About those Goldman analysts …
On Friday, we wrote about the junior bankers at Goldman Sachs who complained about what they saw as workplace abuse, including 100-hour weeks. Our inbox has overflowed with reactions, notably from current and former investment bankers. Here’s what some had to say (most requested anonymity to speak freely about their experiences). The comments have been edited and condensed for clarity:
“My view is that if it’s not to your liking, quit and find another line of work. It won’t pay as well, but it’s also possible that you won’t learn as much. I am still reaping the benefits of what I learned.”
“I had heard all about the long hours, but once I was in it, I found that I had underestimated. I threw in the towel and left banking, because no amount of money was worth the terrible lifestyle.”
“In our day, we may have complained to our friends or our family, but we knew that short-term pain was good for long-term gain. I now live a comfortable life enabled by my first years at Goldman Sachs.”
“We would do the math on the compensation and realize that we were making less than minimum wage per hour. It wasn’t worth being tortured. My health still suffers from my years on Wall Street.”
“Yes, we were ‘abused’ and yelled at, but this was expected and how we learned. My message for these analysts is: If you can’t stand the heat, get out of the kitchen.”
“The psychological damage lasts a lifetime. I still stay in touch with analysts from 20 years ago and the horror stories are as fresh today in their heads as when they happened.”
“I am an incoming Goldman Sachs intern. I knew about the work conditions before applying to the job. Anyone engaging in a career at a top investment bank knows about it, or else they applied for the wrong reasons.”
THE SPEED READ
Deals
Under its heir apparent, Jon Gray, Blackstone is increasingly focusing on growth investments over more traditional private equity targets. (WSJ)
The Chinese ride-hailing giant Didi Chuxing reportedly plans to go public by the summer, at a valuation above $62 billion. (Bloomberg)
Politics and policy
The Fed will let expire a regulatory change that effectively lowered bank capital requirements, which was meant to encourage lending during the pandemic. (NYT)
Tech
How Zappos is trying to move on from the pandemic and the death of its co-founder, Tony Hsieh. (NYT)
Is former President Donald J. Trump trying to create a new social media platform? (Fox News)
Best of the rest
The juice maker Bolthouse Farms is paying workers a $500 bonus for getting vaccinated, while Krispy Kreme is giving employees four hours paid time off to get a shot — and customers a free doughnut if they have proof of immunization. (WSJ, Insider)
José Baselga, head of cancer research at AstraZeneca and one of the pharmaceutical industry’s top scientists, died yesterday. He was 61. (Stat News)
“America’s Covid Swab Supply Depends on Two Cousins Who Hate Each Other” (Bloomberg)
The New York Times