New York (AFP)

The revolt of young Goldman Sachs bankers against the 100-hour weeks goes beyond criticism of a firm known for its harshness, highlighting the harsh working conditions of many financial institutions in times of Covid.

Complaints from a well-paid elite have at times been derided in a country where unemployment has skyrocketed, where the recovery still excludes millions of people and at the risks faced by those who cannot work from home, such as caregivers or supermarket workers.

But many white-collar workers have identified with these young people in finance, who endure endless days punctuated by multiple meetings on Zoom.

The grievances voiced by young bankers "reflect a larger problem," said Kevin Delaney, a sociologist at Temple University.

"People feel that the boundaries between work, play and life have evaporated."

In a document widely relayed on social networks, thirteen analysts newly hired by Goldman Sachs explain that their mental and physical health has deteriorated considerably.

“At one point, I didn't eat, I didn't shower, I didn't do anything other than work from morning until after midnight,” says one of them.

To avoid "burn-out", the new boss of the Citigroup bank, Jane Fraser, this week banned video meetings on Friday and encouraged her employees to take vacations.

She herself will take a few days at the end of March to come back "with a fresher brain," she said.

Goldman Sachs CEO David Solomon has promised to reinforce young analysts and better enforce the rule banning work on Saturdays.

A policy theoretically in place for several years.

- Frustration -

Staking late into the night is not unusual at Goldman Sachs, an employee who entered the establishment nearly three years ago told AFP and wished to remain anonymous.

"When you take a job in investment banking, you know what to expect," he says.

And with experience, the hours are reduced.

But for the first few years in telecommuting, "there was no in-person training, they can't go quickly to seek advice from a superior, there is no camaraderie," he admits.

The "frustration" was also fueled, he said, by the fact that Goldman Sachs did not necessarily offer young teleworking analysts the same little perks as other Wall Street giants, such as reimbursement for dinners or computers. .

Whether it's banks, consulting firms or lawyers, recruiters are always very clear with applicants about the intensity of the work ahead, says Paul McDonald of recruiting agency Robert Half.

But we must not forget that the latest arrivals "have finished online university, could not have their traditional graduation ceremony and entered the company by telecommuting," he notes.

- New generation -

Of course, they are part of a new generation who have been taught to "raise their hands" and "to be heard", notes the human resources specialist.

Many managers "take this as questioning their authority, but they actually just want to participate, understand the rules of the game and have a say."

The pandemic and the pressure to hire more women and people from minorities may help change the rules.

It is essential that large companies "lead by example," said Jennifer Moss, a columnist who has closely studied the rise of "institutionalized" overwork among employees.

Announcements like Citigroup's are "a good start," she notes: it is not enough to offer wellness solutions like yoga apps, the measures must come from above.

Many companies are also preparing to be more flexible in the organization of work.

Getting things done "will be complicated" in investment banks, however, emphasizes Kevin Delaney, a sociologist at Temple University.

Bankers must respond to customers spread across all time zones.

Above all, the main objective remains to "make money" there, a "never-ending" goal, remarks Mr. Delaney.

The bonuses still depend largely on the profits brought back to the company.

© 2021 AFP