During the pandemic bankers across the industry got used to working from home, comping meals, and extra perks. Management is no longer as lenient. Most banks are forcing workers back to the office, cutting back on the extras, reducing the bonus pool, and generally putting their foot down. Goldman is now seeing workers exiting for other opportunities at a rapid pace.
Business Insider reported that through August, 11 junior bankers left the healthcare team alone, with six exiting on the same day. This only exacerbates the long hours and stressful environment as the work is now spread among fewer team members.
Workers throughout the country are losing their tolerance for hypocritical management and outlandish hours. Instead, many are choosing to decamp for greener pastures. Bankers, although possibly hardier than average, are no different. The negative attention lawsuits and investigations bring doesn’t make the work any easier. While Goldman remains a beacon of Wall Street excellence in the industry and in the eyes of the hundreds of thousands of eager applicants every year, these issues may take some slight shine off the solid gold exterior.