Goldman discourages junior bankers from working weekends

Hard at work

'This is a marathon, not a sprint'.

Goldman Sachs is discouraging investment banking analysts from working weekends as it overhauls demands placed on entry-level employees and the support they receive.

Bloomberg News reports that Goldman developed a 'junior banker task force' of executives from around the world earlier this year to improve analysts’ work environment and career development, said Michael DuVally, a company spokesman.

The firm will have 332 analysts in its 2014 class, up 23% from 2012, he said.

Wall Street firms are working to guard the best recruits from poaching by rivals such as private-equity funds. New York-based Goldman Sachs decided last year to stop offering two-year contracts to investment-banking analysts, instead making them full-time employees from the start. It plans to give analysts more-predictable working hours and provide more opportunities to get feedback from managers, DuVally said.

'The goal is for our analysts to want to be here for a career', David Solomon, Goldman’s co-head of investment banking, said in an e-mailed statement. 'We want them to be challenged, but also to operate at a pace where they’re going to stay here and learn important skills that are going to stick. This is a marathon, not a sprint'.

Hit the link below to access the complete Bloomberg article:

Goldman Pushes Junior Investment Bankers to Take Weekends Off

Deutsche Bank Profit Falls 94% on 1.2 Billion Euro Charge

UBS Profitability Goal Delayed by Capital Demands

image: © Kai Chan Vong

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts