marcus goldman sachs burnout 2x1

Summary List Placement

Goldman Sachs launched its consumer-banking arm five years ago with a marketing blitz and much fanfare, sending a strong signal to Wall Street that it wanted to disrupt retail banking — and reshape its own future.

Since then the bank has built it into a $1 billion business by standing up new technologies at breakneck speed.

But now Marcus staffers are quitting in droves at the precise moment the bank needs them most, just as it announced a slew of ambitious products and reshuffled its corporate structure to focus on growth. Former employees, as well as banking consultants and an analyst briefed by Insider, said the exodus raises questions about Goldman’s ability to drive its people hard and still compete with Main Street banks.

Simultaneous product sprints wore out employees during the coronavirus pandemic, when they were already feeling an erosion of work-life balance, all while Goldman’s top-down management style infiltrated a unit deliberately set up to avoid Wall Street hierarchies. Nearly every significant leader in the business walked out the door.

Add it up and it’s exposed a cultural breakdown inside what was once seen as a rare success story, an exception to the notion that says a 150-year-old …read more

Source:: Businessinsider – Finance


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