The workplace culture at Goldman Sachs’s London office is set to come under scrutiny in a high-profile £1 million (€1.2 million) lawsuit brought by a former executive. He claims his role triggered mental health issues and alleges the bank had a “dysfunctional” workplace with meetings characterised by “high emotions, often tears”.
Ian Dodd, 55, former global head of recruiting at Goldman Sachs International, is suing the bank in London, claiming that his role triggered mental health issues as he was “working excessive hours”, according to UK High Court documents. Dodd started work at the Wall Street company’s London office in November 2018 but became unwell in 2019 and left in 2021.
The bank denies his claim and is defending the case.
A case management hearing has been scheduled for December, which is likely to set down a timetable for trial.
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
Goldman has filed a detailed defence at the High Court denying Dodd’s 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”, Goldman’s defence filing reads.
“It is denied that there was a ‘culture of divisiveness’ or unpleasant infighting at the Defendant, whether as alleged or at all”, the bank’s defence document continues. It also denies Dodd’s claims that “sobbing through meetings” was “common behaviour” or that there was a “consistently high level of emotion” running through team meetings.
In the court defence document, the bank contests allegations that there were “displays of general agitation” by staff and denies there was a “culture of bullying at the defendant”.
The lawsuit comes amid heightened scrutiny of Goldman’s working environment, which has prompted the bank to instigate changes. Goldman last year told its most senior bankers they would be allowed to take as much holiday as they want so they can “rest and recharge”.
In its High Court defence document, Goldman points out that Dodd wrote to his line manager in November 2018 that whilst his first few days had been intensive, they had “reaffirmed why Goldman Sachs is a wonderful place for me to be right now.”
The bank in its defence document claims that Dodd “was not required to work excessive hours”, adding that Dodd was “provided with appropriate reasonable advice and support” and it denied Goldman “knew or ought to have known that the Claimant was becoming unwell”.
Goldman claims that colleagues had urged Dodd not to overwork and one had told him to reduce his travel and put time in his diary to go to the gym.
Goldman said in a statement: “We believe these claims are completely without merit.”
Matthew Tomlinson, lawyer and head of serious injury at law firm Slater and Gordon who is acting for Dodd, confirmed the December listing but declined to comment further, citing the ongoing litigation. – Copyright The Financial Times Limited 2023
