Last spring – nearly a year before a group of first-year analysts created last month’s viral PowerPoint presentation, begging to work 80 hours a week instead of over 100 – a coterie of Goldman rookies took over. put together a similar game just a few weeks after the start. of the COVID-19 crisis.
While the February slideshow cited the deteriorating physical and mental health of first-year analysts as they grapple with “inhumane” working conditions, the recently leaked presentation from last April focuses on the basics – computers and food.
“I’m looking for time to prepare food, which usually involves late night sandwiches or scrambled eggs since I’m working all day,” wrote one subordinate. “Management should extend the Expensive Dinner Policy as it reduces stress associated with food preparation while striving to meet deadlines.”
Specifically, junior bankers said they missed the $ 25 allowance they received for meals when forced to work after 8 p.m. at Goldman’s posh headquarters in lower Manhattan at 200 West. St.
“All analysts said they worked after 8 pm for five or more days of the seven-day week,” lamented the presentation in a series of points. “The median analyst also worked afternoons for five days of the week. ”
While some employees demanded reimbursement for daily meals, others lobbied for a weekly allowance to cover deliveries of groceries or frozen food, citing a different set of concerns.
“The coronavirus can be spread due to poor kitchen hygiene and I wouldn’t order it from restaurants even if it was covered,” the employee wrote.
Elsewhere, subordinates complained about not being compensated for laptops, monitors and mice they were forced to buy to start doing their jobs at home. According to the presentation, which was first obtained by Business Insider (paywall), analysts were spending an average of $ 1,000 on tech hardware – an expense for which rival companies offered reimbursements to their employees.
“One of the biggest challenges is the lack of a suitable desktop environment (high quality screen, keyboard, phone, reliable internet, etc.),” said one analyst. “To overcome this, I invested in equipment to continue to offer the same speed and quality as in the office.”
According to the presentation, the costs of food and the computer have been a painful bite on the finances of first-year bankers, who earn around $ 85,000 in college, not counting their bonus, which increases their annual salary to 140,000 dollars per year.
“According to our analysis, the cost of the WFH equipment was about 35% of the median analyst’s remaining cash after non-discretionary spending, leaving him $ 600 at the end of the month (excluding travel, credit card / reimbursement student loan, etc.) ”said the presentation.
The presentation reached senior levels at Goldman, including Will Bousquette, the chief operating officer of the bank’s global markets division, according to BI. Bousquette spoke directly with junior bankers and sources said the company’s executives had looked into their complaints. Nothing was done, however, according to the report.
A representative for Goldman Sachs declined to comment on the content of the presentation or the reasons the bank did not take action.
“We are delighted to have built a culture in which employees regularly turn to management and share their ideas and concerns,” said Nicole Sharp, head of corporate communications at Goldman.
“We had extensive discussions with company teams on this and other measures as we moved to working from home last year,” added Sharp. “We continue to have an active dialogue with employees on the steps we can take to address specific concerns and requests during this complicated and unusual time.”
A media frenzy over the February slideshow prompted Goldman chief executive David Solomon to leave a voice memo for staff members on Sunday evening, promising to “toughen enforcement” of a rule that prohibits working on Saturdays.
Nonetheless, Solomon – who earlier this month was criticized with a report about his recent habit of taking the company’s private jet to the Bahamas on weekends – added that business has been booming lately, and that “If we all go the extra mile for our client, even when we feel like we are reaching our limits, it can really make a difference in our performance. ”