The 100-hour work weeks the youngest associates ta Goldman Sachs were working made headlines three weeks ago.
You know what everyone is talking about now regarding Goldman Sachs? Record sales and profits. Are the two stories related? Probably.
The jump in quarterly profit was enormous. Almost 500 percent higher than what analysts predicted, as the $10.22 a share forecast instead came in at $18.60 a share.
Revenue was estimated to hit $12.61 billion, but instead it came in at $17.7 billion.
The working conditions were no doubt tough, as the youngest workers described their conditions as inhumane, abusive, and worse.
What’s interesting is Goldman Sachs CEO David Solomon said the company was sign to try to peel back on their workload, and get it in the 90-hour range. But there has been no word on whether that happened or not.
Another thing working in the favor of Goldman is their trading revenue spiked 47% because the stock market in general is red hot.
The bottom line is the company is printing money. The hard working young guns played a big role in that success, and in a decade or so, when the next generation of entry level workers have taken their place, and this crew is in more senior positions, they will reap the benefits in seven figure bonuses.
What goes around, comes around.