from overheardonwallstreet's instagram account: "hours so bad at GS associates and analysts have passed out in the floor and been hospitalized this week. complete silence from seniors", "the current standard of being staffable is if you haven't worked 100 hours consecutive weeks"
Can people confirm? Which group is that?
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no way right
del
Wrong, this happened in Healthcare.
I know of a separate case in TMT
GS HC bro...
Del.
very well said, my friend. as a fgli fortunate enough to get a full ride from a target school, i definitely was v ambitious and i got my junior internship at a top eb group. i got so on my high horse that it went to the point of rubbing it in the faces of kids and teachers who put me down when i was growing up.
my arrogance got to my head and admittedly, i was NOT ready for the eb internship and was likely the worst intern in the firm's history (and probably still am).
i graduated in 08 without a job and worked a series of odd jobs for more than a year, my failures crushing me like the whole weight of the world on my shoulders, until i was able to get a lmm ibd gig, which i then used to lateral to an eb, from where i went to mf pe and then sm hf.
looking back, my failures during my junior summer internship was one of the greatest learning experiences of my life, and it taught me how to maintain good health, even during sweatshop hour deals.
for me, i do not have a good reaction to coffee, so i use specialized energy drinks, but because they pose a risk to heart health, i do my part to balance it out by consuming foods that are great for heart health (such as paprika, fruits, salmon sushi, and olive oil) regularly, and my approach has worked wonders for me.
bottom line, always find ways to prioritize health above all else, even when there are variables out of control, and more often than not, it does compound into a great career over time.
wishing you all great health and all the best with your careers!
Couldn't agree more. I didn't make the cut for IB but am glad in retrospect as I simply could never survive in a role like that. Seems like it's incredibly advantageous in the short term for future prospects but is unlivable without setting boundaries as you've said. Health is everything and without it you truly have nothing. Working constantly throughout your life imo is not a life well spent.
Remind me of the comp again at Goldman?
Its called the goldman nap
it was in the Healthcare group
GS HC is a sweatshop - no wonder people are leaving
It was in GS HC. No surprise it happened there, workload is high af, yet the group is busy taking a bunch of below average DEI hires at the analyst and MBA associate level. As a result, the competent folks get grinded and pass out.
This happens everywhere btw
Ton of DEI kids that suck, seniors don’t want them on their projects, then they overload the non DEI hires that are actually good with a shit ton of work.
Then senior brass looks down and goes “well our junior headcount/fees, junior headcount/live deals and junior headcount/MD ratios are the same as always - but I’m getting told by staffers we need to hire more juniors? Guess we will and just lower pay.”
It’s bullshit. Then people who worked 100 weeks are comped the same (or a tiny 10k more) as people who work (or output) 60 hours a week.
Ass industry filled with spineless pussies at the senior ranks
Based. Seniors in the industry have no backbone whatsoever and it’s hard to see there ever being structural change in culture, even with the advent of AI
Yes, this exactly. I think people don't realize that one of the biggest reasons juniors hate DEI is because all the decent ones needs to carry the workload of the DEI kids that can't work/be trusted on live files.
I am in a very sweaty group that ended being all guys due to women in the group quitting. We got forced to hire a woman by management, and I guarantee individual workload has not improved a single bit because she goes home at 6 and doesn't work on any single live files... And yet, she gets the same / better bonus as everybody!
Also, don't know about you guys, but 95% of the people complaining about WBL at my bank are non-DEI, and yet about 25-35% of the juniors are DEI. Go figure...
True to that, had enough of these dynamics in our group. They keep hiring incompetent DEIs who take months to do very basic stuff. We can't complain because then we'll be seen hurting the feelings of these white/Asian beckies, POC, LGBTQ etc. It has gotten ridiculous but hopefully we're at a tipping point
Del
What have you heard about Consumer?
This needs to stop. Heard stories from friends at GS. It starts at the senior level and extends to the staffer who is ultimately responsible for shaping group culture. 100 hours/week for weeks on end is simply unsustainable. It's a sure way of dropping talent. I'm surprised this still happens after the Jefferies incident and the BofA incident.
The sad reality is that death is the only way to get media coverage. What goes under-reported are the swaths of people who face burn-out, exhaustion, and health issues long after their stint.
They have a deep moat of talent lined up to churn through, which is unfortunately why culture is unlikely to change.
Unfortunately, it’s very challenging to show that the long hours and/or lack of sleep directly caused someone to pass out. There may be supposition or some correlational data to support these claims but that’s it. That is why there is little accountability by banks and why seniors don’t say much. The prevailing view is that the work needs to get done and the hours are long. Everyone is replaceable and there are loads of applicants praying for those GS spots. Even with repeated deaths in the industry, there is very little evidence of causation. We all know the hours take an incredible toll, but I have yet to see a senior who says “You look tired. You should take a break and get some sleep.” I have been told I look like shit or exhausted lol, but no one has ever suggested that I need to look after myself. Mostly, I have heard seniors say that certain people aren’t cut but for IB. Unfortunately, things aren’t going to change.
I genuinely don’t think there is any way to change this. Senior bankers want their PowerPoint presentations so badly that they don’t really care who dies in the process.
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