A former executive at Goldman Sachs has alleged that the investment bank fostered a “culture of bullying,” marked by frequent emotional outbursts and tears. Ian Dodd, who worked in the London office, is filing a £1 million lawsuit against Goldman Sachs, claiming that he experienced a mental breakdown during his tenure at the company.
Dodd, aged 55, served as the global head of recruiting at the bank from 2018 to 2021. In his lawsuit, he asserts that the “dysfunctional” work environment during these four years contributed to his mental breakdown.
According to court documents obtained by the Financial Times, Dodd states that the overwhelming work pressure resulted in his illness just one year after he joined Goldman Sachs.
He also alleges that it was commonplace to witness employees openly “expressing distress” by crying and “sobbing during meetings.”
He resigned from Goldman Sachs in 2021. In his lawsuit, he leveled accusations against the investment bank, claiming they overworked him and demanded long hours from their employees – allegations the firm had previously confronted.
Nevertheless, Goldman Sachs has refuted these claims.
“As with many workplaces, there were occasions when colleagues were upset, for a variety of reasons (sometimes unconnected with work and sometimes connected with work), but it is denied that such instances were frequent or usual,” the bank said in a filing.
In its response, the bank also contended that Dodd’s work pressure was his own and that no one compelled him to work beyond regular hours.
Goldman Sachs stated, “If Mr. Dodd experienced pressure, it originated from within himself; it was not externally imposed. His excessive hours were not due to any requirement or expectation from the company.”
This legal dispute emerges in the wake of a New York Post report detailing the departure of a prominent Goldman Sachs executive during Marc Nachmann’s tenure as the global head of the Asset and Wealth Management division, a position he assumed last October.
According to sources cited by The Post, Nachmann attempted to manage his division unilaterally, potentially leading to the estrangement of some top talent.
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