The Junior Bankers Who Pleaded for Help

The plea for help from the junior ranks offered a stark reminder of the industry’s excesses. In the thick of a deal bonanza, the group anonymously surveyed working conditions among themselves. The revelations in their 11-page presentation detailed grueling, 105-hour workweeks and “inhumane” deadlines that were affecting their health. “My body physically hurts all the time, and mentally I’m in a really dark place,” one banker was quoted as saying. The majority reported that they were victims of workplace abuse, such as being shouted at or blamed without justification. (In September, Bloomberg News identified one of the 13 as Joey Coslet; he played a key role in assembling the presentation, according to people with knowledge of the situation. His father, Jonathan Coslet, is vice chairman of private equity company TPG Capital, a major Goldman client.)

Within days, Citigroup introduced Zoom-free Fridays, Barclays banned most work from Friday night to Sunday morning, and Houlihan Lokey pledged all-expenses-paid vacations. Goldman said it would add staff and enforce existing rules about not working on Saturdays. And even though higher pay wasn’t on the bankers’ wish list, Goldman and many other companies bumped up minimum first-year salaries. Crucially the spotlight on the always-on culture sparked a broader debate about mental health at a time when remote work has blurred boundaries between professional and personal lives with potentially devastating effects.