Young employees at the investment bank Goldman Sachs work obsessively.
They toil up to 120 hours a week.
But the workload is too much even for tough beginners.
Munich - Young Goldman Sachs employees take to the barricades.
They complain of drastic overtime and lack of sleep.
This is shown by a study based on statements from 13 young analysts.
The survey was published anonymously on the Internet.
The study reveals worrying details.
The junior staff said they worked an average of 98 hours a week in February.
In the week before the end of the course it was even 105 hours.
They only slept five hours a night.
Everyone has had unrealistic deadlines on several occasions.
Goldman Sachs analyst works 120 hours a week
But it can get worse.
One participant wrote: “What is not ok for me is 110 to 120 hours a week!
The math is simple, that leaves four hours a day for eating, sleeping, showering, washing and the time in between.
This is beyond 'hard working', this is inhuman / abuse. ”Another is quoted as saying,“ The sleep train, the senior banker treatment, the mental and physical stress ... I was a foster child and this is probably worse. "
The effects of this work situation on health are also described.
The physical and mental health would have decreased dramatically.
Relationships with family and friends have suffered in all of them.
The respondents are correspondingly unhappy.
On a scale from 1 to 10, the mean value for satisfaction with work life was 2.0 and with private life 1.0.
Young intern worked his way to death
A tragic incident in the past proves that the result of the survey represents a real situation in the banking world, not just at Goldman Sachs.
In mid-August 2013 the German Moritz Erhardt, an intern at Merrill Lynch, died in London at the age of 21.
He is said to have worked his way to death.
Goldman Sachs wants to respond to study
Goldman Sachs wants to respond to employee complaints.
A spokesperson told Business Insider, "After a year of Covid, people are understandably quite tense, so we're listening to their concerns and taking several steps to resolve the issues."
In order to improve their situation, the junior staff are calling for their weekly working hours to be limited to 80 hours.
