Once upon a time, juniors in Goldman Sachs’ investment banking division would be working Friday night. They’ve might’ve been working Saturday night too and maybe also Saturday day.
Not any more. Ever since 2013, Goldman’s juniors have been compelled to stop working at 9pm on a Friday and are only allowed to start working again at 9am on a Sunday. The rule was devised after discussion with IBD juniors by David Solomon, Goldman’s former co-head of investment banking, current co-president, and recently outed international D.J, “D-Sol”.
Now it seems that Solomon isn’t the only one out and about at the weekend. Goldman juniors in London say their Facebook feeds are alive with boasts from colleagues who’ve spent Friday to Saturday partying before resurfacing in the office on Sunday morning.
“Work hard, party hard is very alive at GS,” says one London associate. “As long you’re showing up on time, putting in the hours, performing well and are pleasant to work with, you can do whatever you want, and go wherever in your hours outside the office (you also have to avoid negative press, and not get into any trouble at all with the law for the sake of the corporate reputation).”
Recent examples have included a junior who went to an East European party capital for a weekend and then boasted on Facebook about having zero hours sleep before flying back into work after an “amazing weekend”. “Croatia, Hungary, Poland and Prague are all popular with analysts and associates. It’s not full pre-crisis bacchanalia but people are still going for it,” says the junior. “For longer breaks, VPS and MDs seem to prefer Lake Como, Lugano, Ibiza and the Amalfi Coast.”
The weekends after the CFA exams and the CFA exam results (ie. this weekend) are also understood to be big for Goldman juniors who participate and pass. “There are people who take holidays in May to party and study for the CFA in the Med, then blow off steam after the exams and again after the results, but always turn up on Monday,” the associate adds.
Senior Goldman bankers are reputedly cool with all this: “They tell us, ‘war stories’ of their own, of the times before they domesticated themselves with a spouse and kids. Goldman bankers do like to party – the recent retirement event for Michael Woody Sherwood concluded at Lou Lou’s nightclub in London’s Mayfair, where Goldman executives including Lloyd Blankfein, and presidents Harvey Schwartz and Solomon were said to have “lived it up until the small hours.”