Investigation at Swiss Goldman Sachs Office

Labor authorities investigated a Goldman Sachs office in Zurich in response to concerns about corporate working practices. The complaint was issued by an employee group, and addressed working hours, which Switzerland has very strict laws over. The employees said that the company did not accurately record hours, violating local regulations. In Switzerland, it is required of all companies to record working times of all employees, and weekly hours cannot exceed 45.

Denise Chervet, who is the director of the Swiss Bank Employees Association, says that many banks don’t require timekeeping. “We also have certain information that people work too much at Goldman Sachs and therefore do not respect the law,” she added. She also talked about the level of mounting stress that employees are feeling, and how “there is an increase in people who are sick and burnt out.”

On Wednesday, the Swiss office received a visit from the Office for Economy and Labor. There will be an ongoing investigation and Goldman Sachs has not yet commented.