Never on a Saturday: Goldman Sachs, the bank famous for expecting graduates to work 100-hour weeks, tells staff to have a weekend - but that doesn't include Sunday
Some City analysts have questioned whether the new rules were a response to the death of a 21-year-old Merrill Lynch intern this summer
Not many workers require a decree from their boss to keep them out of the office between Friday evening and Sunday morning. But Goldman Sachs has never been an entirely normal workplace.
The “vampire squid” bank – famous for offering graduates huge salaries to compensate for expecting them to work up to 100-hour weeks – has sent a 400-word edict to its Wall Street executives, announcing that the weekend is not for working.
It is, however, a Goldman weekend that bosses are announcing – one that lasts 36 hours, and stops on Sunday mornings. “All analysts and associates are required to be out of the office from 9pm on Friday until 9am on Sunday,” demands the leaked email, which says the new regime will begin this weekend.
“If a team needs a professional exception to the Saturday rule (ie a junior banker needs to work on Saturday and/or the entire weekend), please email [a senior manager] by 9am on Friday for approval. Exceptions will not be the norm and should be used sparingly,” it adds.
Even Saturday, however, is not an entirely work-free day for new Goldmanites.
“Junior bankers are still expected to check their blackberries [sic] on a regular basis over the weekend,” the email warns. “The expectation is that work will not be assigned on Saturday to be completed Saturday.”
But if anyone was thinking of sneaking in a little spreadsheet-time from home on a Saturday, be warned – that’s also not allowed. “Work should not shift from office to home: junior bankers are not expected to log in from home and work,” the email says.
The bank – whose chief executive Lloyd Blankfein famously claimed that his employees were doing “God’s work” – also proposes that holidays should now be taken.
“All analysts and associates are expected, and will be strongly encouraged, to take three weeks of vacation a year. This should include at least one, but preferably two, protected one-week vacations. Vacations will be tracked and reported on a quarterly basis.
“All analysts, including new first year analysts, are expected to take time off (preferably one week) before the end of the year in an effort to focus on work-life balance.”
Some City analysts questioned whether the new Goldman rules were a response to the death of Moritz Erhardt, a 21-year-old Bank of America Merrill Lynch intern who died of an epileptic seizure in East London this summer, reportedly after pulling three straight all-nighters.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...