Goldman Sachs bosses reportedly sent snack hampers to junior staff after a survey revealed brutal 100-hour weeks. Rival banks sent their staff bonuses or Peloton bikes.

David Solomon
Goldman Sachs CEO David Solomon.

  • Directors at Goldman Sachs sent one-off fruit and snack hampers to overworked junior bankers, the Guardian reported.
  • It follows a survey in which junior staff described “inhumane” 100-hour work weeks.
  • Other banks have offered much larger gifts, including Peloton machines and Apple devices.
  • See more stories on Insider’s business page.

Bosses at Goldman Sachs have sent snack hampers to London bankers in response to a survey that revealed the “inhumane” working conditions junior staff faced at the bank in the US, according to a report by the Guardian on Tuesday.

Managing directors, not the company, were paying for the one-off fruit and snacks hampers, the report said, adding that Goldman Sachs hadn’t directly offered any gifts or bonuses to junior bankers following the survey.

In the survey, leaked on March 18, 13 first-year analysts in the US described their declining mental and physical health, 100-hour work weeks, and a lack of sleep. UK staff told the Guardian they too faced burnout.

Some junior bankers told the Guardian they appreciated the gesture of the hampers. But staff at other banks have received much larger gifts.

Investment bankers at Credit Suisse are getting a one-time $20,000 bonus for dealing with an “unprecedented” workload during the pandemic, while Jefferies is offering 1,124 of its junior workers Apple products and workout equipment including Peloton bikes worth nearly £2,000 ($2,750), per the Guardian.

Citigroup CEO Jane Fraser banned internal video calls on Fridays and introduced a company-wide holiday on March 28 called “Citi Reset Day.”

Read more: Confessions of Wall Street’s burned-out junior bankers: 5 current and former analysts from firms like Goldman Sachs and Credit Suisse explain their daily schedules

One Goldman Sachs employee told the Guardian that the bank should be doing more for the junior bankers who have to work gruelling hours.

“What we need is not a gesture from [managers], but from the firm,” one London banker told the Guardian.

Insider reached out to Goldman Sachs for comment, but did not immediately receive a response. Goldman declined to comment on the snack boxes to the Guardian.

Four days after the survey came out, CEO David Solomon said that the bank would work harder to give junior bankers Saturdays off.

He added the long and busy work hours were down to working from home and a boom in business during the pandemic.

One unnamed analyst said in the survey that “there was a point where I was not eating, showering, or doing anything else other than working from morning until after midnight.”

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This Japanese snack shop has been serving roasted rice cakes to Shinto worshippers for over 1,000 years

  • Ichimonjiya Wasuke, known as Ichiwa, was founded in the year 1001 to serve the Shinto priests at the adjacent Imamiya Shrine in Kyoto, Japan.
  • The only item on the menu is aburi-mochi, roasted rice cakes on skewers that are dipped in sweet miso sauce.
  • Worshippers pray for good health at the shrine and then eat the aburi-mochi as an unofficial part of the ritual.
  • See more stories on Insider’s business page.
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Utz CEO says that Boulder Canyon potato chips are doing well with customers looking for healthier snacks

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  • Some buyers opt for healthier ingredients found in the Boulder Canyon chips, Utz Brands CEO Dylan Lissette told CNBC.
  • Utz Brands reworked the Boulder product since it acquired Inventure Foods in 2017, he said.
  • Utz plans to spend more on digital advertising to reach new customers, according to CNBC.
  • See more stories on Insider’s business page.

Some Utz Brands buyers are opting for snacks with healthier ingredients such as the avocado oil used to cook the Boulder Canyon potato chips, Utz Brands CEO Dylan Lissette told CNBC.

The snack company has been rebranding and developing the Boulder Canyon chips since it bought its manufacturer Inventure Foods in 2017, said Lissette on CNBC’s Mad Money.

“We’ve got a lot of excitement around those ‘better for you brands’,” Lissette said.

Before the coronavirus pandemic, consumers had been buying healthier snacks. A summary report by Health Focus International found people are also willing to pay more for foods and beverages that are both healthy and indulgent.

Utz’s lineup of healthy snacks includes Veggie Chips, Half Naked Popcorn, and potato chips cooked in olive oil and avocado oil, according to the company’s website.

In the company’s earnings report on Thursday, Utz’s CFO Cary Devore said that the company saw a “significant” increase in new buyers and higher purchase repeat rates over the past year.

Food shopping habits changed during the pandemic as people resorted to comfort food and snacks more often, according to Consumer Reports.

This week, Sam’s Club CEO Kathryn McLay told The New York Times in an interview that the retailer’s customers went through phases when they were buying pizza, ice cream, and potato chips during COVID-19. Sam’s Club called those periods “carbs and calories,” she said.

Utz plans to grow sales and reach new customers in 2021 by increasing its digital advertising spend by 60% and potentially more, Lissette told CNBC.

Social media and digital ads do well compared to having one commercial that runs through the year “and realizing it didn’t really give you what you needed,” he added.

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