Goldman Sachs has been accused of having a “culture of bullying” by a former recruitment executive in the latest example of banks taking flack for their intense work culture.
According to The Daily Telegraph, Ian Dodd, who worked for the American banking giant in London between 2018 and 2021, claimed that staff often sobbed through meetings.
Citing court documents, The Telegraph reported that employees were often subject to aggressive language, with some told to “take that as your first punch in the face”.
He is reportedly suing Goldman for £1m over claims that working at the bank caused him to have a mental breakdown.
A spokesman for Goldman said these claims are “completely without merit.”
In a defence filed with the court, Goldman reportedly argued: “If [Mr Dodd] felt pressure, it was self-generated; it was not imposed on him. If he did work excessive hours, this was not because it was required or expected of him.”
Dodd “was not subjected to unreasonable work demands or required to work excessive hours. He was provided with appropriate support [and] had a variety of wellness resources available to him,” the bank retorted.
The New York-based investment bank has a significant presence in the City, employing thousands of people. Although employees are very well paid, they are required to work gruelling hours.
Two years ago junior investment bankers at Goldman rebelled against the leadership, claiming in a leaked presentation that they were working an average of 98 hours a week which was harming their physical and mental health.
The bank is set to announce results next Wednesday, with analysts predicting that it will have been hit hard by the slowdown in dealmaking.