A terrible but unsurprising survey from a group of junior analysts at the infamous Goldman Sachs banking firm has revealed appalling workplace conditions. Junior analysts are considered the bottom of Wall Street’s food chain – despite still impressive first year salaries – and often forced to work through the night to provide up to date information for more senior bankers working day time hours.
The workplace survey was first circulated by the junior analysts amongst other first years via social media where it then became later more widely viewed. The self-selecting survey asked a series of questions regarding the participants’ experience of workplace practices, including factors relating to their physical and mental health. The results were then presented to higher ranking officials in February, before the survey results began to be distributed publicly.
The thirteen analysts who initiated the survey were well responded too, with a large number of participants volunteering to take part. The results did not paint a pretty picture of working conditions in the well-established banking firm, with participants recording an average of 95 working hours a week, with some saying they worked up to 120 hours every week.
Working hours were a subject of serious contention amongst those that responded to the survey with one calling them “inhumane”. While many recognised they signed up for a job that expected a hard working ethic, they believed the current standard for first years was unreasonable. One noted the math, that after working from until after midnight from early morning, it left roughly four hours a day for eating, sleeping, chores, social time and everything else.
In a statement responding to the survey the bank said: “We recognize that our people are very busy, because business is strong and volumes are at historic levels.” It went on to acknowledge how “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.”