A workplace survey of a dozen first-year analysts at Goldman Sachs have revealed that they work for more than 95 hours a week on an average and get to sleep for just five hours a day while also coping up with workplace abuse.
And since they has started to work at the investment bank, this has resulted in their mental health deteriorating, most of the participants said.
“There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight,” one analyst says in the survey report.
A spokesperson for the bank said that the survey was conducted among a self-selected group of 13 first-year analysts at the bank who handed over their survey results to the management of the company in February.
“We recognize that our people are very busy, because business is strong and volumes are at historic levels,” the bank said in a statement. “A year into Covid, people are understandably quite stretched, and that’s why we are listening to their concerns and taking multiple steps to address them.”
A tidy nine-to-five job is expected by only a few who chose to enter the cutthroat world of Wall Street banking. However the analysts of the bank who participated in the survey were essentially pleading with the company to reduce their weekly working hours to 80.
“This is beyond the level of ‘hard-working,'” one said, according to reprots. “This is inhumane.”
Their relationships with friends and family had been hit because of the long working hours, all of the participants said. And about 75 per cent of the analysts participating in the survey said that they have had to face workplace abuse and have consequently either sought or considered getting professional help for their mental health issues.
“My body physically hurts all the time and mentally I’m in a really dark place,” one analyst wrote in the survey, said reports.
All of the analysts said that they experienced pressure from “unrealistic deadlines” and have experienced shunning or ignoring in meetings. Solutions to management to help rectify the situation were also offered by the analysts in the report.
“In order to do our best work and deliver for the firm’s clients we need to be rested and free from juggling an insurmountable amount of conflicting work stream,” the group said.
Even though banks at the Wall Street, and particularly Goldman, are known to provide sky-high salaries and huge bonuses, those in the first year of their job as analysts are not among them as they are at the bottom of the financial world food chain.
A base salary of about $91,000 could be expected by first-year investment bank analysts at Goldman and other top firms, estimated a report by Business Insider last year.
The outcome of the survey contradicts the more easygoing image that have been attempted to be projected of themselves in recent years by Wall Street banks.
(Adapted from CNN.com)