Goldman’s CEO addresses the complaints of junior bankers after the investigation goes viral

David Solomon, CEO of Goldman Sachs, addressed employees’ complaints to junior bankers about the increased workload, following the results of an internal survey in which an employee called the conditions “inhumane” and went viral.

“Let me tell everyone, especially our analysts and associates: we recognize that the people who work today face a new set of challenges,” Solomon said in a voice note to Goldman employees Sunday night.

“In this world of remote work, we feel we need to be connected 24/7,” he said. “Everyone – your colleagues, your managers, our divisional leaders – sees this. We are here to provide support and guidance. This is not easy and we are working hard to improve it. “

The survey, conducted by a group of first-year analysts and first reported by CNBC, showed employees who observed exhaustion from 100-hour workweeks and asked for bosses during a boom in transactions fueled by procurement companies special purpose or SPAC.

SPACs raise capital in an initial public offering and use the proceeds to register a private company and make it public.

Goldman Sachs previously instituted a policy to protect weekends if junior bankers were not expected to be in office from Friday night until Sunday morning.

Amid allegations of the company’s overwhelming workload, Solomon reiterated Goldman’s commitment to a protected Saturday and pledged to “take further action.”

“We are strengthening the application of Saturday’s rule. We are accelerating our efforts to hire new junior bankers from investment banks … We are also more selective about the business opportunities we pursue and are working to automate certain tasks in our business, “said Solomon. according to a transcript of the voice note revised by CNBC.

The survey was conducted after a group of dissatisfied analysts came together, according to people familiar with the issue.

Discordia appeared on the team of the technology, media and telecommunications bank, a brand group that was at the center of the IPAC-powered IPO storm, according to people.

Solomon said the bank aims to be a “job where people can share their concerns freely”, before adding that more work is “good news” because it is an opportunity to working with our clients on so many interesting things right now ”.

“In the coming months, there are times when we will feel wider than others, but remember: if we all go an extra mile for our client, even when we feel we are reaching the limit, it can really make a difference in our performance, “Solomon added.