An ex-Goldman Sachs Group Inc. boss sued the financial institution for greater than £1 million ($1.3 million) in London after alleging a “chaotic” working surroundings pushed him right into a psychological and bodily well being disaster.
Ian Dodd, 55-years-old, Goldman’s international head of recruiting in London between 2018 and 2021, claims within the swimsuit that he developed a serious depressive dysfunction and coronary heart points after being subjected to not possible calls for and extreme working hours. Dodd sued the financial institution as a part of a private damage declare for “physical and psychiatric injuries” and a full trial date has been set for the beginning of 2025.
“His onerous workload and the associated stress and uncertainty that he faced when working unreasonable and excessive hours, together with the failure of the defendant’s senior leadership partners to provide him with adequate support, culminated in him wanting to take his own life,” legal professionals for Dodd mentioned in paperwork filed on the the Excessive Court docket made public this week.
Goldman’s working situations have come beneath scrutiny lately with allegations of extreme hours impacting workers well being. Junior bankers complained in 2021 of working 100-hour weeks and “inhumane” situations. Wall Avenue banks have lengthy had a tradition of lengthy hours however Goldman has tried to shake off these complaints with modern measures together with letting senior employees take unlimited vacation.
“If he felt pressure, it was self-generated; it was not imposed on him. If he did work excessive hours, this was not because it was required or expected of him,” Goldman’s legal professionals mentioned in protection paperwork. A spokesperson for the funding financial institution mentioned the claims have “no merit.”
Legal professionals for Dodd mentioned he began to really feel burnt out by April 2019 and he wasn’t supported in managing his workload. He was working over 80 hours per week, excluding touring time. He mentioned he was compelled to sleep in a lodge for 3 days every week whereas he was in London as an alternative of taking the 50 minute practice house to satisfy the calls for. A senior supervisor informed him it was unacceptable and “an MD should not be working junior banker hours.”
His legal professionals additionally mentioned Goldman allowed an surroundings of dysfunctional and bullying conduct to flourish, in accordance with the paperwork. Dodd mentioned that a lot of his colleagues had been “worn down and emotional” and cried to him, though he was by no means supplied with help for these emotional encounters.
Dodd’s legal professionals didn’t reply to a request for a remark.
