Goldman CEO responds to complaints from junior bankers after investigation goes viral

Goldman Sachs CEO David Solomon responded to complaints from junior bankers about the increased workload in a message to employees, after the results of an internal investigation where an employee described as “inhumane” conditions went viral.

“Let me say to everyone, and in particular to our analysts and associates: we recognize that people who work today face a new set of challenges,” Solomon said in a voice note to employees at Goldman Sunday night.

“In this world of remote working, it seems to us that we need to be connected 24/7,” he said. “All of us – your colleagues, your managers, our division heads – we see it. We are here to provide support and advice. It is not easy, and we are working hard to improve it.

The survey, conducted by a group of first-year analysts and first reported by CNBC, featured employees noting burnout from 100-hour work weeks and demanding bosses during a trading boom. powered by special purpose acquisition companies or PSPCs.

PSPCs raise capital through an initial public offering and use the proceeds to take a private company and go public.

Goldman Sachs had previously instituted a policy to protect weekends, when young bankers weren’t supposed to be in the office Friday night through Sunday morning.

Amid allegations of the company’s overwhelming workload, Solomon reiterated Goldman’s commitment to protecting Saturdays and pledged to take “further action.”

“We are strengthening the application of the Saturday rule. We are stepping up our efforts to hire new junior bankers in investment banking. … We are also more selective about the business opportunities we seek, and we are working on it. “automation. certain tasks in our business,” Solomon said, according to a transcript of the voice note reviewed by CNBC.

The investigation was carried out after a group of disgruntled analysts regrouped, according to people familiar with the matter.

The discord has its roots in the bank’s tech, media and telecommunications team, a high-profile group that has been at the center of the PSPC-fueled IPO storm, people say.

Solomon said the bank aims to be a “workplace where people can freely share their concerns”, adding that a higher volume of work is “good news” because it is an “opportunity to share”. working with our clients on so many interesting things right now ”.

“In the months to come, there are times when we are going to feel more tense than others, but just remember: if we all go the extra mile for our client, even when we feel like we are reaching our limit , it can really make a difference in our performance, ”added Solomon.