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

[Tom Hark Preston Park]

"Goldman Sachs boss says 'go extra mile' despite 95-hour week"

https://www.bbc.co.uk/news/business-56495463

Capitalism at its most vile shirley. Borderline Modern Slavery even if the poors saps get to wear a nice suit and manage to convince themselves they are future Masters Of The Universe. Just say no, kidz

 

[Silverhatch]

What he should say... GS Investment Banking is a self-fulfilling pyramid scheme. Ones at the bottom remunerate the ones at the top - so stop whinging and start working your way up the pyramid. And never mention shareholder value because we don't give a **** about that.

 

[Cheeky Monkey]

Can’t imagine how vile, toxic and cut-throat it must be to work in investment banking at the best of times. Strong mental constitution needed.

 

[schmunk]

Those are awful working hours, albeit in reality they're not always flat out during that time. There's a lot of waiting around for information.

They could just walk away and find something else to do (and in truth, many will - the drop-out rate is significant), but nothing else will pay these salaries: https://www.efinancialcareers.co.uk/news/2018/03/banking-salaries-and-bonuses

 

[dazzer6666]

I’ve worked with loads of people that were either ex GS, or moved to GS. No-one goes there expecting anything other than a brutal existence - it’s hardly a secret. Parts of other banks operate in a similar way (it’s almost always the investment banking division) but GS is probably the best known for it and the most extreme on an ongoing basis. Simple trade off of quality of life vs potential financial rewards.

 

[The Optimist]

I think it was a Goldman Sachs recruitment presentation that I went to while at Uni (approx. 20 years ago) and within about 5 minutes I knew I didn't want to work for them. The guy presenting was positive about them but did throw in that he hardly saw his young children.

 

[Steve in Japan]

Long hours for the drones at GS? The world's worst kept secret.

They all knew the deal. Give your life to the Vampire Squid and have a chance of making Partner. And then make millions a year.

 

[Badger]

I think it was a Goldman Sachs recruitment presentation that I went to while at Uni (approx. 20 years ago) and within about 5 minutes I knew I didn't want to work for them. The guy presenting was positive about them but did throw in that he hardly saw his young children.

I went for an interview at GS around that time. It was for my one-year work placement for my Computer Science uni course. It wasn't an enjoyable experience. A few of us got the train down from York to get there for the interview session which started at 12pm. We'd been to a few of these interview sessions at other companies and they were usually quite relaxed to start with and they'd offer us lunch (or at least some snacks) and give us some kind of intro talk. Not Goldman Sachs, they just had us in interviews as soon as we got there.

I felt like I did quite well in the first interview but one of the guys in the second interview was a complete tw@t. Typical, big ego, loved himself and kept asking me ridiculous questions, totally unsuitable to a student who'd never had a professional job before. I don't remember the specifics but I came out of it completely unimpressed by the whole experience.

I did get a contract job at Man Investments about 12 years later. The money was good and I wanted to see if I'd get on at an investment bank. I lasted 18 months before I decided it really wasn't for me. I actually had the opposite experience of these guys, there were times when I just didn't have anything to do. It made me realise how much money these investment banks throw around without a second thought. I also got fed up of some of the CJTCs who worked there. Thankfully I didn't have to work with too many Grade A bellends as I was writing backend software, but there were plenty I'd class as Grade B.

 

[Live by the sea]

I have a friend who works for a merchant Bank as a trader . Insane hours , tough targets , dog eat dog working atmosphere etc . He tolerates it because he’s picking up circa £500,000 a year but he is always complaining he doesn’t like his job .

Always looks exhausted when I see him ( rarely )

 

[portlock seagull]

I think it was a Goldman Sachs recruitment presentation that I went to while at Uni (approx. 20 years ago) and within about 5 minutes I knew I didn't want to work for them. The guy presenting was positive about them but did throw in that he hardly saw his young children.

Seems fair. If you value money above everything else in life then GS and the like are for you. Nothing wrong with that. Also many more working just as hard for comparatively little £ reward and longer hours. Ask any small business owner for starters. To some extent, we all get a choice. More so than any other point in history that’s for sure. Nothing really to grumble about on this thread is there really? Potential millionaires in long hours shocker...

 

[portlock seagull]

I have a friend who works for a merchant Bank as a trader . Insane hours , tough targets , dog eat dog working atmosphere etc . He tolerates it because he’s picking up circa £500,000 a year but he is always complaining he doesn’t like his job .

Always looks exhausted when I see him ( rarely )

Have a similar friend who now approaching 50. 20+ years ago decided wanted to retire and be rich by 50. Done very well, not investment banking or anything silly but materialistically comfortable. Has worked his nuts off for 20 years, everyday stressed to the max etc. I asked him years ago is it worth it (sacrifice of less family and friends time, always worrying about money and constant stress?) IMO, no. But he obviously thinks so. I just hope he doesn’t retire AND die early because of the drive to do the former. It’s not unknown. And besides, when you retire you don’t want to look back and not done half the things only enjoy when young. I mean, going travelling when you’re say 30 versus 55 is a bit different. More Viking than Vietnam. And who says you’ll reach retirement anyway. It’s a dangerous world out there as Michael Knight, a lone crusader, will tell you!

 

[Live by the sea]

I concur - I’d rather make less money and live long enough to enjoy retirement.

 

[dazzer6666]

Have a similar friend who now approaching 50. 20+ years ago decided wanted to retire and be rich by 50. Done very well, not investment banking or anything silly but materialistically comfortable. Has worked his nuts off for 20 years, everyday stressed to the max etc. I asked him years ago is it worth it (sacrifice of less family and friends time, always worrying about money and constant stress?) IMO, no. But he obviously thinks so. I just hope he doesn’t retire AND die early because of the drive to do the former. It’s not unknown. And besides, when you retire you don’t want to look back and not done half the things only enjoy when young. I mean, going travelling when you’re say 30 versus 55 is a bit different. More Viking than Vietnam. And who says you’ll reach retirement anyway. It’s a dangerous world out there as Michael Knight, a lone crusader, will tell you!

I stepped away from banking 6 months ago after 36 years and 4 organisations (sadly never on anything like IB or GS money and not in any front office role but in head office/group environments so saw across the firm).......the industry is full of people who are so money/status oriented they can’t give it up. Huge houses (and huge mortgages), competitive car-buying and holiday-taking in a never ending cycle of showing off. I’ve literally sat in meetings where people have been arguing about why their Aston is a better model than the other guys. As a result, loads have to keep burning away until they can’t do it any longer (or they get summarily exited by the organisation), or their egos are such they simply can’t give it up.............you wouldn’t believe the numbers taking out enormous mortgages in their late 40s for that ‘dream house’ (often to keep the other half happy, who is stuck at home bored and probably knocking off her personal trainer anyway). Add to all that the politicking and BS you have to do keep up to keep climbing the greasy pole it’s pretty grim at times........but at 30 or 40 you don’t really know any different, and are likely ‘stuck’ with commitments anyway - so play the game as much as you need to.

 

[LamieRobertson]

I stepped away from banking 6 months ago after 36 years and 4 organisations (sadly never on anything like IB or GS money and not in any front office role but in head office/group environments so saw across the firm).......the industry is full of people who are so money/status oriented they can’t give it up. Huge houses (and huge mortgages), competitive car-buying and holiday-taking in a never ending cycle of showing off. I’ve literally sat in meetings where people have been arguing about why their Aston is a better model than the other guys. As a result, loads have to keep burning away until they can’t do it any longer (or they get summarily exited by the organisation), or their egos are such they simply can’t give it up.............you wouldn’t believe the numbers taking out enormous mortgages in their late 40s for that ‘dream house’ (often to keep the other half happy, who is stuck at home bored and probably knocking off her personal trainer anyway). Add to all that the politicking and BS you have to do keep up to keep climbing the greasy pole it’s pretty grim at times........but at 30 or 40 you don’t really know any different, and are likely ‘stuck’ with commitments anyway - so play the game as much as you need to.

It’s much like that in my line of work ...always arguing over who’s got the best lawn mower and old van

 

[dazzer6666]

It’s much like that in my line of work ...always arguing over who’s got the best lawn mower and old van

Same shit, different industry

 

[Happy Exile]

I was at a talk a couple of years ago given by someone who helps big organisations set their reward packages. She said how a lot of firms were finding that to attract the "best" junior staff and graduates they were having to look at lifestyle and non-financial benefits like never before. If there's a generation where the salary no longer justifies the sacrifices for a lot of them it could be interesting times in a lot of industries.

 

[Neville's Breakfast]

I think it was a Goldman Sachs recruitment presentation that I went to while at Uni (approx. 20 years ago) and within about 5 minutes I knew I didn't want to work for them. The guy presenting was positive about them but did throw in that he hardly saw his young children.

Exactly, people have a choice. Long hours come with the territory as do massive salaries and bonuses

 

[Harry Wilson's tackle]

It’s much like that in my line of work ...always arguing over who’s got the best lawn mower and old van

Best laugh of the week so far. Top work, sir

 

[dazzer6666]

I was at a talk a couple of years ago given by someone who helps big organisations set their reward packages. She said how a lot of firms were finding that to attract the "best" junior staff and graduates they were having to look at lifestyle and non-financial benefits like never before. If there's a generation where the salary no longer justifies the sacrifices for a lot of them it could be interesting times in a lot of industries.

Interestingly in my last 2-3 years I found it was the more senior staff (typically Director or Senior Manager) that were becoming a bit less salary-driven and more focused on working conditions, other benefits etc when I was recruiting. I turned down a job myself just before I took my final role with a firm because they didn’t support home working.

 

[Swansman]

Naw, poor bankers.