{"id":222162,"date":"2021-04-08T21:21:59","date_gmt":"2021-04-08T18:21:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/exhausted-staff-fleeing-goldman-sachs-marcus-division-report\/"},"modified":"2021-04-08T21:21:59","modified_gmt":"2021-04-08T18:21:59","slug":"exhausted-staff-fleeing-goldman-sachs-marcus-division-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/exhausted-staff-fleeing-goldman-sachs-marcus-division-report\/","title":{"rendered":"#Exhausted staff fleeing Goldman Sachs’ Marcus division: report"},"content":{"rendered":"

“#Exhausted staff fleeing Goldman Sachs’ Marcus division: report<\/strong>”<\/p>\n

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It\u2019s not just investment bankers who are burning out at Goldman Sachs.<\/p>\n

The Wall Street titan\u2019s hard-charging culture is reportedly driving exhausted staffers out of Marcus, the consumer-focused business it launched to compete with Main Street banks.<\/p>\n

Large numbers of engineers, designers and product managers have headed for the door as executives set aggressive deadlines that forced some to work 14-hour days, current and former employees told Insider<\/a>.<\/p>\n

Those hours may pale in comparison to the 100-hour weeks that junior Goldman analysts reported pulling in a viral PowerPoint presentation that exposed the megabank\u2019s intense demands.<\/p>\n

But talented tech workers on whom Marcus\u2019 digital services rely can often find better pay and lighter hours elsewhere, Insider reported Wednesday.<\/p>\n

One departed engineer estimated that at least a quarter of the engineers who were on the team when Marcus started in 2016 had since left Goldman\u2019s consumer business, according to the outlet. <\/p>\n

Another former employee reportedly said as many as eight people have ditched a team responsible for customer-facing tech like app<\/a>s and webpages.<\/p>\n

\u201cThis is an avalanche approach,\u201d the ex-engineer told Insider. \u201cWhen one person leaves, others will follow.\u201d<\/p>\n

Goldman spokesperson Andrew Williams called Insider\u2019s departure estimates \u201coverstated,\u201d saying the business \u201ccontinues to be a magnet for talent.\u201d<\/p>\n

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\"David
David Solomon, head of Goldman Sachs, the parent of consumer-focused Marcus, where staffers are also experiencing signs of burnout.<\/figcaption>
Getty Images for Fortune<\/span><\/figcaption><\/figure>\n<\/div>\n

Bosses at the bank have pressed Marcus staffers to launch new services at a breakneck pace, forcing them to juggle multiple projects at once, the report says.<\/p>\n

That approach started with the Apple Card \u2014 the credit card Goldman rolled out with the iPhone maker in 2019 \u2014 and spread to other products, such as the Marcus Insights robo-adviser that arrived in February and the checking account it plans to launch this year, according to Insider.<\/p>\n

The relentless demands have reportedly helped Marcus rack up $100 billion in deposits and generate $1 billion in annual revenues in just five years \u2014\u00a0but at a cost.<\/p>\n

\u201cIt\u2019s what I would call a spark-plug business,\u201d consultant Richard Crone told Insider. \u201cThey run them hot so they burn them out.\u201d<\/p>\n

Goldman told Insider it has hired close to 100 engineers in the past five months and plans to bring on 200 to 300 more this year. The consumer business has also reportedly scrapped video calls on weekday evenings and all day on Fridays, following in Citigroup\u2019s footsteps.<\/p>\n

\u201cWe continue to listen to feedback from our teams and are significantly accelerating hiring,\u201d Williams told The Post in an email. \u201cWe continue to be proud of this team and our culture, and don\u2019t take these for granted.\u201d\n <\/p><\/div>\n

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If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Exhausted staff fleeing Goldman Sachs’ Marcus division: report” It\u2019s not just investment bankers who are burning out at Goldman Sachs. The Wall Street titan\u2019s hard-charging culture is reportedly driving exhausted staffers out of Marcus, the consumer-focused business it launched to compete with Main Street banks. Large numbers of engineers, designers and product managers have headed…<\/p>\n","protected":false},"author":1,"featured_media":222163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/04\/goldman-marcus-banker-burnout.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74888,101255,70790,70360,76339],"class_list":["post-222162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-banking","tag-4-8-21","tag-goldman-sachs","tag-wall-street","tag-workers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/222162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=222162"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/222162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/222163"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=222162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=222162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=222162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}