Goldman Sachs has been in the news for all the wrong reasons lately. The latest saga is an intern who was hazed by coworkers and sued the firm for fostering a culture of hazing that included physical violence, embarrassing nicknames and forced drinking bouts.
Patrick Blumenthal was a Drexel University student when he went to work for Goldman Sachs in 2017. Photos of interns were plastered on a wall, with nicknames underneath, according to Blumenthal’s complaint, which says that his nickname was “Bloomy” and was pronounced derisively.
The drinking culture at the office was rampant and “clearly a job requirement.” He said he was pressured to consume alcohol and when he didn’t drink fast he was mocked.
The most serious allegation comes at a happy hour in SF where Blumenthal was seriously injured. One of his supervisors was angry with him about a joke he made and punched him in the stomach, then put him in a headlock till he passed out and urinated on himself. Two days later Blumenthal went to the ER and was diagnosed with bleeding to the brain.
At least 7 GS employees including a VP were at the bar and instead of calling an ambulance they let a supervisor drive the intern home.
Goldman (who tried to dismiss the case earlier, arguing it isn’t legally responsible for an after-hours work event) reached a settlement with Blumenthal last week.
Short Squeez Takeaway: The case highlights the harsh realities of working on Wall Street as an intern. While Goldman might have made the news due to the extreme nature of this case, intern hazing is commonplace across all Wall Street firms, with often times interns being used as a prop to entertain. Hopefully, this case results in some positive changes on the street.