GoldmanSachsWorld News

Goldman Sachs managers paid for hampers for staff

By Simon Read

Business reporter, BBC News

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Managers at investment bank Goldman Sachs have paid for sympathy hampers to be sent to over-worked staff.

Team leaders at the bank paid out of their own pockets for the one-off hampers, full of fruit and snacks, as first reported by the Guardian.

The story comes after a group of 13 US employees mocked up a presentation in which they told of 95-hour working weeks and “inhumane” conditions.

Goldman Sachs declined to comment on the story.

But the BBC understands that team leaders at the investment bank sent the sympathy hampers to all their team members.

The Guardian quoted one unidentified staff member as saying Goldman should be doing more to recognise the gruelling demands placed on the lowest-ranking staff rather than “a gesture” from managers.

Rival investment firms have also been handing out upmarket perks.

Jefferies offered 1,124 of its lowest-ranking staff free workout equipment including Peloton bikes worth nearly £2,000, while investment bankers at Credit Suisse are getting a one-time $20,000 bonus for dealing with an “unprecedented” workload during the pandemic.

Serious complaints

Last week, Goldman chief executive David Solomon addressed concerns raised by a leaked presentation by 13 aggrieved first-year bankers, who claimed that 95-hour working weeks and abuse from co-workers had created “inhumane” working conditions for new staff.

In a company-wide message sent to staff, Mr Solomon said he took the complaints “very seriously” and promised to improve working conditions at the firm.

“We want a workplace where people can share concerns freely… if there are any issues, do not hesitate to reach out to ask for help,” he said.

He pledged that the bank would ramp up efforts to hire more junior bankers, transfer staff to stretched teams, and strengthen the enforcement of a no-work-on-Saturday rule.

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