Goldman CEO Vows to Better Protect Junior Bankers’ Saturdays Off

Goldman Sachs Group Inc.’s David Solomon vowed his firm would try harder to ensure junior bankers get at least one day off a week after a group of analysts raised an alarm about increasing burnout among the group.

In a voice memo sent to workers on Sunday, the chief executive officer said the firm would strengthen enforcement of its so-called Saturday rule, which states junior bankers should not be expected to be in the office from 9 p.m. Friday to 9 a.m. Sunday. He also vowed to accelerate hiring of new junior bankers and transfer more employees to business lines where activity levels are highest.

Goldman CEO Vows to Better Protect Junior Bankers’ Saturdays Off

“In this world of remote work, it feels like we have to be connected 24/7,” Solomon said in the voice memo, which was earlier reported by Reuters. “All of us -- your colleagues, your managers, our divisional leaders -- we see that. We’re here to provide support and guidance. This is not easy, and we’re working hard to make it better.”

A group of 13 first-year analysts surveyed themselves and prepared a presentation for their managers that showed some were working hundred-hour weeks and feeling the effects of declining physical and mental health. The presentation was making the rounds on social media last week and Solomon on Sunday commended the analysts for speaking their mind.

“It’s great that this group of analysts went to their management,” he said. “We want a workplace where people can share concerns freely. So we want to encourage all of you to take the opportunity to speak with your management.”

Solomon also condemned the recent rise in verbal and physical abuse of members of the Asian community around the world. He said he will be meeting this week with newly promoted Asian partners and leaders within Goldman’s network to discuss ways to create an inclusive and safe environment.

“It is a disturbing and, I must say, growing trend that deserves clear and unequivocal condemnation,” Solomon said. “But condemnation alone is not enough.”

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