Junior bankers at Goldman Sachs are threatening to stop over calls for that they present as much as the workplace 5 days every week because the pandemic wanes — and a few gripe that their bosses have been quietly checking attendance.
As bonuses throughout Wall Road hit record highs, underlings at Goldman — headed by hard-charging Chief Executive David Solomon — are however stepping up complaints of “hellhole” working circumstances which have notoriously included 100-hour weeks.
Most not too long ago, some junior Goldmanites declare that they’re being “bullied” into exhibiting up in particular person “5-0” — which means 5 days working within the workplace, zero from house — and that the bullying is being orchestrated by high managers armed with spreadsheets.
“In GS, the highest administration says it’s staff selection however internally they monitor which group has most in workplace attendance,” one Goldman worker wrote on the company message board Blind, which verifies customers’ place of employment with the assistance of their firm e mail accounts.
“It’s f**ing bulls**t from high administration saying they’re individuals first,” the miffed Goldman underling added. “In our group assembly, supervisor confirmed us the excel the place the MDs are monitoring which division has not met in-office commitments,” the staffer wrote, referring to the high-level managing administrators.
One other Goldman worker chimed in: “Apparently they’re monitoring everybody’s attendance and managers are getting lists of people that have low attendance to allow them to bully them into coming in.”
Final 12 months, Solomon referred to as working from house a pandemic “aberration,” at the same time as he drew bitter feedback over his behavior of working from the Hamptons and spending lengthy weekends within the Caribbean.
However after asking all employees to return to the workplace 5 days every week in June, Goldman Sachs needed to stroll it again after the outbreak of Omicron in December. The financial institution referred to as all staff back again in February.
“David Solomon sucks,” one user griped on Blind. “Nobody wants to be in 5-0 and plenty of companies are willing to allow hybrid/remote.”
Indeed, some younger staffers say they are looking to “GTFO” of Wall Street as they interview with tech companies which offer better compensation and more flexibility. One said she was “negotiating with two FAANGs” — a comment referring to Facebook, Amazon, Alphabet, Netflix and Google that prompted other users to ask to connect offline in the hopes they might jump to tech companies themselves.
A Goldman spokesperson declined to comment for the record. A person close to the bank disputed there was widespread frustration. “Far from a scientific survey, The Post has chosen a handful of comments submitted to an online forum no one has heard of.”
JPMorgan, meanwhile, has taken a more relaxed approach than Goldman. The mega-bank headed by Jamie Dimon offers some hybrid options and many employees are allowed to work from home at least one day a week.
Nevertheless, employees continue to kvetch. One said he’s working remote until “I get fired.” Others asked whether they’d be punished if they simply refused to return to the office.
“I don’t feel like traveling to office and I want to continue WFH. Anyone facing any action from manager or HR for not returning to office?” one user asked.
Another JPMorgan employee said she doesn’t plan to go into the office even if it means getting cut: “Yeah… I’m working remote until I get fired.”
JPMorgan declined to comment.
During the pandemic, banks have ramped up efforts to keep junior employees happy, doling out the biggest bonuses on record — an average of $257,500, according to the state of New York — even as they have pledged to hire more staff to help with the workload.
Goldman and JPMorgan increased first-year pay by roughly 30 percent — to $110,000. Morgan Stanley said it would boost first-year pay to $110,000, while boutique investment bank Evercore raised first-year salaries to $120,000.