a the federal handouts for kung flu, unemployment, welfare, and everythin else you can make that sitting at home.
My first two years in Germany, I was averaging two nights a week playing Staff Duty Officer at my battery. At that time, only officers could pull SDO. I was making the princely sum of $666 a month, before taxes.
Also during those first two years, I'd be in the Wing Command Post 4 days straight, as the only other officer that had a TS clearance was the Battery Cdr, and he had more important duties.
Outside of alerts, 5 hours of sleep a night was a luxury.
I had more free time after being kicked upstairs to Battalion HQ, significantly more free time.
GS is being taken over by Karens and Snowflakes.
My cousins husband worked at Goldman Sachs for 25 years.
A wealthy guy with a 2nd home (mansion) in Nantucket.
BTW what do they do that requires 100 hours a week?
Now that math is more realistic. I would also agree that it’s not that bad a deal, seeing that they are working right out of the gate. Having been in the military for 32 years, I have a hard time relating to those who complain about long days and work weeks.
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