It is not just investment bankers who are burning with Goldman Sachs.
The Wall Street titan’s hard-charging culture is reportedly driving employees out of Marx, a consumer-centric business it launched to compete with Main Street banks.
A large number of engineers, designers, and product managers have headed for the door as executives set aggressive deadlines that forced some to work 14 hours, Current and former employees told Insider.
Those hours may be shorter than the 100-hour week that Junior Goldman analysts reported pulling in a viral power point presentation that highlighted Megabank’s intense demands.
Insiders reported on Wednesday that talented tech workers, whom Marcus’s digital services rely on, can often get better pay and lighter hours.
A late engineer estimated that at least a quarter of the engineers who were on the team had left Goldman’s consumer business since Marcus began in 2016.
Another former employee reportedly stated that eight people attributed a team to customer-facing technology such as apps and webpages.
“It’s an avalanche approach,” the former engineer told the insider. “When one person leaves, others will follow him.”
Goldman spokesman Andrew Williams called Insider’s departure projections “exaggerated”, noting that the business is “a magnet for talent.”
The report states that bank owners have pressured Marx employees to introduce new services at a breakneck pace, forcing them to do multiple projects at once.
The approach began with the Apple card – the credit card Goldman rolled out with the iPhone maker in 2019 – and spread to other products, such as Marcus Insights Robo-Advisor, which arrived in February and examining plans to launch it this year Used to be. According to the insider.
The relentless demands have allegedly helped Marcus up to $ 100 billion in deposits and generated $ 1 billion in annual revenue in just five years – but at a cost.
“This is what I would call a spark-plug business,” consultant Richard Crone told Insider. “They make them run hot so they burn them.”
Goldman told Insider that it has hired about 100 engineers in the last five months and plans to bring 200 to 300 more this year. The consumer business, following in the footsteps of Citigroup, has also canceled video calls on Friday and Friday throughout the evening.
“We continue to hear feedback from our teams and are accelerating hiring,” Williams told the Post in an email. “We continue to be proud of this team and our culture, and will not accept them.”
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