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It’s not just investment bankers who are burning out at Goldman Sachs.
The Wall Street titan’s 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 for the door as executives set aggressive deadlines that forced some to work 14-hour days, current and former employees told Insider.
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’s intense demands.
But talented tech workers on whom Marcus’ digital services rely can often find better pay and lighter hours elsewhere, Insider reported Wednesday.
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’s consumer business, according to the outlet.
Another former employee reportedly said as many as eight people have ditched a team responsible for customer-facing tech like apps and webpages.
“This is an avalanche approach,” the ex-engineer told Insider. “When one person leaves, others will follow.”
Goldman spokesperson Andrew Williams called Insider’s departure estimates “overstated,” saying the business “continues to be a magnet for talent.”
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.
That approach started with the Apple Card — the credit card Goldman rolled out with the iPhone maker in 2019 — 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.
The relentless demands have reportedly helped Marcus rack up $100 billion in deposits and generate $1 billion in annual revenues in just five years — but at a cost.
“It’s what I would call a spark-plug business,” consultant Richard Crone told Insider. “They run them hot so they burn them out.”
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’s footsteps.
“We continue to listen to feedback from our teams and are significantly accelerating hiring,” Williams told The Post in an email. “We continue to be proud of this team and our culture, and don’t take these for granted.”
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