The Wire

March 19, 2021

Goldman Sachs Working Conditions Survey, Silver Lake backs legal-tech company Relativity

Happy Friday!

 

There’s a pretty interesting 11-page presentation circulating online that reveals a new survey of junior bankers at Goldman Sachs. That being said, the survey includes just 13 analysts so is relatively small sample size in the big scheme of things. Here are a few findings from the  "Working Conditions Survey" circulating online:

 

- On average, first year analysts are working over 95 hours per week and sleeping 5 hours per night

- 1st year analysts report that the stresses of work have been detrimental to both their mental and physical health

-All respondents feel as though work hours have negatively impacted their relationships with friends and/or family.

- The majority of 1st year analysts feel they have been the victim of workplace abuse and have or considered seeking help due to deteriorating mental health

 

New York Time’s Andrew Sorkin writes: "The no-sympathy crowd says that first-year analysts at Goldman and other similar firms have no right to complain about long hours. They are highly educated and chose to go into investment banking, in part, because it pays $150,000 or more straight out of college with the promise that within a decade compensation can reach seven figures.” 

On the other hand, he says: “The violin-playing crowd says that Wall Street isn’t focused enough on the mental health of young workers. Nobody should be forced to work that much.” 

 

What’s your stance? Write to me at [email protected] with your thoughts on the GS survey, along with any other tips, comments, or just to say hello. Have a great weekend!

 

Read the full wire commentary on PE Hub. 

 

Also of note (may require subscriptions)

Biggest Ever: Lightyear Capital, a specialist in financial services investing, appears on the verge of completing the largest flagship fund in its more than two-decade history, Buyouts writes. Read more here.