Reply to: Goldman Sachs - "In humane" working conditions?

[courtg9000]

I know someone who is ex-goldmans and is now a British Gas engineer. He says he is much happier and his family life is much better even with a 70% pay cut!

[LondonManc]

Oooo. I've got loadsamoney. I'll buy another suit and a pen. Hardly enjoying your money is it?

It is in their materialist world.

[AtW]

Easy way to fix it, signing the opt out results in overtime payments 1.5 times weekdays and 2-3 times for weekends and Bank holidays. Once the employer has to pay they work out how to outsource the job

FTFY

[vetran]

Same with the opt out. What is even the point of such an "employee protection" measure if you can simply be asked (forced, let's be realistic) to sign away the "right" as a condition of employment? A day off in lieu, or perhaps even an afternoon off and a couple of beers, was about as good as it got for compensation for weeks of overtime.

Easy way to fix it, signing the opt out results in overtime payments 1.5 times weekdays and 2-3 times for weekends and Bank holidays.

Once the employer has to pay they work out how to do without!

[AtW]

Same with the opt out. What is even the point of such an "employee protection" measure if you can simply be asked (forced, let's be realistic) to sign away the "right" as a condition of employment? A day off in lieu, or perhaps even an afternoon off and a couple of beers, was about as good as it got for compensation for weeks of overtime.

You kept your job too

[AtW]

Oooo. I've got loadsamoney. I'll buy another suit and a pen. Hardly enjoying your money is it?

It’s Parker rather than BIC

[NotAllThere]

I take it you've never been to Canary Wharf's shopping mall then? They don't have Hugo Boss, Mont Blanc and similar outlets for nobody to spend money in.

Oooo. I've got loadsamoney. I'll buy another suit and a pen. Hardly enjoying your money is it?

[mattster]

I'm not sure who you have worked for but most of my employers have insisted that I sign the 48hr opt out since it was created. It is toothless and needs reviewing.

I have been salaried since the early 90s with overtime not an option except when contracting.

Same with the opt out. What is even the point of such an "employee protection" measure if you can simply be asked (forced, let's be realistic) to sign away the "right" as a condition of employment? A day off in lieu, or perhaps even an afternoon off and a couple of beers, was about as good as it got for compensation for weeks of overtime.

[vetran]

It is 100 hours working for £50k and more importantly annual top 1% earning potential.

Now it is good that we are investigating abuse but people who work in consultancies and IBs are probably in a better position to change to a less abusive employer (saw it in Arthurs and others). I worked similar hours over short periods in my twenties and thirties for many companies.

Now these guys are getting royally screwed:

https://www.theguardian.com/society/...-supreme-court

Since the original court ruling in 2017, many sleep-in care workers have been paid at an hourly rate rather than a flat rate, in effect doubling the cost of a shift to about £70. The supreme court ruling has led to speculation that some providers will revert to the £35 flat rate.

One sleep-in care support worker working with highly vulnerable disabled clients said he would lose about £160 a month if his employers reverted to the old rates. “We are really panicking. People have mortgages to pay and children to feed. The impact would be massive.”

I'm not sure who you have worked for but most of my employers have insisted that I sign the 48hr opt out since it was created. It is toothless and needs reviewing.

I have been salaried since the early 90s with overtime not an option except when contracting.

[LondonManc]

Not really. They're earning loads but have no time to spend it.

So it seems that IBs are set up so only complete gits succeed at the expense of all others. And we want these people to have such an influence on the economy...?

I take it you've never been to Canary Wharf's shopping mall then? They don't have Hugo Boss, Mont Blanc and similar outlets for nobody to spend money in.

[SueEllen]

Not really. They're earning loads but have no time to spend it.

So it seems that IBs are set up so only complete gits succeed at the expense of all others. And we want these people to have such an influence on the economy...?

Sounds like a drug cartel except the risk to your health isn't so immediate....

[NotAllThere]

People there are accepting a materialistic life

Not really. They're earning loads but have no time to spend it.

So it seems that IBs are set up so only complete gits succeed at the expense of all others. And we want these people to have such an influence on the economy...?

[LondonManc]

I think your second sentence explains exactly how they get away with it.

With the amount of hours some work, that £50k works out less than minimum wage. They have to sign away the right to a max 40 hour working week to get the job. It's one thing to prove yourself worthy of having a good job, it's another to be pushed so hard that you'd literally be earning more per hour stacking shelves in Tesco.

Investment banks are toxic environments and I think it's right that people get to see that it's not all coke, hookers and champagne. There's a lot of people down the lower rungs of the ladder slogging their guts out for a psychopathic boss just for the "honour" of working for that firm. Not everyone has a working week like Tarbs.

No it doesn't. 90 hours for a grad on minimum wage works out around £38k per annum.
Oh and it's waiving rights to 48 hours, not 40. That's without the chance of progression - better chances at IBs than Tesco shopfloors.

If you want the big bucks, you've got to earn them - VPs often do 60-70 hours weeks to get their directorship so it doesn't stop with the grads. I've left the building at 8 a couple of times (MyCo's marketing spend near renewal time!) to head to the bar over the road and there are still loads of food deliveries happening.

People there are accepting a materialistic life - if they ever have an epiphany and realise that there's more to life than killing yourself for someone else's new Lambo, they can plan a route out.

[northernladuk]

And I guess if the working hours and generally toxic environment leave you so broken that you jump out of a window or die of a seizure in the shower, that's just evolution at work weeding out the crap?

Or they could become teachers/nurses. Do somewhat similar hours for a quarter of the money

[mattster]

And I guess if the working hours and generally toxic environment leave you so broken that you jump out of a window or die of a seizure in the shower, that's just evolution at work weeding out the crap?

No doubt there is an expected, non-zero attrition rate. There isn't room for all of them at the top, after all. I don't have a huge amount of sympathy for aspiring investment bankers, tbh - this career choice is entirely optional, and entirely motivated by greed. I have much more sympathy for the tulip that junior doctors have to go through in their early years, especially since the consequences of them getting it wrong, due to tiredness/burn out, are so much more serious.