A former boss of Goldman Sachs Group Inc. is suing the bank in London for more than £1 million ($1.3 million) as he alleges a “chaotic” working environment drove him into a mental and physical health crisis.Thank you for reading this post, don't forget to subscribe!
Ian Dodd, 55, Goldman’s global head of recruitment in London between 2018 and 2021, claims in the lawsuit that he developed a major depressive disorder and cardiovascular problems after being subjected to impossible demands and excessive working hours. Dodd sued the bank as part of a personal injury claim for “physical and mental injuries” and a full trial date is set for early 2025.
“His heavy workload and the associated stress and uncertainty he faced while working unreasonable and excessive hours, as well as the failure by the defendant’s senior leadership partners to provide him with adequate support, led to his desire to take his own life.” Expressed,” Dodd’s lawyers said in documents filed in the High Court made public this week.
Working conditions at Goldman have come under scrutiny in recent years with allegations that excessive hours are impacting employees’ health. Junior bankers complained about working 100-hour weeks and “inhumane” conditions in 2021. Wall Street banks have long had a culture of long work hours, but Goldman has tried to address these complaints with innovative measures, including allowing senior employees to take unlimited vacations.
“If he felt pressure, it was spontaneous; It was not imposed on him. If he worked excessive hours, it was not because it was required or expected of him, Goldman’s lawyers said in defense documents. A spokesperson for the investment bank said the claims “have no merit.”
Dodd’s lawyers said that by April 2019 he was beginning to feel exhausted and was not being supported in managing his workload. He was working more than 80 hours per week, excluding travel time. He said that when he was in London he was forced to sleep in a hotel three days a week instead of taking the 50-minute train home to meet the demands. A senior manager told him this was unacceptable and “an MD should not work as a junior banker.”
According to the documents, his lawyers also said Goldman allowed an environment of dysfunctional and bullying behavior to flourish. Dodd said that many of her coworkers were “tired and emotional” and cried beside her, although she was never provided support for these emotional encounters.
Dodd’s attorneys did not respond to requests for comment.
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