Five hours of sleep a nightThe pay wave comes after a wave of complaints about the workload at Goldman Sachs. Earlier this year, a group of young analysts dared to approach their management with a survey among a small group of thirteen colleagues. The Financial Times got hold of the powerpoint presentation and put it online. The results: a ‘normal’ working week has 95 hours, at night they often sleep no more than five hours. Average bedtime: 3 am. It negatively affects their physical and mental health, the analysts say. They all say they have to deal with unrealistic deadlines. Then you can say: if you don’t want to work so hard, you shouldn’t work at such a large investment bank – you know it’s part of it. That’s why you get paid so much. On the other hand, there are limits. At least, there should be, even at an investment bank. Hard work in itself is therefore not the problem for the young employees, according to their own suggestions for improvement. The lack of boundaries is the problem. Typical example: on Friday evenings, unlike other evenings, they do not want to work after nine o’clock in the evening. And they also like to be free on Saturdays.
Also read this review: Golden tip: never work more than 65 hours
Due to the leaked Goldman document, there is again plenty of discussion about overworked young bankers. It was also heavily fed before, for example in 2013 after the death of an intern who had worked 72 hours in a row without sleeping. In response to the analysts’ PowerPoint, investment banks now made promises for improvement. The Goldman Sachs boss said he thought it was a good idea for the young bankers to be free on Friday evening and Saturday.
But banks also quickly came up with financial and other material niceties for the youngest colleagues. At Jefferies, the lowest in rank could choose from expensive gifts, such as an exercise bike or Apple stuff. At Credit Suisse, young bankers received a one-time bonus of $20,000. It was called a lifestyle allowance. And then came the salary increases. Banks themselves do not associate these with work pressure, but international media do.
Extremely busy, desperately needed
Investment bankers, meanwhile, are extremely busy. They have to accompany one merger, takeover or IPO after another. The amount of deals reached a record high in the first half of the year. The investment banks have all those young analysts, who deal makers help is desperately needed. Letting a customer go because you don’t have the manpower is out of the question.
Their own financial results are excellent thanks to the large crowds. The salary increase of the young bankers does not hurt banks – at least at the moment – relatively little. Reducing the workload can hurt, because there are hardly enough young bankers to be had. It is therefore doubtful whether that free Saturday will really materialize for the time being.
On Wall Street, a ton is now the minimum (excluding bonus)
Source link On Wall Street, a ton is now the minimum (excluding bonus)