It’s just a movie. But what stockbroker Jordan Belfort yells at his subordinate staff in “The Wolf of Wall Street” when he stands in front of them, drunk in a dark blue $ 2,000 suit, turns out to be unrepresentation. so unrealistic of a very special world. “Are you behind on your credit card bills?” Asks Belfort. “Does your girlfriend think you’re a goddamn loser?” Then pick up the phone. They should kindly work. “I want you to solve your problems by getting rich,” cries Belfort.
In the modern world of the big banks, things are probably not as heavily loaded with testosterone as in the stockbroker Belfort movie. But what apparently still applies today on Wall Street in New York, whether in the offices of stockbrokers or with colleagues in investment banking: There is a lot of work. And: Problems are often solved with money.
Please do not expect to work after 9 p.m. on Friday
Junior analysts at Goldman Sachs reportedly complained months ago that their workload was too high. 105-hour weeks were discussed in an internal investigation that allegedly originated from the bank and circulated in February. Even some specific requests were made: on Fridays, no more work is to be expected after 9 p.m. And: a weekly limit of 80 hours would be nice.
Now the US investment bank has apparently reacted to the discontent of young employees. As the Financial Times reports, it will pay them more in the future. In the first year, analysts are expected to earn $ 110,000, almost 30% more than before. In the second year, they are already 125,000. Exclusive bonuses, of course. The bank did not comment on the report on Tuesday.
In any case, Goldman Sachs is probably also reacting to the competition with its decision. Banks such as Citigroup and JP Morgan had recently raised the salaries of young investment bankers and thus have certainly aroused the envy of Goldman’s junior staff.
The workers also have a good argument on their side: because there are currently a number of mergers and acquisitions in the financial markets, the investment banking banks are making splendid profits. And young professionals have a lot to do as a result. Too much to do. What advice would Jordan Belfort give you? Probably only one thing: get to work!