Dans une note, Goldman Sachs Group Inc GS.N indique qu

Chez Goldman Sachs, les congés deviennent illimités pour les cadres supérieurs

Telework, the practice of which exploded during the Covid, has not always rhymed with flexibility. In investment banks, and at Goldman Sachs in particular, the subway-work-sleep has tended to be replaced by the 100-hour working week. And with it, a risk of overwork and burnout increased for white-collar finance workers who have seen the – already very thin – border between private life and office life disappear.

However, faced with a growing controversy over the health of its employees, Goldman Sachs had already committed last March to better enforce the rule banning work on Saturdays. This first measure was obviously not enough to restore its image and its attractiveness to young executives.

Disconnection in a week

In fact, to go further and motivate its employees, the Wall Street bank will allow its associates and managing directors to take as much time off as they want under a new ‘flexible vacation’ program to promote ‘rest’ and recuperation, the daily reported on Saturday The Telegraph.

In a note, Goldman Sachs Group Inc. GS.N indicates that as of May 1, it no longer imposes a ceiling on paid leave and that senior executives can “take leave if necessary”, specifies the newspaper.

For the others, employees will have to take at least 15 days of leave per year from next January, with at least one week of consecutive vacation days, according to information from the Telegram.

Also, in the context of the risk of financial crashes, and while interactions have multiplied on digital channels with teleworking, will these unlimited leaves set by managers really be applied in practice?

In any case, the bank remains faithful to its meritocracy centered on top management. In 2021, despite the crisis, the remuneration of its CEO grew by 65%.

An issue of attractiveness in full tightening of rates

The American company also intends to limit the risks of bad buzz, especially since its workforce will increasingly be confronted with a delicate context. With the end of the central banks’ accommodative monetary policies, borrowing rates will tighten and financing opportunities more complicated.

In this post-pandemic and war context in Ukraine where financial advice will explode, Goldman Sachs must therefore ensure that it attracts talent, especially when its competitors, such as Citigroup, are also advancing their arguments on respect for working hours.

Already in March, on social networks, a document had been relayed about thirteen analysts freshly hired by Goldman Sachs explaining that their mental and physical health had deteriorated considerably. “At one point, I didn’t eat, I didn’t shower, I didn’t do anything but work from morning until after midnight”said one of them.

On the results side, the investment bank also saw its net profit fall in the first quarter, from –43%, to $3.8 billion. But strong brokerage activity in very choppy markets helped offset the decline in investment banker transactions.

Income from asset management fell 88%, notably due to losses in equity investments. Those drawn from retail banking and wealth management, on the other hand, rose by 21%.

Goldman Sachs did not immediately respond to a request for comment from Reuters.

(With AFP and Reuters)