A viral critique of Goldman Sachs' treatment of its first-year analysts this summer was lead by Joey Coslet, a 2020 Wharton graduate and the son of Jonathan Coslet, vice chairman of TPG, a major client of Goldman.
Coslet contributed to a leaked, unauthorized PowerPoint presentation that described abusive work conditions for 13 junior bankers at Goldman Sachs. Junior bankers, who receive an annual salary of $85,000, were met with 120-hour workweeks and 20-hour shifts with no breaks to eat or sleep that damaged their physical and mental health, according to the PowerPoint.
In addition to work hours, rookie staff also cited workplace abuse, including unrealistic deadlines, micromanagement, and being ignored during meetings. Many workers had considered counseling due to the overwhelming stress of their jobs, according to the PowerPoint.
The presentation, titled “Working Conditions Survey,” initiated a response across the financial industry. Goldman boosted first-year salaries by 30%, bringing starting salaries up to $115,000 following its release, The New York Post reported. JP Morgan Chase, Morgan Stanley, and Evercore also boosted their first-year salaries.
The "uprising" at Goldman was put in motion by Coslet. TPG, where Coslet’s father Jonathan Coslet is vice chairman, is a $108 billion private equity fund known for buyouts.
Coslet, 23, graduated from the Wharton School, during which he interned at both Goldman and TPG, The New York Post reported. He is now a first-year analyst at Goldman in the tech sector. Both Coslet and his father declined to comment to Bloomberg.