Ever since a plea from Goldman Sachs first-year analysts was released earlier this month, there has been a great deal of conversation over the excessive amount of work and long hours that the investment banking profession demands from its workers. Surveyed respondents from Goldman Sachs reported that they were working roughly 100 hours each week, with the average sleep time of respondents being at 3:00 am each night. This lifestyle has taken a drastic toll on the mental and physical health of first-year analysts, with a reported 68.2% and 74.4% decrease in the quality of the two metrics, respectively. These decreases can be attributed to the sheer number of hours being worked, along with the immense stress that is put on analysts.
Some ways to rectify the wrongs of the past and pursue future benefits would be to cap the number of hours that are required each week to give bankers the freedom to live out a part of their young lives. In addition, there should be some organization involved with timelines such as meetings and when materials must be completed by, as oftentimes analysts are berated about content that must be redone on short timelines, resulting in insurmountable stress. Workers are any company’s most valuable asset, and if a company hires an individual, it is responsible for how that worker feels while at work. A job should not decrease a worker’s mental and physical health by 65%+ and detract from their lives excessively as this industry has, and there must be reforms set in place to prevent it in the future.
Current and former investment Bankers react to claims of workplace abuse by junior analysts at Goldman Sachs. (2021, March 22). Retrieved March 24, 2021, from https://www.nytimes.com/2021/03/22/business/goldman-sachs-junior-bankers.html
Goldman Sachs boss says ‘go extra Mile’ DESPITE 95-hour week. (2021, March 23). Retrieved March 24, 2021, from https://www.bbc.com/news/business-56495463
By Kyllian – 3/24/2021