Goldman Sachs’ workplace culture is about to face intense scrutiny in a high-stakes £1m lawsuit brought by a former executive.
Ian Dodd, who is leaving Goldman Sachs in 2021, claimed that staff at Goldman’s London office “recurred” in meetings characterized by “emotional, often tearful” meetings, according to documents filed in the High Court and the UK High Court. express pain”. reported that Financial Times.
Now, the 55-year-old former global head of recruiting at Goldman Sachs International is suing the bank, alleging that he had a demanding role in a “dysfunctional” workplace where “excessive hours” led to a nervous breakdown.
Dodd started working at Goldman’s London office in November 2018, but reportedly felt unwell in 2019 and resigned two years later.
Other insightful claims about the Wall Street mogul’s culture from Dodd’s allegations include things like “Take this as your first punch in the face” or references to staff being “slapped” or “punched” were condoned. Overall, he accused Goldman of having a “culture of bullying.”
Goldman Sachs denies all allegations
A case management hearing is scheduled for December and may set a trial timetable.
According to the Financial Times, Goldman rejected Dodd’s claims and submitted a detailed defense to the High Court.
“As in many workplaces, there are times when co-workers become upset for a variety of reasons (sometimes non-work-related, sometimes work-related), but deny that this is frequent or common,” the bank said.
The bank’s defense document continued: “Defendants deny that there was a ‘culture of division’ or unpleasant infighting, whether alleged or not at all”.
It also denied Dowd’s claims that “crying in meetings” was “common behavior” or that there was a “consistently high level of emotion” in team meetings.
In court defense documents, the bank disputed allegations that staff “demonstrated general incitement” and denied there was a “culture of bullying the accused”.
The lawsuit comes amid heightened scrutiny of Goldman’s work environment, prompting changes at the bank. Goldman Sachs told its most senior bankers last year to take as many holidays as possible so they could “rest and recharge”.
Goldman noted in its high court defense filing that Dodd wrote to his line managers in November 2018 that while his first few days were tense, they “reiterated why Goldman is a great place for me right now.” place”.
The bank also claimed in its defense filing that any stress Dodd felt was “self-generated”: “If he did work excessive hours, it was not because he was required or expected,” it said.
While Dodd claimed that the bank’s senior executives should have known he was becoming mentally unwell from work, Goldman denied “knowing or should have known that the claimant was becoming unwell.”
In its defense, the bank also argued that Dodd caused or contributed to his mental breakdown by failing to report his unwellness to his boss and by lying to colleagues about his mother’s ill health and death.
Meanwhile, Goldman claims Dodd was urged by colleagues not to overwork, with one telling him to cut back on travel and to set aside time in his diary to hit the gym.
Goldman Sachs did not respond wealth Request for comment. Slater and Gordon, the law firm representing Dodd, declined to comment, citing “ongoing litigation.”
bullying culture
This isn’t the first time Goldman has been accused of having a grueling workplace culture that requires employees to work long hours.
2021, Goldman Sachs Junior Banker Companies are pleading to limit work to just 80 hours a week after a leaked investigation highlighted how “inhumane” expectations lead to mental health problems among staff.
Meanwhile, last year, former Goldman Sachs executive Jamie Fiore Higgins exposed the bullying, sexism and discrimination she experienced while working at the bank in her book, Bullying the Marketplace: My Story of Money and Misogyny at Goldman Sachs.
One stark claim she makes in her book is that she encountered resistance to using the company’s lactation room after returning to work from maternity leave.
“You need to sit at a desk and work, not pump,” one of the firm’s partners is said to have said.
“If your values align with the people in the glass office, that’s fine. But if you have different interests, be careful. Getting off your desk to shine your wingtips is a worthwhile endeavor,” Higgin Si concludes in the book. “Breastfeed your baby at home? Not so much.”
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