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Articles about Goldman Sachs - Coggle Diagram
Articles about Goldman Sachs
1) Group of junior bankers at Goldman Sachs claim 'inhumane' work conditions
22-year-old analyst at the bank took his own life in 2015.
Average worker is working 95 hours and living on 5 hours sleep. Table states worker goes to bed at 3am
gruelling demands on first-year analysts
“There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight.”
Junior bankers at Goldman Sachs say they are facing “inhumane” conditions at the investment bank, including 100-hour work weeks and “abuse” from colleagues which has severely affected their mental health.
“The sleep deprivation, the treatment by senior bankers, the mental and physical stress … I’ve been through foster care and this is arguably worse,”
After one year mental health decreased by 6% and physical health decreased by 6.7%
A small proportion were frequently sworn or shouted at, while at least half were ignored in meetings, or faced unwarranted public criticism
The entire group said the tough conditions had “negatively impacted” their relationships with friends and family
Goldman has been engaging with the analysts in the poll. It said it was also transferring staff internally to help its busiest departments, and enforcing a policy of no work on Saturdays.
2) BULLYING, BOOZE, AND CHOKE HOLDS: WITH GOLDMAN SACHS’S CULTURE UNDER THE MICROSCOPE, A FORMER INTERN’S ABUSE SUIT MOVES FORWARD
13 first-year analysts (mostly recent college graduates) produced a PowerPoint presentation that decried their working conditions,
Left with 4 hours a day for eating, sleeping, showering, bathroom and general transition time.
allegations of physical violence and a toxic, frat-house culture
“A year into COVID, people are understandably quite stretched and that’s why we are listening to their concerns and taking multiple steps to address them.”
H.R., in New York said they dealt with the incident with Patrick but nothing happened and he was never interviewed
Patrick asked to move teams but nothing happened.
Goldman’s law firm, argued that Goldman had no responsibility for what happened, and that Blumenthal was not entitled to any damages, in part because he had failed “to exercise due care” and that this was his “own fault.”
2) Patrick Blumenthal’s story
Worked in San Francisco between September 2017 and February 2018.
Joined Team "007"
February 2020 Patrick had a lawsuit against his supervisor Julius Erukhimov
“many incidents of hazing,” where Erukhimov and other team members “took advantage” of Blumenthal’s “youth and vulnerability.”
nickname, “Bloomy,” was pronounced “Blew Me.”
Bullied and pressured to drink underage
” Emails were sent to the entire Team 007 falsely suggesting that Blumenthal was the illegitimate son of Goldman’s chief investment officer. He resembled the executive
Spoke with the hiring manager: Michelle Kelly, she acknowledged mistreatment but never moved him to another team.
When he was put into a Chokehold at Sauce - None of the other Goldman employees, including a number of senior managing directors at the firm, did anything to help Blumenthal. They simply sat and watched the brutal attack unfold,
Due to the incident, Patrick has PTSD, mental anguish, a brain injury, and physical pain—some of which may be “permanent.”
H.R., in New York said they dealt with the incident but nothing happened
2) Julius Erukhimov - Patick's supervisor
a wealth adviser, who, according to a LinkedIn profile, had joined Goldman in 2015
Erukhimov got an MBA from the University of Michigan, a bachelor’s at Cornell, and worked in leveraged finance at JPMorgan Chase for a year early in his career before spending another two years in health care banking at JPMorgan Chase
Joined after working at Neuberger Berman and at his own advisory firm, PPM Advisors.
Worked in Team "007" with Patrick
Erukhimov was “very physically aggressive” and once threatened to “punch” Blumenthal if he didn’t tell him “something that someone had said about him.”
he “had a habit of getting drunk and punching people.”
Nicknamed “Fast Julie.”
Forced Patrick to take Tums and Adderall so that he could drink more
At the restaurant Sauce - Erukhimov allegedly punched Blumenthal in the stomach and asked him to punch him back. Much bigger than Patrick he aggressively wrestles with Blumenthal.
Erukhimov’s said his uncle or cousin (contract killers from Russia) would kill him Patrick if he talked about the incident. He has a gun collection and his family has killed people.
3) Goldman Sachs junior bankers describe 'inhumane' working conditions where they don't have time to eat or shower in a brutal internal survey
On a scale of 1 to 10, respondents rated their mental health as a 2.8 and their physical well-being as a 2.1, compared with 8.8 and 9.0, respectively, before starting at Goldman.
Seventy-seven percent of respondents said they felt like they had been a victim of workplace abuse, while 75% indicated they had considered mental-health counseling over work-related stress.
The 24-question survey paints a brutal picture of burnout, sleep deprivation, and declining mental and physical health among Goldman's most junior bankers.
average of $123,500 a year, including base salary and bonuses. However, those surveyed said they didn't think the paycheck justified the stress of it all.
To rectify the situation, the young bankers recommended solutions like limiting workweeks to 80 hours and making sure that client meetings are always scheduled one week in advance. Junior bankers shouldn't be expected to work after 9 p.m. on Fridays or on Saturdays without advance notice, they said.
4) Code of Business Conduct and Ethics
Our Integrity Is Integral
That’s why we’ve designed a Code of Conduct to empower our people to show up for the firm, our clients, and each other with integrity – and, as a result, continue to drive the business forward.
The success of the firm is determined not solely by the deals we make or clients we acquire, but also by the everyday actions and behaviors of our most critical asset: our people.
Our core values, which capture the spirit of our 14 Business Principles, combine over 150 years of experience, resulting in actionable practices that inform our decision-making every day.
Our people set Goldman Sachs apart. The firm’s success relies on our ability to create a safe, inclusive, and respectful workplace where everyone is empowered to grow and excel.
We apply the highest ethical standards to our work. Our reputation, and the future of the firm, rely on our collective commitment to creating value and driving results honestly and with integrity.
Our clients’ interests always come first. We protect their privacy and take pride in the fact that they choose to do business with us.
The work we do at Goldman Sachs affects the world beyond our walls. Our actions, both as a collective and as individuals, have the power to impact our firm’s reputation and our communities’ prosperity.