OR staff at Goldman Sachs are to get more regular hours and more colleagues to share the burden of their work, the investment bank said yesterday.
The analysts are being told they should not regularly work weekends, in a drive both to combat the image of the sector as one based solely on long hours, and to make Goldman’s working conditions more attractive relative to its rivals.
The proposals are among several being implemented by a new task force which is monitoring the working conditions of junior bankers.
“The goal is for our analysts to want to be here for a career,” said David Solomon, co-head of investment banking. “We want them to be challenged, but also to operate at a pace where they’re going to stay here and learn important skills that are going to stick. This is a marathon, not a sprint.”
The bank is increasing its analyst intake, hiring 332 in 2014, up 14 per cent on this year and 23 per cent on 2012.
The industry came in for criticism after the death of Bank of America Merrill Lynch intern Moritz Erhardt this summer, when it was revealed he had been working long hours.