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Goldman Sachs Spells Out New “Saturday Rule” For Junior Employees

If Gary Cohn so much as sees one ass in one chair past 9PM on a Friday, there’ll be hell to pay.

As David Solomon discussed at last week’s Americas IBD Townhall, several initiatives are being rolled out over the next few weeks/months that are designed to improve the junior banker experience. We are committed to implementing these initiatives to better enable our junior bankers to have successful and sustainable long term careers at the firm. We have summarized the key initiatives below.

Please note that the Saturday rule begins this weekend.

Please let your BUL/BUM know if you have staffing needs that require your junior banker(s) to be in the office from Friday 9PM through Sunday 9AM. Going forward, please make sure you notify the BUL/BUM by 9AM on Friday mornings.

· All analysts and associates are required to be out of the office from 9PM on Friday until 9AM on Sunday (begins this weekend)

If a junior banker needs a cultural, personal or religious exception to the Saturday rule (i.e. would like Sunday off instead) please post your BUL/BUM by 9am on Fridays

If a team needs a professional exception to the Saturday rule (i.e. a junior banker needs to work on Saturday and/or the entire weekend), please email your BUL/BUM by 9AM on Friday for approval. Please cc the team and state the business critical reason for the junior banker needing to work Saturday.

· Exceptions will not be the norm and should be used sparingly

· Exceptions will be tracked and reported to Exec Comm on a quarterly basis

Work should not shift from office to home: junior bankers are not expected to log in from home and work. Junior bankers are still expected to check their blackberries on a regular basis over the weekend. The expectation is that work will not be assigned on Saturday to be completed Saturday.

· All analysts and associates are expected, and will be strongly encouraged, to take 3 weeks of vacation a year:

This should include at least one, but preferably two, protected one-week vacations

Vacations will be tracked and reported on a quarterly basis

All analysts, including new first year analysts, are expected to take time off (preferably one week) before the end of the year in an effort to focus on work-life balance

Earlier: Goldman Attempts To Make Junior Investment Banking A Slightly Less Miserable Enterprise
Related: Goldman Sachs Is Monitoring Junior Bankers to Make Sure They’re Taking Saturdays Off [DI]

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33 Responses to “Goldman Sachs Spells Out New “Saturday Rule” For Junior Employees”

  1. Guest says:

    Why do they have to be logged-in to use Excel at home? Particularly if they can read they emails through their Blackberries.

  2. Guest says:

    So working on a Sunday, the Lord's day, is kosher but Saturday is not?

  3. Guest says:

    Blankfein was right. They are doing God's work. God takes off on Sunday while GS Junior bankers cover for him.

  4. Reader says:

    Is this for real?

  5. HighFrequencyHater says:

    They still use blackberries?

  6. Dimon says:

    My opening to finally wipe them out. Pussies.

  7. Goldman HR says:

    Look, analysts. There isn't enough work to keep everyone busy. And we all have to look busy, right?

    So go home and stop finishing the work! We don't have any more to give you. Go buy some more hair gel or something.

  8. Acronym Aficionado says:

    BUL/BUM sounds like a fun job, where do I sign up?

  9. Matt Levine in 2008 says:

    But what if I want to be logged in and working on a deck on Saturday? What else was I going to do with my weekend?

  10. Jon C. says:

    What's the rationale? Happier, healthier, long-term employees? I don't buy that. Are they subject to some type of class action lawsuit seeking overtime pay from past jr. employees? I'd buy that.

    • Goldman Sachs HR says:

      Actually Jon, this stems from when you made analysts from other departments come to your home on the weekends to set up your personal trading station and then thought a nice treat for them would be regaling them with stories about your "greatest trades" and how you could totally kick Hank Paulson's ass in a fight.

    • carah says:

      All in an effort to recruit future junior bankers away from Silicon Valley.

  11. Guest says:

    Is it like how Dealbreaker HR recently mandated that nothing be posted until about lunchtime?

  12. gs vp says:

    so instead of putting in 10 hours on Sat and 10 on Sun, they'll do 20 on Sunday. no big deal

  13. MFIN Grad says:

    What's next? you are gonna tell me half-black lineman in the nfl shouldn't be fucked with?

    – Incog'

  14. Glad I Left says:

    Must be fun to be a senior VP trying to make MD, or a junior MD trying to make PMD, and having to choose between emailing the BUL to say you need the junior team to come in Saturday or emailing the client to tell them that you won't have the book ready for the call on Monday.

    Or no, wait….just have them show up at 9am sharp on Sunday morning and work for 24 hours straight. Problem solved!

    • Donny says:

      Miserable fucking business

    • Bored Guest says:

      Or, you just tell the analyst to work on Sat and STFU.

      – guy who knows how this will really work

    • guasto says:

      just a simple redistribution exercise. 36 hours > 6/7 of a week's sleep. they'll save on car service AND reduce the inefficiency of all that transit time to and from the office. this, ladies and gentlemen, is what you get an MBA for.

  15. Guest says:

    You forgot 'no dying on the job'

  16. Dimo says:

    I wish i was lloyd blankfein

  17. The Jr. Bankers would like to say: "Thank Jew very much."

  18. guest says:

    they probably wont get paid as much as either..its a double edged sword

  19. David says:

    Let's watch the performance ratings for the next year now!

  20. Guest says:

    Work will be assigned Friday that will take up your time on Saturday, so there's no need to log in. Send it to me by 9:01AM Sunday morning.

    – Your idiotic VP

  21. guest says:

    I knew I should have signed up for a Goldman job!

    -Pace part-time MBA student

  22. guest says:

    Cohn: We need a new way to know for sure which of the young guys are really committed to selling their body and soul to us, so we can weed out the slackers from the true believers.

    Goldman HR: I got just the thing to confuse the slackers. Let me compose the memo.

  23. Dillon says:

    A stupid rule. But who cares, GS and its minions suck anyway.

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