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Long hours and high stresses were brought to light in 2015 when Sarvshreshth Gupta, a 22-year-old Goldman analyst, committed suicide after complaining about working 100 hours a week and working all night.
The 13 employees detailed five hours of sleep a night, abusive treatment by senior bankers, and the effects on their physical and mental health in their testimony, which started circulating on social media on Wednesday. “I’ve been through foster care, and this is arguably worse,” one person said.
“We’re expanding our efforts to recruit new junior bankers around investment banking, and we’re internally moving bankers to business lines where activity levels are highest,” Mr Solomon said in his address to employees.
He went on to say that the company was attempting to control its workload and reorganize some of it so that it could be achieved automatically: “We’re also becoming more careful about which market opportunities we seek, and we’re trying to automate some of our business processes.” Last week, Goldman Sachs told the BBC that business was booming and volumes were at record highs. For 2020, the investment bank announced net sales of $44.6 billion (£32.1 billion).
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EVP, Chief of Staff, and Secretary to the Board of Goldman Sachs John F. W. Rogers
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Executive Vice President, Chief of Staff, and Secretary to the Board of Directors is John Rogers. He is in charge of Executive Administration and the company’s corporate affairs roles, which include media, investor, and government relations, as well as corporate engagement. Mr. Rogers serves on the Firmwide Client and Business Standards Committee, as well as the Firmwide Reputational Risk Committee. In addition, he is the chairman of the Goldman Sachs Foundation. In 1994, Mr. Rogers joined Goldman Sachs. In 1997, he was promoted to managing director, and in 2000, to partner.
From 1991 to 1993, Mr. Rogers was the US Department of State’s Under Secretary of State for Management. He was Executive Vice President of the Oliver Carr Company from 1988 to 1991. From 1985 to 1987, Mr. Rogers was Assistant Secretary of the Treasury, and from 1981 to 1985, he was an Assistant to the President of the United States at the White House.
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The JPMorgan Chase Institute’s Chief of Staff is Gena Stern. Gena previously worked at the Consumer Financial Protection Bureau as a Senior Advisor to the Chief of Staff. She advised the Director and Chief of Staff on the agency’s general management and procedures, directed strategic internal communications, and led organizational and workforce development initiatives in that capacity.
Gena worked for a number of financial services firms before joining the CFPB, including Goldman Sachs and American Express. Gena graduated from Harvard College with a B.A. in English Literature and an M.B.A. from Harvard Business School.
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Since April 2011, John Rogers has served as an Executive Vice President at Goldman Sachs and as Chief of Staff and Secretary to the Board of Directors since December 2001. Mr. Rogers is a Management Committee member. In addition, he serves as Chairman of the Goldman Sachs Foundation and Goldman Sachs Gives. From 1994 to 2001, he worked in the Fixed Income Division for the company, where he held different roles.
Mr. Rogers was a Senior Fellow at the Baker Institute at Rice University before joining Goldman Sachs, after serving as Under Secretary of State for Management at the US Department of State from 1991 to 1993. He served as Executive Vice President of the Oliver Carr Company from 1988 to 1991, and before that, he served as Assistant Secretary of the Treasury from 1985 to 1987 and Assistant to the President for Management and Administration from 1981 to 1985.