Tags: bets, cafeterias, Goldman Sachs, Lloyd Blankfein, lunch
An investigative report by NetNet’s John Carney leaves no stone unturned.:
Goldman didn’t like the idea of its people waiting on long lines to get their lunch. People are capital to Goldman. It wants to use its capital efficiently. Standing on line waiting for dumplings or salad or a burger is not an efficient use of Goldman’s capital. The cafeteria has a set of timed discounts. If you show up in the cafeteria before 11:30 or after 1:30, you get a 25 percent discount on your food. Goldman incentivizes employees to avoid the rush hour. As it turns out, Goldman folks are both especially attuned to economic incentives and ruthless about capital efficiency. There are some Goldman employees who take pride that they’ve never eaten lunch inside the “cost penalty window,” as one trader referred to the two hours when the discount isn’t in effect. Others take it more casually. If you find yourself in the cafeteria sometime around 1:20 pm, you’ll notice that the lines at the pay registers are empty. So are many of the tables. But the cafeteria area between where the food is collected and where you pay is quite crowded. The Goldman lunchers are chatting with each other, waiting for the final minutes to tick down until they can save a dollar or two…
Lloyd Blankfein reportedly loves the Goldman cafeteria. I bet he eats before 11:30 or after 1:30.
The creepy capital efficiency of Goldman’s cafeteria [NetNet]