Goldman Sachs CEO tells junior bankers working 95 hours a week that help is on the way
CNNCNN — Goldman Sachs’ CEO says the bank will strengthen enforcement of its “Saturday rule” and speed up hiring of junior bankers after a group of analysts described “inhumane” working conditions, including 95-hour weeks and instances of workplace abuse. One of the analysts’ pleas to management — in addition to capping workweeks at 80 hours — was to better enforce the “Saturday rule,” which stipulates that junior staff should not be expected in the office between 9 pm Friday and 9 am Sunday. They said junior staff are often asked to do “quick” work on Saturdays “and it is incredibly hard to push back.” “We’re strengthening enforcement of the Saturday rule,” Solomon said, adding that the bank would hire more junior staff across its investment banking division. Although long hours and unglamorous working conditions aren’t uncommon in the cutthroat world of finance — especially among first-year analysts — this report was extreme even by Wall Street standards.
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