Datasets:

pdf2dataset

/

ec969f34cee69661bb236223f20d685c

like 0

Working Conditions Survey Goldman Sachs & Co. LLC February 2021 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, andexcept as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose t o any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

2 Hours Worked Source: Survey of first-year analysts, 13 respondents Question Mean How many hours have How many hours have you worked this week (ending 2. 13. 21)?105 hours How many hours have you worked per week on average since January?98 hours How many hours do you sleep on average per night? 5 hours hours On average, what time do you sleep? 3am On average, first year analysts are working over 95 hours per week and sleeping 5 hours per night

3 Near Term Retention Source: Survey of first-year analysts, 13 respondents Question Mean How many hours have If working conditions stay the same, what is the likelihood you'll still be working at GS in 1month? (1-10,with 10 being most likely)8. 1 If working conditions stay the same, what is the likelihood you'll still be working at GS in 3months? (1-10,with 10 being most likely)5. 2 If working conditions stay the same, what is the likelihood you'll still be working at GS in 6months? (1-10,with 10 being most likely)3. 5If working conditions do not change in the next 6 months, most 1styear analysts say they are unlikely to stay at GS

4 Effect on Physical and Mental Health Source: Survey of first-year analysts, 13 respondents Question Mean How many hours have Rate your mental health before and after starting this job (1-10, with 10 being healthiest) Rate your physical health before and after starting this job (1-10, with 10 being healthiest) 8. 8 2. 8 Before After 9. 0 2. 3 Before After1styear analysts report that the stresses of work have been detrimental to both their mental and physical health

5 Analyst Treatment (1 / 3) Source: Survey of first-year analysts, 13 respondents Question Percent How many hours have Have your work hours negatively impacted relationships with family and/or friends? Doyou feel like you've been a victim of workplace abuse? Have you sought or considered seeking counseling, therapy or any additional services for your mental health due to the stress of this job? ​Yes 100%​No 0% ​Yes 77%​No 23% ​Yes 75%​No 25%All respondents feel as though work hours have negatively impacted their relationships with friends and/or family. The majority of 1styear analysts feel they have been the victim of workplace abuse and have or considered seeking help due to deteriorating mental health

6 Analyst Treatment (2 / 3) Source: Survey of first-year analysts, 13 respondents Question Percent How many hours have Have you frequently experienced: Unrealistic Deadlines Have you frequently experienced: Shunned / Ignored in Meetings Have you frequently experienced: Unwarranted, Invalid or Public Criticism ​Yes 100%​No 0% ​Yes 92%​No 8% ​Yes 50%​No 50%All respondents have experienced unrealistic deadlines and a large majority have been ignored in meetings that they worked hard to prepare for

7 Analyst Treatment (3 / 3) Source: Survey of first-year analysts, 13 respondents Question Percent How many hours have Have you frequently experienced: Blaming without Justification Have you frequently experienced: Shouting or Swearing Have you frequently experienced: Excessive Monitoring or Micromanagement ​Yes 42%​No 58% ​Yes 17% ​No 83% ​Yes 83%​No 17%Some analysts have been shouted at and/or sworn at

8 Analyst Satisfaction Source: Survey of first-year analysts, 13 respondents Question Median How many hours have How satisfied are you with this firm? (1-10, with 10 being very satisfied )2. 0 How satisfied are you with your work life? (1-10, with 10 being very satisfied )2. 0 How satisfied are you with your personal life? (1-10, with 10 being very satisfied )1. 0On average, 1styear analysts are very unsatisfied with the firm, work life, and as a result our personal lives

9 Possible Impact to GS Source: Survey of first-year analysts, 13 respondents Question Mean How many hours have If you were to move on to another finance-related role, how likely would you recommend your team work with Goldman Sachs? (1-10, with 10 being most likely)5. 4 How likely are you to actively recommend against using GS as a financial advisor should you have the capacity to do so? (1-10, with 10 being most likely)3. 8 How likely are you to recommend GS as a place to work to aspiring talent? (1-10, with 10 being most likely)4. 2On average, 1styear analysts are unlikely to recommend GS as a place to work

10 Select Analyst Quotes “Being unemployed is less frightening to me than what my body might succumb to if I keep up this lifestyle”“I can't sleep anymore because my anxiety levels are through the roof ”“The sleep deprivation, the treatment by senior bankers, the mental and physical stress... I've been through foster care and this is arguably worse ” “My body physically hurts all the time and mentally I'm in a really dark place ” “I didn't come into this job expecting a 9am-5pm's, but I also didn't expect consistent 9am-5am's either”“There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight” “What is not ok to me is 110-120 hours over the course of a week! The math is simple, that leaves 4 hours a day for eating, sleeping, showering, bathroom and general transition time. This is beyond the level of 'hard-working', this Is inhumane / abuse ”

11 Rectifying the Situation  80 hours per week should be considered max capacity —In order to do our best work and deliver for the firm's clients we need to be rested and free from juggling an insurmountable amount of conflicting work streams  CS work should be appropriately de -prioritized versus live deal work —Although CS work is important, completing CS work should not come at the detriment of live deals —CS work should not be completed after an appropriate time of night (midnight) so that analysts can get sleep when they are not working on something that is not truly urgent  Client meetings requiring materials should be scheduled at least 1 week in advance of the meeting date —In order to avoid unnecessary time crunches teams need ample time to prepare for meetings —Doing so should lighten stress levels and give teams time to be thoughtful and produce their best materials  Teams should be required to meet ASAP when a meeting is set to align on content, timing, and capacity —Often times, VPs create shells for decks that do not align with what senior team members want to show, which results in junior teams creating the wrong materials. Ultimately, senior team members see these materials and junior team members often have to start from scratch on incredibly short timelines (less than 24 hours)-resulting in unnecessary stress, subpar work, and lack of sleep  For client meetings, teams should be pencils down 12 hours before the meeting —Junior team members often receive many comments right before meetings with the assumption that they can incorporate comments at a moment's notice. This adds undue stress and is unreasonable as senior folks are essentially asking them to put everything else to the side immediately, when instead these comments could have been given and addressed at a more reasonable time  The Friday night 9pm policy, and Saturday policy need to be respected —Junior bankers should not be expected to do any work after 9pm Friday or all day Saturday without a pre-approved exception, as that is the only safe-guarded personal time that we get —Often times, junior people are asked to do “quick” work without an exception and it is incredibly hard to push back