May 27, 2024

Ex-Goldman Sachs Executive Alleges He Screamed Employees Often: Report

  • A former Goldman Sachs exec says it was a “bullying culture” that made employees cry, the Daily Telegraph reports, citing a lawsuit.
  • The former executive reportedly made the allegations in a complaint in London.
  • In a statement to Insider, Goldman Sachs called the allegations “completely without merit.”

A former Goldman Sachs executive said the work culture in the London office was so bad that people would shout at meetings, the Daily Telegraph reported, citing a legal complaint.

Ex-executive Ian Dodd said Goldman’s “culture of bullying” caused him to have a mental breakdown, the Telegraph reported, citing his court filing. He said the ultra-long hours he worked had affected his mental health.

Dodd, who was the global head of recruitment at Goldman Sachs, filed the complaint in the High Court of Justice in London, according to Goldman’s own filing in the case. He joined the bank at the end of 2018 and left in 2021, the Telegraph reported.

Dodd said the work culture at the elite investment bank was so cut-throat that employees would even hear offensive comments like, “Take that as your first punch in the face,” he alleged in the complaint, the Telegraph reported.

Goldman denied Dodd’s allegation about employees crying at meetings in its own legal filing in response to the complaint. “As in many workplaces, there were occasions when colleagues were upset, for various reasons (sometimes unrelated to work and sometimes related to work), but it is denied that such cases were that often or usually,” the bank said in its filing. , he shared with Insider.

Goldman also said the company did not impose “unreasonable or inappropriate demands” on Dodd, and said it did not give him “goals, delivery objectives or deadlines.”

“If he felt pressure, it was self-generated; it was not imposed on him,” the bank said in its filing. “If he worked excessive hours, this was not because he was required or expected.” The bank’s filing also said it provided him with “adequate support” and “wellbeing resources”, including mental health support.

In a statement to Insider, Goldman said: “We believe these claims are completely without merit.”

A LinkedIn account that appeared to belong to Dodd did not immediately respond to Insider’s message seeking comment before publication.

The high-pressure workplace culture at Goldman Sachs and investment banking in general has been the subject of press coverage and litigation.

In 2021, an informal survey sent to Goldman Sachs management from 13 junior bankers describing the firm’s “inhumane” working conditions was carried out on social media. “One year into COVID, it’s understandable that people are stretched thin, which is why we’re listening to their concerns and taking various steps to address them,” a Goldman spokesperson told Insider in a statement at the time.

Last year in the United States, Goldman Sachs settled allegations from a former partner who alleged a culture of discrimination against women at the firm. The bank paid $12 million to the former partner to settle the claims, Bloomberg reported at the timenoting that the bank’s general counsel said at the time that “Bloomberg’s reporting contains factual errors, and we dispute this story.”

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