Connect with us

Business

Goldman Sachs underlings griped about work in yet another slide show last year

Published

on

[ad_1]

Goldman Sachs underlings have been complaining about their grueling work-from-home routines for longer than previously known — since the start of the pandemic, in fact.

Last spring — almost a year before a group of first-year analysts created last month’s viral PowerPoint presentation, begging to work 80 hours a week instead of more than 100 — a coterie of Goldman rookies put together a similar deck, just weeks after the start of the COVID-19 crisis.

While February’s slide show cited the deteriorating physical and mental health of first-year analysts as they grappled with “inhuman” working conditions, the newly leaked presentation from last April focuses on the basics — computers and food.

“I find myself looking for time to prepare food, which usually entails late-night sandwiches or scrambled eggs given I work throughout the day,” one underling wrote. “Management should extend the expensing dinner policy as it decreases the stress of worrying about food preparation while working to meet deadlines.”

Specifically, entry-level bankers said they missed the $25 stipend they got for meals when forced to work after 8 pm at Goldman’s posh headquarters in lower Manhattan at 200 West St.

“All analysts reported working past 8 pm for five or more days of the seven-day week,” the presentation lamented in a series of bullet points. “The median analyst also worked past 12 pm for five days of the week.”

While some employees clamored for daily meal reimbursements, others lobbied for a weekly stipend to cover deliveries of groceries or frozen food, citing a different set of concerns.

“Coronavirus can be spread through poor kitchen hygiene and I wouldn’t order that from restaurants even if covered,” the employee wrote.

Elsewhere, underlings complained that they weren’t getting compensated for the laptops, monitors and mice they were forced to buy to start doing their jobs at home. According to the deck, which was first obtained by Business Insider (paywall), analysts on average were shelling out $1,000 for tech equipment — an expense for which rival firms were offering employees reimbursements.

“One of the largest challenges is the lack of proper office environment (high quality monitor, keyboard, phone, reliable internet, etc),’ one analyst said. “In order to overcome this, I have invested in equipment to continue to deliver the same throughput and quality as in the office.”

According to the presentation, the food-and-computer costs were a painful bite for the finances of first-year bankers, who make roughly $85,000 out of college, not including their bonus, which pumps up their annual salary to $140,000 a year.

“According to our analysis, the cost of WFH equipment amounted to about 35 percent of the median analyst’s remaining cash after non-discretionary spending leaving him with $600 at the end of the month (not including travel, credit card/ student loan repayment, etc),” the presentation said.

Goldman CEO David Solomon
Goldman CEO David Solomon has been criticized for demanding that employees end their work-from-home pandemic routines.
AP

The presentation reached higher-ups at Goldman, including Will Bousquette, the chief operating officer of the bank’s global markets division, according to BI. Bousquette spoke to junior bankers directly, and sources said execs at the firm vetted their complaints. Nothing was done, however, according to the report.

A rep for Goldman Sachs declined to comment on the contents of the deck or on why the bank hasn’t taken action.

“We are pleased to have built a culture where employees regularly go to management and share their ideas and concerns,” said Goldman’s head of corporate communications, Nicole Sharp.

“We had in-depth discussions with teams across the firm on this, and other measures, as we moved to working from home last year,’ Sharp added. “We continue to have an active dialogue with employees on what steps we can take to address specific concerns and requests during this complicated and unusual time.”

A media frenzy over the February slide show spurred Goldman Chief Executive David Solomon to leave a voice memo to staffers on Sunday night, promising to “strengthen enforcement” of a rule against working on Saturdays.

Nevertheless, Solomon — who earlier this month was slammed with a report about his recent habit of taking the company’s private jet to the Bahamas on weekends — added that business was lately on the upswing, and that “If we all go an extra mile for our client, even when we feel that we’re reaching our limit, it can really make a difference in our performance.”

[ad_2]

Source link

Continue Reading

Business

Glasses retailer Warby Parker eyeing IPO as soon as this year

Published

on

By

[ad_1]

Hipster glasses retailer Warby Parker is eyeing an initial public offering.

The 11-year-old business, which started out as an e-tailer before rolling out some 130 stores across the US, is considering an IPO as early as this year, Bloomberg reported on Wednesday.

The New York-based company has amassed a huge customer following by offering less expensive prescription glasses. Warby Parker raised $120 million in its most recent funding round giving it a $3 billion valuation, according to the report.

“We’ve always explored various financing opportunities in both the debt and equity markets,” the company said in a statement. “To date, we have successfully and deliberately raised money within the private market on favorable terms and have plenty of cash on our balance sheet. We’ll continue to make strategic decisions in line with our commitment to sustainable growth.”

Founded by college buddies Dave Gilboa and Neil Blumenthal, who met at the Wharton School at the University of Pennsylvania, Warby Parker has attracted some large investors including the mutual fund company, T. Rowe Price.

It turned it first profit in 2018, Gilboa told The New York Times at the time.

Warby Parker co-founder Neil Blumenthal
Warby Parker co-founder Neil Blumenthal
Brian Ach/Getty Images

Customers can get prescriptions through their apps on their smartphones and use cameras to pick out frames. The company also has an optical lab in Sloatsburg, NY where it produces lenses.

While Warby Parker is not the least expensive option, it beats Costco in a recent comparison with Costco charging as little a $126 for a pair of prescription glasses compared with Warby Parker’s least expensive pair at $95.

“As consumer walk into a LensCrafters or Sunglass Hut, they see 50 different brands of glasses but don’t realize that all those brands are owned by the same company that owns the store that they’re standing in, that probably owns the vision insurance plan they’r using to pay for those glasses,” Gilboa said in a recent CNBC interview.

“And so, it’s no surprise that a lot of those glasses are marked up 10 to 20 times what they cost to manufacture,” he said.

[ad_2]

Source link

Continue Reading

Business

Dogecoin hits new high boosted by DogeDay hashtags

Published

on

By

[ad_1]

Dogecoin prices hit an all-time high on Tuesday, with a market capitalization above $50 billion, after social media fans used hashtags to fuel a rally in the meme-based cryptocurrency.

An 8,000 percent price surge this year has seen Dogecoin, which was launched as a satirical critique of 2013′s cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Tether to become the fifth-largest coin.

While Dogecoin, whose logo features a Shiba Inu dog at the center of the meme, a represents only a fraction of bitcoin’s $1 trillion value, it can be traded on crypto exchanges and more popular mainstream trading apps.

“The Doge rally represents an interesting convergence,” said Diana Biggs, CEO of crypto start-up Valour, after Dogecoin’s price soared by more than five-fold in the last week to a record 42 cents, according to CoinMarketCap.

“A meme coin created as a joke for early crypto adopters whose community found that kind of thing to be fun, with now a new generation of retail investors for whom memes are a native language,” Biggs added.

Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, referring to the informal April 20 holiday to celebrate cannabis which is marked by smoke-ins and street parties.

“GIMME THAT DOGECOIN LAMBO!!! #DogeDay” one tweeted, referring to the Lamborghini car popular in crypto culture.

Dogecoin’s rise has come amid a surge in online trading of stocks and crypto by retail investors, stuck at home with extra cash because of the COVID-19 pandemic. It has not coincided with a growth in usage of the coin for payments or in commerce.

The same trend has spurred a boom in usage of online trading apps like Robinhood, and also fueled the social-media driven rally in GameStop stock that pitted retail investors against hedge funds earlier this year.

“It’s an extension of the same phenomenon that has led Tesla stock to be valued well beyond fundamentals and more recently to the GME (GameStop) short squeeze,” said Ajit Tripathi, head of institutional business at decentralised finance startup Aave.

Like other cryptocurrencies, Dogecoin’s price is heavily influenced by social media users including Tesla chief Elon Musk, whose tweets on the cryptocurrency in February sent its price soaring over 60 percent.

“If this goes as planned and everybody including Mr. Musk go ahead and just pour money into Doge on April 20th all at once Doge will reach prices that originally were not even conceptual,” a TikTok user said in a video promoting the coin.



[ad_2]

Source link

Continue Reading

Business

Amazon is opening a beauty salon in London

Published

on

By

[ad_1]

Amazon is opening a hair salon in London — its latest odd lurch into new businesses as the pandemic continues to fuel the e-commerce giant’s torrid growth.

The Amazon Salon, unveiled in a Tuesday blog post, will occupy a two-story, 1,500-square-foot space in Spitalfields, a trendy neighborhood in East London that is also home to Amazon’s UK headquarters, which houses about 5,000 employees.

Indeed, the new salon, which will be open seven days a week, initially will only cater to Amazon workers. Members of the public will be able to make bookings in “the coming weeks” by calling, emailing or visiting the salon, the company says.

“This will be an experiential venue where we showcase new products and technology,” Amazon said in a blog post on Tuesday, adding that there are no plans to open other salons.

That will include making Amazon’s Fire tablets available at each station, allowing customers to use augmented reality technology to see what they look like as a platinum blonde, brunette or with highlights, the company said.

The salon is located at Amazon’s UK headquarters, which houses about 5,000 employees.
The salon is located at Amazon’s UK headquarters, which houses about 5,000 employees.
Amazon

The salon will also test new “point-and-learn” technology, where customers can point at a product they are interested in on a display shelf and the relevant information, including brand videos and educational content, will appear on a display screen.

[ad_2]

Source link

Continue Reading

Trending