Business

No more free coffee as bankers return to Goldman Sachs

When Labor Day weekend is over and the bankers at Goldman Sachs When they returned to the office on Tuesday morning for their mandatory five-day return to the office, they found the free coffee cart, usually located in the lobby of the 200 West St office, missing. .

The days of the free “takeaway and go” coffee station, introduced last year as an incentive to lure people back to the office, are now over. New York Post reportas the banking giant scrapped the perks of the pandemic era.

Sources at Goldman Sachs said parcel Either way, management has a much more powerful tool than coffee for getting people back into the office: the threat of being fired.

“RIP comes another pandemic privilege for junior bankers,” a junior Goldman banker told. parcel. “I’m sure partners still don’t have to pay for their coffee – or anything in their fancy dining room.”

Another blow to junior workers

Goldman Sachs is known for actively pushing workers back into the office.

On September 6, Goldman Sachs announced will eliminate all COVID-19 restricts and says anyone is allowed into the office without a mask, regardless of vaccination or testing status.

Goldman’s CEO David Solomon previously called working from home an “aberration” and said Luck“I just don’t think the way we work in our business is different than it was five years ago, and I don’t think it will be different five years from now either.”

“The secret sauce for our organization is, we attract thousands of truly extraordinary young people to Goldman Sachs to learn how to work, create a network of other extraordinary people, and work really hard. to serve our customers,” said Solomon.

Goldman hopes to return to pre-pandemic status. Over the past two years, Goldman has also paused its annual year-end performance reviews, where the company famously cuts its lowest-performing employees by 5% — but Goldman executives This practice warning will come back at the end of the year.

However, the strong push back to the way it was was met with discontent, especially among junior bankers. Follow New York Postsix overworked bankers in the first year came together and left at the end of August, with sources telling the paper that the atmosphere at the financial giant is currently at a ” toxic high of all time”.

Done with perks

In addition to the COVID measures and free coffee, Goldman will also end the free daily rides to and from the office, which were introduced at the start of the COVID outbreak to help people who still want to get into the office. .

And it’s not the only company exercising the perks, either. Morgan Stanley took away free tickets to the US Open tennis championship, the tournament once for the top performers at the bank.

Facebook’s parent company, Meta, told employees in March that it would be phasing out free services like laundry and dry cleaning in offices and plans to roll back the offer of free dinners from 6pm. pm to 6:30 pm.

But as companies actively push to attract workers back to the office, the best perk a company can offer may just be options for combined work.

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