Work from home has been detrimental to my mental health.
Yeah if I had a better flat/house it would have been much better than commuting to the office but not everyone can afford this luxury.
Goldman Sachs: Bank boss rejects work from home as the 'new normal'
61–70 of 88 posts
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#62Earlier quoted context omitted.
Most employees of the bank are far from being able to affect money inflows in the bank, so you are specifically talking about traders/private client bankers here, which are few % at most in any bank
That is true, I guess in my head I had assumed that somewhere like GS was just full of traders/ private banking, and not really a lot else - but thinking about it, that doesn't really make sense
You're not too far off it though. The people I know in back office roles at GS tend to have a better work-life balance than most other people I know.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#63I'm of two minds. I don't think most office work can be done from home all the time, but I think a lot of it can be done efficiently from home. On the other hand I also value the social aspect as well as the easy onboarding in-person. For GS, if their competitors are offering better working conditions, their top employees may switch over, leaving them with the ones who don't have a choice. Maybe he would better under…
I doubt that WFH options are a significant factor for the best employees. There are so many other incentives/rewards/perks that imo should rank above this. Eg. Remuneration, opportunities, connection to colleagues (particularly those involved in promotional decisions). > if your competitor is offering it you might want to do it as well. That factor only seems relevant in isolation. Financial remuneration is surely th…
>Financial remuneration is surely the primary factor
Personally, I wouldn't quit WFH even if someone offered to triple my salary to come work in an office.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#64Anyone who thinks working at home is going to be the new normal is delusional. If I'm in the office the first people I'm going to talk to are the ones sitting across from me. After that we might move to the whiteboard and forget about everyone else we can't easily pull in. The people working at home will be left out and it won't even be deliberate.
I don't know what company you are working for or what area but in my company we have team of specialists. You cannot just grab a sales guy and plan a release of a new product with him but you need an engineer as well. If that engineer will be WFH you will have to schedule a meeting and he has to agree to the timeline. Grabbing someone from the desk should die and everyone should respect others work. I think WFH is he…
I would like to hope this is true.
In our weekly Slack summary report, 80% of our usage is 1 to 1 direct messaging, not private group chats, and not channel chats.
We have moved to the virtual grab.
At least in real life, you could see if it was happening.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#65Earlier quoted context omitted.
The amount of rent paid per employee has been driven down over the decades as the square foot space dedicated per employee has driven down. Give employees those savings and it would amount to converting an already used space (a closet) in your home to some pale representation of what you had in the office. Certainly would not justify adding on to the employee’s house, and not everyone has spare space they bought or r…
Rent per square foot in the city center where my company's office is located is at least ten times rent per square foot on a house like mine in the suburb I live in. The rent per square foot for a desk in a serviced office near where I live is about halfway between the two. In fact the rent on a small three bedroom house in my neighbourhood and the rent per employee for office space where I work are comparable.
I think you would be surprised to what the ratio of office square foot to employee headcount looks like. Most modern offices are designed to 150-250 sf per employee including circulating space, common meeting rooms, kitchens, and washrooms.
Also, if what you say is correct, that office space is 10x suburban housing rent, that is most certainly an anomaly unique to your city. That would mean a high end market, like NY or SF with $100-$150 per square foot rents would have housing stock renting for $10-15 per square foot (these are annual numbers). That is not the case in any market I have ever encountered.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#66Let's not forget that the old money institutions are very much stuck in their ways, and there is a culture that goes with it - which is their norm. Newer fintech companies are happy to challenge that norm and modernise it - removing some of that outdated culture. On the other hand, I can see why a large money firm would want to have people in the office using devices/assets that are under their control/watchful eye.
old money institutions are very much stuck in their ways, and there is a culture that goes with it - which is their norm. Newer fintech companies
The management of Revolut are 100x as psychotic as the Partners at Goldman.
https://www.wired.co.uk/article/revolut-trade-unions-labour-...
https://www.wired.co.uk/article/revolut-employment-coronavir...
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#67I guess he wants the new recruits to be able to experience the "magic roundabout" The investment banking culture is notoriously brutal. Analysts typically work until midnight every day. Deals are unpredictable, deadlines are short and clients are demanding. There is a ritual known in banking circles as the “magic roundabout” — a graduate leaves his or her desk in the early hours of the morning, takes a cab home, and…
Baffles me that anyone would want to live like this. The sooner this bizarre culture dies out, the better.
It's a pyramid scheme of sorts. The graduates don't even get paid very well. If you succeed though, you can start a modest retirement at 40.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#68I guess he wants the new recruits to be able to experience the "magic roundabout" The investment banking culture is notoriously brutal. Analysts typically work until midnight every day. Deals are unpredictable, deadlines are short and clients are demanding. There is a ritual known in banking circles as the “magic roundabout” — a graduate leaves his or her desk in the early hours of the morning, takes a cab home, and…
Baffles me that anyone would want to live like this. The sooner this bizarre culture dies out, the better.
And after they had their share of that life style they start writing books and blogs on what is the meaning of life.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#69I guess he wants the new recruits to be able to experience the "magic roundabout" The investment banking culture is notoriously brutal. Analysts typically work until midnight every day. Deals are unpredictable, deadlines are short and clients are demanding. There is a ritual known in banking circles as the “magic roundabout” — a graduate leaves his or her desk in the early hours of the morning, takes a cab home, and…
What I do not understand, it is known that sleep deprivation leads to similiar effects as beeing drunk. So can these people actually do anything non trivial in the 23h shifts? Or is it so easy you can do it on autopilot? Or do mistakes not matter?
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#70Earlier quoted context omitted.
I don’t understand - don’t people already have home offices for at least doing their bills and things?
What year is it?
It's 2021. Maybe if you had a calendar in your office you'd know?
Do people not ever need to sit down to manage any of their finances, personal life, or organisations they volunteer in in 2021? Do you do everything from your phone on your sofa? Where do you keep physical books and things? Do you never need to focus and write?