Goldman Sachs Group Inc (GS)

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Goldman CEO to junior bankers: we are sending you more resources
By: Elizabeth Dilts Marshall | March 22, 2021

NEW YORK (Reuters) -Goldman Sachs Group Inc's CEO on Monday responded to complaints from junior bankers by saying management is going to work harder to give them Saturdays off and to shift bankers from other divisions to the busiest teams in the investment bank, according to a transcript of a call seen by Reuters.

Last week, Reuters reported that a group of junior bankers in Goldman's investment bank told senior management in February that they were working nearly 100-hours a week and sleeping just 5 hours a night to keep up with record-setting demand from clients. Half of the group, which consisted of 13 first-year employees, said they were likely to quit by summer unless conditions improved.

In response, Goldman Chief Executive David Solomon told employees in a voice note the bank sent on Sunday night that it will strengthen enforcement of its Saturday rule, which holds that employees cannot work from 9 p.m. Friday night to 9 a.m. on Sunday except in certain circumstances, in an effort to make sure they have at least one day off each week.

Also, the bank will accelerate an effort launched in January to hire more junior bankers and will reassign some bankers from less busy divisions to busier ones to alleviate the workload.

The bank has said it understands staff face unique pressures because of the pandemic, which has resulted in most Goldman staffers working from home, and from the surge in demand for blank check companies.

"In this world of remote work, it feels like we have to be connected 24/7," Solomon said. "We're here to provide support and guidance. This is not easy, and we’re working hard to make it better."

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