[Finance] Goldman Sachs Boss Responds To Junior Staff Request For 80 Hour Working Week Cap

[dazzer6666]

Yep. I know a guy in his early 50s on a staggering amount of money. However 2 divorces later he thinks he will be working well in to his late 60s. Has 2 older kids gone through private school and finishing up. Is paying his 1st mortgage still and has a 5/6 year old from his 2nd marriage and basically paying those fees, mortgage and supporting her. And now has a partner 20 plus years younger. Very attractive but he sees her 10 hours a week and they live together.
He is addicted to making as much money as he can but when you get a drink or 2 inside him I think he wishes he was still married to his 2nd wife and had listened and cut down the hours a bit and actually spent time with her and his youngest. Has never found the right balance and personally I think he will end up alone but with a lot of money which is quite sad in some respects

Exactly........and at some point his current partner might well wonder what she's doing with an old man who is working 80 hours a week and never at home, and when he is he is either stress-drinking or asleep.

 

[dwayne]

................but after 10-15 years in McDonalds you’ll still be on £10 an hour. The former GS analyst will probably be an Executive Director at that point, on a mid six figure package, and on track to become an MD when it becomes a 7 figure package (or 8, for the most successful).

The other point people are missing here is that once you make ED or MD in an IB (corporate finance not sales and trading) you spend most of your time travelling, schmoozing clients and pushing around juniors to be your slaves!! It's a pretty sweet life (if you don't mind being away from your family a fair bit). The higher you get in corporate finance the less hours you put in and the more money you get.

Also these days you see more people start at a bulge bracket firm put in a few years then you are guaranteed a propelled position at a 2nd / 3rd tier European bank earning less but where they will have rules you can only work X amount of hours. Or you can go into private equity and do less hours and still get paid handsomely.

Having worked in corporate finance at JPM being a mentor for new analysts the stories really are true it can be excruciatingly long hours and these kids will stay in the office all night, mainly just working models and making presentations, it's definitely not glamorous at that level. But it can be very rewarding and some of the kids I worked with 10 years ago are making 7 figures a year now in their early 30's.

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[dazzer6666]

The other point people are missing here is that once you make ED or MD in an IB (corporate finance not sales and trading) you spend most of your time travelling, schmoozing clients and pushing around juniors to be your slaves!! It's a pretty sweet life (if you don't mind being away from your family a fair bit). The higher you get in corporate finance the less hours you put in and the more money you get.

Also these days you see more people start at a bulge bracket firm put in a few years then you are guaranteed a propelled position at a 2nd / 3rd tier European bank earning less but where they will have rules you can only work X amount of hours. Or you can go into private equity and do less hours and still get paid handsomely.

Having worked in corporate finance at JPM being a mentor for new analysts the stories really are true it can be excruciatingly long hours and these kids will stay in the office all night, mainly just working models and making presentations, it's definitely not glamorous at that level. But it can be very rewarding and some of the kids I worked with 10 years ago are making 7 figures a year now in their early 30's.

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Yep - although there aren't 'rules' about working long hours, particularly at senior levels (contract usually requires you to waive all WTD rights), but people operating at any decent kind of level basically get to choose what they do - as long as the results keep coming in (and they don't **** up) they are pretty much untouchable.

 

[LamieRobertson]

One thing I don't understand when I read about 95 to 100+ hours a week is where these guys (and they're nearly all guys) find time to meet other people, hold down relationships and have kids.

I briefly ran my own company about 30 years ago, regularly did 90 hour weeks and I was shattered most of the time. I scarcely went out or socialised with my friends. I had a girlfriend before I started the business but, if I hadn't, there was no way I could have met someone.

How do people working 15 or 16 hour days find time for social interaction? And, if they have, how on earth do they cope with working those hours after having been deprived of sleep with a baby in the house?

That’s what came up in the original article

https://www.bbc.co.uk/news/business-56452494

 

[Gwylan]

Yep. I know a guy in his early 50s on a staggering amount of money. However 2 divorces later he thinks he will be working well in to his late 60s. Has 2 older kids gone through private school and finishing up. Is paying his 1st mortgage still and has a 5/6 year old from his 2nd marriage and basically paying those fees, mortgage and supporting her. And now has a partner 20 plus years younger. Very attractive but he sees her 10 hours a week and they live together.
He is addicted to making as much money as he can but when you get a drink or 2 inside him I think he wishes he was still married to his 2nd wife and had listened and cut down the hours a bit and actually spent time with her and his youngest. Has never found the right balance and personally I think he will end up alone but with a lot of money which is quite sad in some respects

"For what shall it profit a man, if he shall gain the whole world, and lose his own soul?"

Not for me, Clive