Goldman Sachs boss says 'go extra mile' despite 95-hour week

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Napp
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Jesus a 95hr week? I feel calling it 'abuse' would be a polite understatement at that point. Staying late once in a while to ensure a project is done is one thing but this comes across more as using quasi-slave labour (given i presume these are salaried employees and are thus not paid for overtime).
One of the key reasons i decided a career in financial services could swing and that id work in the public sector, they are aware of this magical thing called a 'private life' and not forcing you to die at your desk for some shareholder who can, lets be honest, pound sand.


https://www.bbc.com/news/business-56495463
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StriderHort
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Yeah, well, some people/A holes are never satisfied and demand 101%, regardless of whatever work has actually been done.

Demanding that extra 1% is like their entire reason in the company, it wasn't the 100% that made the difference, it was that 1...
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Cheese Bits
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I've got every sympathy for people who work long hours in tough jobs for very little pay. They often have little choice and limited job security but have to do it just to keep their heads above water.

However I've got no sympathy for people who work for an investment bank and complain about the hours. They took the jobs because they want the trappings of excess wealth and must have known what they were getting themselves in for. These are capable people with autonomy. If they can't cut it, quitting and taking a job that is still relatively well paid is easy for them.
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fallen_acorns
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I'll be honest, The fact that they have to have such an awful time before they can enjoy their wealth later in life is one of the few things that makes it seem fair/balanced. Yes they have to go through hell, but only because the potential reward is so great, and so many people want it, that their bosses know they can push them as far as they want etc.

I agree with Cheese Bits - It's hard to have sympathy for them. They know what they are going in for, and they know why.
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DiddyDec
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They are clearly bright enough to firstly know that this is what they signed up for and secondly if they don't like it they could get a different job. I have no sympathy for the greedy.
Last edited by DiddyDec; 3 weeks ago
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JOSH4598
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(Original post by Cheese Bits)
I've got every sympathy for people who work long hours in tough jobs for very little pay. They often have little choice and limited job security but have to do it just to keep their heads above water.

However I've got no sympathy for people who work for an investment bank and complain about the hours. They took the jobs because they want the trappings of excess wealth and must have known what they were getting themselves in for. These are capable people with autonomy. If they can't cut it, quitting and taking a job that is still relatively well paid is easy for them.
Exactly this. There's only one reason people go into investment banking and that's to earn the cash - they could easily get a job with shorter hours but they just won't be earning six-figure sums.
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UnclePete
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(Original post by Cheese Bits)
I've got every sympathy for people who work long hours in tough jobs for very little pay. They often have little choice and limited job security but have to do it just to keep their heads above water.

However I've got no sympathy for people who work for an investment bank and complain about the hours. They took the jobs because they want the trappings of excess wealth and must have known what they were getting themselves in for. These are capable people with autonomy. If they can't cut it, quitting and taking a job that is still relatively well paid is easy for them.
They are big boys -and girls- who unless very naive - and I doubt very much they are- know exactly what they are letting themselves in for when they sign on the dotted line.
GS is purely a money making machine so no surprise the chief wants to screw even more out of them.
There are plenty of people who have worked extra and very long hours to exhaustion in front line jobs such as nursing staff amongst others, and at great risk to themselves over the last year during the pandemic, who could only dream of the financial reimbursement GS offer.
The likes of GS offer one thing : as long as you are up running with the pack making money for them fine. The moment you don't you are a pariah. Sadly a lot of companies are heading in the same direction as of late.
Last edited by UnclePete; 3 weeks ago
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Rakas21
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In general this does concern me as I tend to agree with OP that those kind of hours are intolerable and indeed when some people speak of relaxing the working time directive it is usually with these types of careers in mind.

That said, I have little sympathy. As others have noted the salaries paid in these careers are extremely high and I tend to think that once your paid more than 60-90k the expectation is that you will do what is nessesary.

So I'd not oppose action as I come down in support but nor do I think it's a big issue.
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IanDangerously
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It’s just bad management to allow anyone to work those kind of hours. It’s a quantity over quality approach because nobody can possibly do their best work when they’re working that many hours in a week.
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ThomH97
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I think it needs to be made clear to them before committing to the job or even degree that these are the hours they will face. But beyond that, these are adults who've chosen to sacrifice their private life early on in their working life for the hope of a higher quality of what private life they do have remaining, and an early, very secure retirement.

This isn't like public services where a person's desire to help others beyond what they're contracted to do is being exploited, who I do have every sympathy for.

Perhaps there is scope for job sharing, though making it compulsory would be tricky, and I've always thought the WTD being optional made it pointless.
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londonmyst
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Only 95hrs a week? :sigh:
The lazy grumblers of GS should be all be placed on performance related weekly pay, lose their lunch breaks and be firmly 'advised' to go an extra 10 miles or risk their annual cash bonuses being capped at 5p with no stock options. :giggle:
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samir12
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If you are getting paid fortunes then you kind of are expected to go beyond the extra mile. 95 hours is still excessive regardless of job and pay but generally speaking, you can't complain about long hours but still expect to get paid a big salary when working in finance.
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Napp
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(Original post by samir12)
If you are getting paid fortunes then you kind of are expected to go beyond the extra mile. 95 hours is still excessive regardless of job and pay but generally speaking, you can't complain about long hours but still expect to get paid a big salary when working in finance.
In fairness, not everyone in finance gets paid whopping 6 figure salaries. Plenty are on a meagre $40k or some such. Finance being a big area after all.
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