David Solomon, CEO of Goldman Sachs, says he feels your pain. Just don’t expect him to do much about it.
The message was that the hard-driving CEO briefed 38,000 company employees about sweatshop-like work conditions at White-Shoe Investment Bank.
On Sunday, Solomon released a voice memo that found that some people inside the firm would enter Goldman’s new, more compassionate era.
Instead, Solomon showed a double effect on his embrace of Goldman’s traditionally heartless work culture.
According to a transcript confirmed by the Post, Solomon stated in the memo, “We have the opportunity to work with our customers on many interesting things right now.” “In the coming months, there are times when we are going to feel more of a stretch than others, but just remember: if we all go an extra mile for our customer, even when we feel that we Are reaching their limits, it can really make a difference in our performance. “
It was stating that Solomon also said it would not end but would “strengthen enforcement” known as the “Saturday rule” inside the prestigious investment house, an unofficial company says, particularly junior Tries to save employees from spending weekends. Office.
“David Solomon is the worst,” an employee mentioned Solomon’s management style. “Nobody likes him.”
This employee is not alone. Internal surveys have shown that first-year analysts complain that they are suffering from mental health issues, sleep deprivation and other physical ailments as they work 100-hour a day with a surge in trading and investment banking deals. -Plus are forced to endure the work week.
Solomon has also faced criticism for demanding that employees end their work-at-home epidemic while he uses company jets to fly to his mansion in the Bahamas to conduct the company’s business. We do.
Solomon has also faced criticism for demanding that employees end their work-at-home routine because he would use a company jet to fly to his mansion in the Bahamas to conduct the company’s business. is.
On the other hand, under Solomon, Goldman has taken advantage of the current Wall Street run more than almost anyone. The shares have risen 148 percent over the past year, more than double the return of the S&P 500 index and even outperform top competitors such as JP Morgan.
Investors are accepting of Solomon’s work habits – even if not employees. They point out that working a 100-hour week is a rite of passage at Goldman, and the firm has a stamp for prestigious, “partnership” status. Partners earn the highest salaries on Wall Street.
He chalked up grievances for less than a millennium, and he did not want Solomon to change course. What do you think he is listening to more?
Leave a Reply