Goldman Sachs complaints show long hours and Covid don’t mix

Goldman Sachs complaints show long hours and Covid don’t mix

The PowerPoint presentation in which 13 young Goldman Sachs analysts complained that they wereoverworked and disrespected has divided opinion sharply.

"Snowflakes,“ scoffed one bank executive, remembering that he too worked 95 hours a week when deal flow was high. So what if 92 per cent of them felt "ignored“ in meetings: "They're 22 years old and have been working less than a year. What can they add?“ Jim Cramer of CNBC was equally snarky: "if they can't live on four hours [sleep] they should be miserable,“he tweeted.

But others called the long hours a "form of hazing“ and argued that Wall Street culture must change to diversify workforces and compete for top talent.

Goldman Sachs' chief executive David Solomon tried to split the difference in a tape-recorded messageto staff over the weekend. "We want a workplace where people can share concerns freely,“ he said, promising stricter enforcement of an existing ban on requiring junior bankers to work on Saturdays. But he asked staff to continue to "go the extra mile for our client, even when we feel that we're reaching our limit“.

The divisions underscore three things. Despite reform efforts after a Bank of America intern died of an epileptic seizure in 2013, investment