David Solomon, CEO of Goldman Sachs, has promised the workers about their 100-hour workweeks that they will soon be getting Saturdays off.In a voice memo, he told employees that he would “strengthen enforcement” of the Wall Street giant’s “Saturday rule” — which means that employees cannot work from 9 p.m. Friday to 9 a.m. Sunday except in certain circumstances. He also said, “We want a workplace where people can share concerns freely.” This movie aims to ensure that they have at least one day off each week.
“In this case, it’s great that this group of analysts went to their management,” Solomon said, referring to a leaked PowerPoint presentation about Goldman’s grueling work conditions that first-year bankers put together and that spilled onto social media last week.The elaborate slideshows were presented to the managers, showing the inhumane 20-hour shifts - whichcould easily cause stress and sleep deprivation. “What is not ok to me is 110-120 hours over the course of a week! The math is simple, that leaves 4 hours for eating, sleeping, showering, bathroom, and general transition time. This is beyond the level of ‘hard-working,’ it is inhuman/ abuse,” one analyst said.
Solomon also got slammed by a report last week that he has recently been spending long weekends in the Bahamas, courtesy of the bank’s private jet. Goldman Sachs confirmed the memo but declined to comment further.Solomon’s comments come days after the now-infamous PowerPoint slideshow went viral, with some critics saying it exposed Wall Street’s heartless culture and others calling the first-year analysts a bunch of privileged whiners.