W28432 PDF Eng

W28432
GOLDMAN SACHS: ARE YOU BURNT-IN OR BURNT-OUT?1
Julia Leonard wrote this case under the supervision of Hayden Woodley solely to provide material for class discussion. The authors
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On April 4, 2021, Mariana Pierre, a top-ranked undergraduate business student, received a full-time job
offer from the Goldman Sachs Group, Inc. (GS), a prestigious multinational investment bank. Although
Pierre had been keen about GS during the recruiting process, she became increasingly skeptical about the
reality of working at the firm. While doing company research to inform her decision, Pierre learned of two
critical incidents of employee burnout. As working for GS had been her dream ever since starting business
school, Pierre was eager to start the position and accept the offer. However, as the opportunity began to
sink in, Pierre started to speculate: What was GS’s culture really like? Would the company culture align
with her values? Would she be a good fit in the organization?
MARIANA PIERRE: PERFECT CANDIDATE FOR THE JOB
As a high-achieving individual, Pierre was extremely studious and had placed within the top percentile of her
university’s program. Since starting her undergraduate degree, Pierre’s courses had mainly focused on
economics; however, during her third year, she started an honours degree in business administration at a
prestigious business school in Canada⎯as a first-generation Afro-Caribbean Canadian female with parents
who had immigrated to Canada from Trinidad and Tobago, this was an accomplishment Pierre was proud of.
Despite having little exposure to the field, Pierre had already shown promising business acumen prior to
starting business school, placing first in several first- and second-year case competitions. In addition, Pierre
had been actively involved in several on-campus clubs and activities, such as being an analyst as part of her
institution’s Investment Club and a member of the Pre-Business Students’ Network. Over the past summer,
Pierre worked as a summer finance analyst at a large international financial services company. During her
time there, she became increasingly interested in investment banking, a segment of financial services that
advised organizations, individuals, and governments on financial and investment decisions. She saw
investment banking as a lucrative career path that aligned well with her analytical and communicative
demeanour and that provided an opportunity to work in a fast-paced environment on complex financial
models. Pierre was confident that she wanted to work for a firm that would prioritize collaboration, an
inclusive culture, and strong leadership. She also became increasingly interested in supporting a company that
was not just focused on the bottom line but also focused on social good outcomes. The one area where Pierre
struggled to achieve balance was obtaining attractive compensation and maintaining work−life balance—she
valued both highly and wondered if investment banking would allow her to have them.
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Leading up to eventually obtaining an interview at GS, Pierre had spent countless hours networking with
industry professionals and business school alumni to gain more insight into the recruiting process. She had
then tried to attend as many information sessions as possible, as well as multiple specific company events.
The next, and final step for Pierre had been to begin applying for various investment banking positions.
After all this hard work, Pierre’s efforts were validated by receiving multiple offers, including an offer from
the firm she coveted the most: GS. The GS recruiter said the company was very impressed by Pierre’s
interview, and that she was its choice for the junior investment banking analyst position.
COMPANY OVERVIEW: AN INDUSTRY LEADER
Founded in 1869, the Goldman Sachs Group, Inc. (NYSE: GS) was a prominent international financial
institution that delivered financial services such as investment banking, investment management, and
consumer banking to private and public sector clients.2 GS’s purpose was rooted in its four core values:
client service, excellence, integrity, and partnership (see Exhibit 1). Notably, while several financial
institutions, such as Lehman Brothers Holdings Inc., were irreparably damaged by the 2008 recession, GS
was able to maintain its position as a global leader. During August 2018, GS was named the most prestigious
investment bank in the Vault Guide to the Top 50 Banking Employers3 for the tenth consecutive year.
Additionally, the firm ranked number one on Vault Inc. (Vault)’s 2018 Top 50 Banking Employer List.
According to responses from Vault’s survey, the GS experience was characterized as “working with and
learning from intelligent, talented, hardworking, supportive colleagues in a culture of excellence.”4 During
2020, the firm experienced an uncertain macroeconomic environment due to the COVID-19 pandemic.
GS’s steady focus on serving its clients and executing on strategic priorities contributed to net revenues of
US$44.56 billion, a 22 per cent increase from 2019 and the highest annual net revenues in eleven years.5
A key component of GS’s culture and success was its Investment Banking division, which focused on
providing clients with high-quality strategic advice and creative financing solutions in areas ranging from
mergers and acquisitions and financing to risk management transactions. Thomas, a vice-president in the
New York Investment Banking division, described the work experience as follows: “Every day you are
doing something different, like helping draft a roadshow document so that a client can raise capital for
growth . . . or advising a company in an acquisition.”6 Strategic priorities for the division ranged from
driving superior returns for its stakeholders to being the world’s preeminent investment bank. Further, the
division was separated into various units: Classic Investment Banking, the Mergers & Acquisitions Group,
the Financing Group, Transaction Banking, Operations, and Engineering. The typical team composition for
each unit included one person from every level (i.e., analyst, associate, vice-president, managing director,
and partner). The team size varied depending on the size and scope of a project. For example, there could
sometimes be multiple analysts and partners on a given deal.7
Many people believed the reason why GS was so successful was because it was driven by “people power”
(i.e., its selection and development of top talent). Confirming this belief, GS’s website stated: “Our people are
our greatest asset.”8 With an acceptance rate of roughly 4 per cent of all job applicants, the firm’s recruitment
and selection practices focused heavily on identifying highly talented students and experienced professionals.
The company sought individuals who had an appetite for excellence and believed in “the power of the team,
integrity, and leadership.”9 Specifically, GS’s Investment Banking teams looked for candidates who would
“thrive in a dynamic environment where multitasking and time management skills are essential.”10
GS noted that applicants in this division “should be comfortable working with numbers and be an analytical
thinker. Strong communication and interpersonal skills are needed in order to work successfully with clients
and team members.”11 In addition, GS heavily invested in its people through training and progression,
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focusing on three key pillars: learning, development, and apprenticeship. These pillars were what drove
Goldman Sachs University, which new hires could access to accelerate their integration into GS’s culture
through digital orientation and learning programs. These learning opportunities were a key component of
GS’s ongoing investment in the development of an employee throughout the employee’s career. Further, at
every career milestone, individuals were supported through tailored training programs and ongoing
feedback offerings. Finally, GS embodied an apprenticeship culture in which junior team members learned
by working closely with experienced, senior professionals.12
GS’s best entry-level analysts were typically promoted to the associate level in about three years.
Approximately three more years would lead to attaining an executive director or vice-president position. The
highest-performing individuals would eventually become managing directors—GS’s managing directors
were usually promoted based on their ability to establish client relationships and execute on larger deals. At
that point, there was no defined time limit for how long a managing director would stay at that level because
a promotion to partner was not guaranteed. Those who made partner were chosen based on their money-
making credentials, managerial skills, and demonstrated commitment to the firm’s culture and values.13 GS’s
partner nomination process was a highly anticipated event. To determine nominations, GS’s existing partners
engaged in highly secretive “cross-ruffing”—a term that referred to GS’s rigorous cross-checking procedure,
which involved teams of partners interviewing each other about potential candidates until a short list
emerged.14 The firm’s rigid top-down hierarchy ensured there were clear lines of authority and reporting,
while also motivating employees through explicit career progression rewards and incentives (see Exhibit 2).
GS also committed itself to equity, diversity, and inclusion by working to create and sustain a diverse work
environment (i.e., hiring persons with various cultural backgrounds and physical abilities/disabilities, and
of different races, religions, genders, and sexual orientation) for the firm, its people, and its clients. The
company strove to make progress toward racial equity, advance gender equality, and increase representation
at every level. GS focused on its commitment to equity at all levels of the organization by expanding its
development programs for equity seeking groups (e.g., the Black Analyst Initiative). On January 21, 2020,
GS’s chief executive officer, David Solomon, spoke at the 50th World Economic Forum Annual Meeting.
He announced that GS, being one of the largest underwriters of initial public offerings,15 would not take
companies public in the United States or Europe if these companies did not have one diverse board director,
at a minimum. Solomon noted, “From a governance perspective, diversity on boards is a very, very
important issue. We have been very, very focused on it. So, we’re trying to find ways to encourage that.”16
GS had a thirteen-member board of directors that included six women and three persons of colour. During
Solomon’s address, however, he did not mention any mandates for increased diversity of the firm’s
executive team, which consisted of seven men and two women⎯all of whom were White.17
FIRST-YEAR ANALYST CONTROVERSY: EMPLOYEE BURNOUT
In March 2021, it became public that a group of junior investment banking analysts at GS had told senior
management they were suffering burnout from 100-hour work weeks during a spike in special purpose
acquisition company (SPAC)18-fuelled deals. Nearly a year since the start of the pandemic, this workplace
culture crisis heightened the importance of senior leadership prioritizing employees’ mental and physical
health. The situation came to a head after a group of GS employees surveyed thirteen junior analysts across
teams and created an official eleven-page slide deck to present the findings to senior management: the deck
was later posted on social media and subsequently went viral, garnering attention from several news
channels and business journals.19 Although the survey only had a sample size of thirteen individuals and
might therefore not be representative of the whole, headline stories from the raw data illuminated alarming
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trends: work−life imbalance, deteriorating personal well-being, workplace abuse, and poor organizational
outcomes. The key takeaways based on the quantitative responses included the following:
• Respondents reported, on average, that they were experiencing work−life imbalance:

o Respondents worked, on average, over 95 hours per week
o All respondents felt as though work hours had negatively impacted their relationships with friends
and/or family
• Respondents reported that the stresses of work had been detrimental to their personal well-being:
o Respondents reported, on average, getting only five hours of sleep per night
o Some respondents reported seeking help due to deteriorating mental health
• Respondents reported being victims of workplace abuse:
o All respondents had experienced unrealistic deadlines
o The vast majority of respondents reported experiencing workplace incivility (e.g., being ignored in
meetings)
o The majority of respondents expressed experiencing verbal abuse (e.g., shouting and derogatory
remarks)
• Respondents reported negative organizational outcomes:
o Respondents, on average, reported being dissatisfied with the firm
o On average, respondents reported that they were unlikely to recommend GS as a place to work
o Most respondents said they would likely leave GS if working conditions did not improve over the
next six months
An interesting paradox could be detected in the results of the survey questions: although most GS analysts
were very unsatisfied with their work−life balance, their well-being, the workplace, and the firm in general,
they did not seem to be as worried about other people experiencing the same. When asked how satisfied
they were with the firm, their work life, and their personal life, the median answers—on a scale of 1 (being
very unsatisfied) to 10 (being very satisfied)—were 2.0, 2.0, and 1.0, respectively. Yet when asked “How
likely are you to recommend GS as a place to work to aspiring talent?”, using the same scale the average
answer was 4.2. Evidently, despite the poor working conditions, some respondents would still recommend
the firm to others as a place to work.
Further evidence of poor working conditions could be found in the analysts’ personal testaments appearing
throughout the survey responses, including the following:20
• “The sleep deprivation, the treatment by senior bankers, the mental and physical stress . . . I’ve been
through foster care and this is arguably worse.”
• “I can’t sleep anymore because my anxiety levels are through the roof.”
• “My body physically hurts all the time and mentally I’m in a really dark place.”
• “Being unemployed is less frightening to me than what my body might succumb to if I keep up this
lifestyle.”
• “There was a point where I was not eating, showering or doing anything else other than working from
morning until after midnight.”
• “I didn’t come into this job expecting 9am-5pm’s [9:00 a.m.-to-5:00 p.m. days], but I also didn’t expect
consistent 9am-5am’s either.”
• “What is not ok to me is 110−120 hours over the course of a week! The math is simple, that leaves 4
hours a day for eating, sleeping, showering, bathroom and general transition time. This is beyond the
level of ‘hard-working,’ this is inhumane/abuse.”
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SIGNS OF BURNOUT: AN INDSUTRY STANDARD?
In 2015, Sarvshreshth Gupta, a twenty-two-year-old GS analyst, took his own life hours after complaining
to his father of “100-hour weeks.” Gupta, who was born in New Delhi, India, and graduated from the
University of Pennsylvania, had frequently told his father, Sunil, “This job is not for me. Too much work
and too little time.” Sunil wrote about his son’s death in an essay posted on Medium, a blog-publishing
platform. “He [Gupta] calls us and says, ‘It is too much. I have not slept for two days, have a client meeting
tomorrow morning, have to complete a presentation, my VP [vice-president] is annoyed, and I am working
alone in my office,’” Sunil wrote. He added, “I got furious. ‘Take fifteen days leave and come home,’ I
said. ‘They will not allow [Gupta replied].’ I said, ‘Tell them to consider this as your resignation letter.’”21
GS, without acknowledging Gupta’s claims of strenuous working hours, said in a statement, “We are
saddened by Sav’s death and feel deeply for his family. We hope that people will respect the family’s
expressed desire for privacy during this difficult time.”22 Despite GS’s response to the tragedy, the event
sparked a debate on Wall Street over long hours at the workplace and the resulting high stress levels among
young employees. Around this time, Thomas Hughes, a twenty-nine-year-old employee of investment bank
Moelis & Company, died by suicide; Hughes’s father said his son was “plagued with stress and [and been]
forced to work on a recent trip to the Bahamas.”23 Two years prior to this tragic incident, Moritz Erhardt, a
twenty-one-year-old investment banking intern at BofA Securities (formerly Bank of America Merrill
Lynch), passed away; it was determined later that he had suffered an epileptic seizure while taking a shower
as he prepared to return to the office after working seventy-two hours straight.24 This employee burnout
and stress did not seem to be a solely GS-related issue but rather an industry-wide concern. However, it
seemed that some firms had reflected on the issue following this tragic period on Wall Street, adopting
policies that focused on strengthening culture, wellness, work−life balance, and satisfaction (see Exhibit 3).
INVESTMENT BANKING: HIGH-PAY, HIGH-STAKES, AND HIGH-PRESSURE
The standard investment banking career order was as follows: analyst → associate → vice-president →
senior vice-president → managing director → partner. Analysts and associates were usually the closest to
a project, managing day-to-day tasks and duties. In fact, many analysts were colloquially referred to as
“monkeys” by senior leads, as most analysts typically followed orders from associates and directors.25 In
comparison, those holding the position of vice-president or higher focused more on client management and
firm profitability. Salaries could start around US$70,000 for an analyst; however, with bonuses, many
analysts obtained six-figure compensation and could even earn US$350,000 by the end of their third year.26
At the analyst level, individuals had access to several exit opportunities: private equity, hedge funds, asset
management, corporate finance, corporate development, and venture capital, among others.27 At the top of
the ranks, a managing director’s salary ranged from just under $1 million to several million dollars. This
figure was comprised of a base salary (US$350,000−$600,000) and bonus component (ranging from 100
per cent–200 per cent of the base salary). In fact, a managing director earning significantly less than US$1
million at a competitive investment banking firm was considered to be performing poorly.28 To highlight
the importance of revenue generation for the firm at this level, GS announced in 2019 that it would no
longer guarantee its managing directors a minimum salary of US$500,000.29
Notably, from 2007 to 2019, male directors outpaced female directors by a ratio of 20:1.30 Over the past
decade, Wall Street had made considerable progress when it came to gender equality; most firms were
striving towards expanding their diversity affinity groups and ensuring that entry-level analyst and associate
positions had high ratios of women to men. However, it was evident that investment banks still needed to
take significant action to achieve true equality. In 2010, Vault surveyed thousands of investment banking
professionals, asking them to rate their firms according to various workplace categories. At that time, the
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demographics of the survey participants were 74 per cent men and 26 per cent women. In 2019, the
demographics were more or less the same: 76 per cent men and 24 per cent women.31
The enticement of a six-figure salary in one’s early twenties and of being immersed in Wall Street culture
was appealing to many fresh business school graduates. Investment banking presented opportunities for
high salaries and bonuses at all levels, quick career progression, attractive exit opportunities, strong
development of analytical and soft skills, and exposure to several markets/companies. Many investment
bankers were “Type A” personalities, being highly ambitious, driven, and competitive.32 Required skills
generally included the following: having a keen attention to detail, the ability to take direction well, strong
Microsoft 365 skills, sound accounting and finance knowledge, and excellent financial modelling skills.33
Nonetheless, even if a person had education, experience, and enthusiasm, investment banking might not be
the right fit.34 The investment banking industry was notoriously characterized by its working culture, which
was known for encompassing sleepless nights and extreme pressure. Several important attributes, such as
a “satisfying social life,” “predictability of time off work,” and “being around inspiring individuals,” were
identified to be significantly worse than most undergraduates anticipated.35 A typical nine-to-five work
routine was rare—investment banks were known for their demanding hours and lack of work−life balance.
In fact, a typical analyst workday consisted of “working frantically into the night and wee hours of the
morning to complete a pitch book, rushing home in the morning to shower and change, and then heading
straight back to the office for the meeting.”36
PANDEMIC IMPACT: BURNOUT AT AN ALL-NEW HIGH
The World Health Organization declared the COVID-19 outbreak a Public Health Emergency of
International Concern on January 30, 2020, and a pandemic on March 11, 2020.37 With strict lockdowns
being implemented in most countries, working from home became the new reality for many employees.
Instead of employees commuting to the office, employers had to equip their staff with equipment to work
remotely. In a matter of days, online collaboration tools such as Zoom, Microsoft Teams, and Slack
transformed the way individuals worked. However, in this new environment, many individuals started to
feel as though the pandemic was blurring the line between home and work hours. In addition, uncertainty
loomed: Would my company start laying people off? When would the next surge in cases be? Would new
variants of the virus continue to emerge? What would be the next normal?
In March 2021, Gallup, Inc., an American analytics and advisory company, released a report titled The
Wellbeing-Engagement Paradox of 2020.38 Typically, employee engagement and well-being rose or fell in
parallel. However, in 2020, well-being and engagement diverged: engagement soared while well-being
plummeted. Stress and pressure were at an all-time high with individuals experiencing common sources of
pandemic-induced distress ranging from health worries to social disconnectedness and social injustice.
These impacts had materialized at GS and illuminated the need for the firm to consider the social, financial,
and future costs that might continue to arise if the pandemic prolonged. Working remotely had for many
analysts led to increased feelings of loneliness and disconnectedness from the firm, as social aspects such
as camaraderie and spontaneous conversation had been removed. Instead of experiencing late-night work
grinds with colleagues at the office, many analysts were living at home or in a shared apartment and
“fending off concerns from protective parents,” partners, and friends.39 Although the bank performed
exceptionally well during the pandemic, GS chief executive officer Solomon commented, “I do think for a
business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And
it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible.”40 Evidently,
strategizing plans for a return to the workplace in the future and promoting personal resilience and well-
being would now be a priority if firms wished to continue attracting top talent. This would become realized
as firms recognized that the workplace would never return to the way it had been.
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MILLENIALS AND BEYOND: REDEFINING EMPLOYER EXPECTATIONS
As the millennial generation41 and generation Z42 entered the workforce and baby boomers retired, firms
would need to develop new human resource management practices (e.g., recruiting, selecting, developing,
compensating, and retaining employees) that accounted for key generational differences. Baby boomers had
generally worked in organizations with top-down hierarchies, opposed to the leaner and flatter organizational
structures that were more common today. Research had also shown that baby boomers categorized their
strengths as organizational memory, optimism, and their willingness to work long hours,43 whereas millennials
challenged this norm, desiring more team-based roles, social interaction, and work−life balance. Creating a
job that fit with a millennial’s or a generation Z’s values and culture had become critical for employee
recruitment and retention. In fact, nearly nine out of ten millennials would consider taking a pay cut to work
at a company whose mission and values aligned with their own.44 Moreover, millennials and beyond highly
favoured a job with flexible work hours, as it allowed them to adjust their schedule to maintain work−life
balance while also still meeting performance objectives. Given this trend, many organizations had started to
adapt to this changing labour force by establishing a work environment whereby young professionals could
earn a good wage doing something purposeful, while also having a balanced lifestyle. As stated in a recent
Forbes article, “Wearing a stuffy suit and tie isn’t high on the list of priorities for many young people. They
have alternatives, such as going to work in jeans and T-shirts at cool start-ups that offer pre-IPO equity and
stock options.”45 In addition, for over a decade, researchers had been highlighting an alarming trend:
Generation Z experienced higher levels of anxiety and depression compared to other generations.46 This had
far-reaching implications for firms, as employee stress and anxiety led to turnover, decreased motivation, and
lowered productivity.47 Generation Z was starting careers with higher levels of anxiety (most likely intensified
by the pandemic), and given the importance of this pressing issue, this begged the question: How would
employers respond to the changing labour market? Also, would organizations’ cultures have to change in
order for the organizations to remain competitive and attract top talent?
DECIDING ON THE FUTURE: WAS IT A GOOD FIT?
The more Pierre contemplated the decision, the more she thought about the burnout among GS employees,
wondering, “What happened to those employees? Could that be the future me?” “I wonder what GS has
done about the situation?” Pierre started to feel uneasy given all the information she had discovered about
GS and the industry at large. Adding to her growing stress about the opportunity, she had been given only
five business days to make a decision. Would she accept the intriguing offer? With a lot to consider and
other opportunities on the line, Pierre began to reevaluate her options and seek opinions from friends,
family, and program alumni in the field.
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EXHIBIT 1: GOLDMAN SACHS PURPOSE AND VALUES
PURPOSE
“At Goldman Sachs, we advance sustainable economic growth and financial opportunity.”
VALUES
Client Service
“We lead with a service mindset, enabling us to anticipate and adapt to the needs of our clients and
consumers by delivering thoughtful, innovative solutions.”
Excellence
“We aspire to nothing less than excellence, consistently striving for exceptional performance and achieving
outstanding results for our clients, our shareholders, and our company.”
Integrity
“We hold ourselves accountable to the highest ethical standards, insisting on transparency and vigilance
from our people as we learn from our experiences and make decisions that instill a sense of purpose and
pride in our firm.”
Partnership
“We prioritize collaboration and value diversity, creating a culture that fosters inclusiveness, teamwork, and
an entrepreneurial mindset in the pursuit of professional and personal excellence.”
Source: “Our Purpose and Values,” Goldman Sachs, accessed April 10, 2022, https://www.goldmansachs.com/about-
us/purpose-and-values/index.html.
EXHIBIT 2: TYPICAL INVESTMENT BANKING CAREER PATH
Note: k = thousand.
Source: Brian DeChesare, “The Investment Banking Career Path: The Complete Guide,” Mergers & Acquisitions, February 2,
2022, https://www.mergersandinquisitions.com/investment-banking-career-path/.
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EXHIBIT 3: FIRSTHAND’S TOP-RANKED BEST BANKING FIRMS TO WORK FOR
2021 Best Banking Firms for Culture

#1: Centerview Partners SCORE 9.685
#2: Harris Williams SCORE 9.448
#3: Bank of America Corp. SCORE 9.313
#4: Moelis & Company SCORE 9.311
#5: Evercore SCORE 9.301
2021 Best Banking Firms for Wellness
#5: Guggenheim Securities SCORE 8.329
2021 Best Banking Firms for Work/Life Balance
#4: Solomon Partners SCORE 8.229
#5: Perella Weinberg Partners SCORE 8.137
2021 Best Banking Firms for Satisfaction
#5: Houlihan Lokey SCORE 8.978
Note: All scores are out of 10.

Source: “Best Banking Firms to Work For,” Firsthand, accessed April 10, 2022, https://firsthand.co/best-companies-to-work-
for/banking/best-banking-companies-to-work-for/satisfaction.
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ENDNOTES
1
This case has been written on the basis of published sources only. Consequently, the interpretation and perspectives
presented in this case are not necessarily those of the Goldman Sachs Group, Inc. or any of its employees.
2
“About Us,” Goldman Sachs, accessed April 10, 2022, https://www.goldmansachs.com/about-us/index.html.
3
Vault Inc. provided resources (e.g., career and industry research) to help students and experienced professionals make
informed career decisions.
4
“Goldman Sachs Named as Vault’s Most Prestigious Bank,” Goldman Sachs Careers (blog), August 8, 2018,
https://www.goldmansachs.com/careers/blog/posts/goldman-sachs-vault-2018.html.
5
The Goldman Sachs Group, Inc., Full Year and Fourth Quarter 2020 Earnings Results, accessed April 10, 2022,
https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2020-q4-results.pdf.
6
“Investment Banking: Who We Look For,” Goldman Sachs, accessed April 10, 2022.
https://www.goldmansachs.com/careers/divisions/investment-banking/.
7
“Who We Look For.”
8
“Diversity and Inclusion,” Goldman Sachs, accessed April 10, 2022, https://www.goldmansachs.com/our-
commitments/diversity-and-inclusion/index.html.
9
Sam Dogen, “How to Get a Job at Goldman Sachs from Someone Who Did,” Financial Samurai, January 21, 2022,
https://www.financialsamurai.com/how-to-get-job-goldman-sachs/; “Diversity and Inclusion.”
10
“Who We Look For.”
11
”Who We Look For.”
12
“Maximizing the Potential of Our People,” Goldman Sachs, accessed April 10, 2022,
https://www.goldmansachs.com/careers/training.html.
13
Fareed Sahloul and Samuel Agini, “Making Partner: Career Progression at Goldman Sachs,” MarketWatch, November 7,
2018, https://www.marketwatch.com/story/making-partner-career-progression-at-goldman-sachs-2018-11-06.
14
Jill Treanor, “Behind the Veil of Secrecy of Goldman Sachs’ Promotion Process,” Taipei Times, November 12, 2012,
www.taipeitimes.com/News/editorials/archives/2012/11/13/2003547549.
15
An initial public offering (IPO) referred to the first time a company sold shares publicly. An IPO was typically underwritten
by one or more investment banks, who also arranged for the shares to be listed on one or more stock exchanges.
16
Jena McGregor, “Goldman Sachs CEO Says It Won’t Take a Company Public without Diversity on Its Board,” The
Washington Post, January 23, 2020, https://www.washingtonpost.com/business/2020/01/23/goldman-sachs-ceo-says-it-
wont-take-companies-public-without-diverse-board-member/.
17
“Executive Officers,” Goldman Sachs, accessed April 10, 2022, https://www.goldmansachs.com/about-us/people-and-
leadership/leadership/executive-officers/index.html.
18
An SPAC was a company that had no commercial operations and was formed strictly to raise capital through an IPO.
19
Matt Levine, “Goldman Analysts Work Too Hard,” Bloomberg, March 18, 2021,
https://www.bloomberg.com/opinion/articles/2021-03-18/goldman-analysts-work-too-hard.
20
Emphasis (in italics and bold font) is the authors’ own.
21
Andrew Buncombe, “Goldman Sachs Analyst Found Dead Hours after Complaining to Father of ‘100 Hour Weeks,’” The
Independent, June 3, 2015, https://www.independent.co.uk/news/world/americas/goldman-sachs-analyst-found-dead-hours-
after-complaining-to-father-of-100-hour-weeks-10292977.html.
22
Julia La Roche, “A Father's Heartbreaking Essay about the Untimely Death of His 22-Year-Old Goldman Sachs Analyst
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GOLDMAN SACHS: ARE YOU BURNT-IN OR BURNT-OUT?1

Copyright © 2022, Ivey Business School Foundation Version: 2022-08-12

MARIANA PIERRE: PERFECT CANDIDATE FOR THE JOB

COMPANY OVERVIEW: AN INDUSTRY LEADER

FIRST-YEAR ANALYST CONTROVERSY: EMPLOYEE BURNOUT

• Respondents reported, on average, that they were experiencing work−life imbalance:

SIGNS OF BURNOUT: AN INDSUTRY STANDARD?

INVESTMENT BANKING: HIGH-PAY, HIGH-STAKES, AND HIGH-PRESSURE

PANDEMIC IMPACT: BURNOUT AT AN ALL-NEW HIGH

MILLENIALS AND BEYOND: REDEFINING EMPLOYER EXPECTATIONS

DECIDING ON THE FUTURE: WAS IT A GOOD FIT?

EXHIBIT 1: GOLDMAN SACHS PURPOSE AND VALUES

EXHIBIT 2: TYPICAL INVESTMENT BANKING CAREER PATH

EXHIBIT 3: FIRSTHAND’S TOP-RANKED BEST BANKING FIRMS TO WORK FOR

2021 Best Banking Firms for Culture

Note: All scores are out of 10.

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