Goldman Sachs Requests "Allow Us to Work Only 80 Hours a Week"... Will the Brutal Workload Change?

Goldman Sachs Analysts with Less Than 1 Year Average 95 Hours Work per Week

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jaehee] First-year analysts at global investment bank Goldman Sachs have highlighted the harsh working conditions they face, drawing attention to the stress experienced by young professionals in the investment banking industry.

Working 95 hours per week, they demanded a reduction to 80 hours per week.

This has raised expectations that the notoriously grueling work environment of the investment banking sector may see improvements.

On the 18th (local time), major foreign media outlets cited a survey conducted by 13 Goldman Sachs analysts with less than one year of experience, revealing that they work an average of 95 hours per week. Since they start working from 3 a.m., their daily sleep time was found to be less than five hours.

The 13 analysts stated in the survey, "Long working hours are damaging our physical and mental health," adding, "It is almost at the level of abuse."

One employee who participated in the survey also said, "I worry whether my body can endure if I continue this lifestyle."

The majority of them rated their satisfaction with the company and their job at an average score of 2 out of 10.

The brutal workload in the investment banking industry, including Goldman Sachs, has often been criticized in the past. This is due to the death of a 21-year-old German university student who was interning at Bank of America Merrill Lynch's London office in 2013. The intern worked 72 hours straight without sleep to impress superiors and secure a full-time position, and died while showering at the dormitory. The direct cause of death was identified as epilepsy, but it was speculated that overwork had an influence.

Goldman Sachs also banned employees from arriving before 7 a.m. and required them to leave before midnight in 2015, after interns voluntarily worked overnight to secure jobs. The company also formed a task force (TF) to issue guidelines for Saturday holidays.

At this announcement, Goldman Sachs analysts with less than one year of experience demanded that weekday working hours be limited to 80 hours and that a week of preparation time be provided before client meetings.

Goldman Sachs stated in a press release, "We are well aware that since the advent of the low-interest-rate era after COVID-19, trading volumes have soared to historic levels, significantly increasing workloads," adding, "We will listen to employees' concerns and work to address them."

This content was produced with the assistance of AI translation services.