Goldman Sachs offers unlimited paid leave to senior staff

The company is known for its 100-hour work weeks but now some staff can go on holiday for as long as they like and still get paid.

The company is known for its 100-hour work weeks but now some staff can go on holiday for as long as they like and still get paid.

Senior bankers at Goldman Sachs will now have the option to take unlimited holiday days to “rest and recharge” – but time off for junior staffers who have complained of brutal work conditions will remain limited, according to reports.

As part of the new policy, all Goldman employees will be required to take at least three weeks vacation time starting next year, the New York Post reported.

The most senior staffers – including partners and managing directors, where Goldman recently has seen an exodus of top talent in recent months – will be able to take time off “without a fixed vacation day entitlement”.

Goldman said it was “committed to providing our people with differentiated benefits and offerings to support wellbeing and resilience,” according to a memo obtained by the Financial Times.

“As we continue to take care of our people at every stage of their careers and focus on the experience of our partners and managing directors, we are pleased to announce enhancements and changes to our global vacation program designed to further support time off to rest and recharge,” the memo added.

Junior-level workers, however, will still be limited as to how much time off they could take, though they will be awarded two extra days off each year.

Goldman Sachs officials didn’t immediately return a request for comment on the report.

Goldman has sought to improve work-life balance among its employees after complaints from junior-level staffers that they were made to work 100-hour weeks.

David Solomon, Chairman and CEO of Goldman Sachs. Picture: Patrick T. Fallon/AFP

Earlier this year, bankers at the company threatened to quit over management’s demands that they show up to work at the office five days a week.

When Goldman instituted a mandate for staffers to return to the office, junior bankers reportedly started interviewing for jobs elsewhere that offer more flexibility.

David Solomon, the bank’s hard-charging CEO, said earlier this month that more than half of Goldman employees – between 50 and 60 per cent – have returned to work on site full time.

Last month, Goldman also angered employees by scrapping free daily car rides to the office, a perk that was introduced during the pandemic.

Goldman Sachs offers unlimited holiday time to senior staff.

That same week, the bank said that it would hike its meal allowance to $30 from $25 – two months after the New York Post reported that staffers complained they couldn’t even afford a fast food meal with their low stipend.

Other Wall Street firms are trying to entice workers by offering a better work-life balance.

Citigroup recently announced that it would open offices in the Spanish coastal town of Malaga, where junior staffers could enjoy warm weather and a relatively low cost of living.

JPMorgan Chase initially required its work force to return to the office full time, but management showed more flexibility and allowed staffers to work from home three days a week.

This article originally appeared in theNew York Post and was reproduced with permission

Originally published as Goldman Sachs offers unlimited paid leave to senior staff