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Goldman Sachs offices in Zurich investigated over working hours Goldman Sachs offices in Zurich investigated over working hours
(6 days later)
The Zurich offices of Goldman Sachs have been inspected by a labour watchdog following a complaint by an employee group that it kept inadequate records of working hours and overtime.The Zurich offices of Goldman Sachs have been inspected by a labour watchdog following a complaint by an employee group that it kept inadequate records of working hours and overtime.
In Switzerland's finance industry, which generates 6% of the Alpine nation's gross domestic product, the financial crisis has piled additional pressure on employees in a traditionally fast-paced industry.In Switzerland's finance industry, which generates 6% of the Alpine nation's gross domestic product, the financial crisis has piled additional pressure on employees in a traditionally fast-paced industry.
Zurich's labour inspectorate said on Thursday it had carried out an on-site check on Wednesday at Goldman Sachs' Zurich offices, where nearly all the 100 Swiss-based staff of the Wall Street bank are based.Zurich's labour inspectorate said on Thursday it had carried out an on-site check on Wednesday at Goldman Sachs' Zurich offices, where nearly all the 100 Swiss-based staff of the Wall Street bank are based.
A bank employee lobby group, the Schweizerischer Bankpersonalverband, informed the labour authority of what the group said was possible abuse of trust-based working hours.A bank employee lobby group, the Schweizerischer Bankpersonalverband, informed the labour authority of what the group said was possible abuse of trust-based working hours.
Trust-based work refers to employees, typically of a higher rank and pay grade, for whom the firm is not required to keep strict timekeeping of work hours under labour law.Trust-based work refers to employees, typically of a higher rank and pay grade, for whom the firm is not required to keep strict timekeeping of work hours under labour law.
The lobby group, which represents about 10-15% of Swiss bank employees, mainly lower-paid staff, said it has reason to believe Goldman Sachs had not properly documented work hours and overtime.The lobby group, which represents about 10-15% of Swiss bank employees, mainly lower-paid staff, said it has reason to believe Goldman Sachs had not properly documented work hours and overtime.
"It is important to us that banks comply with rules governing working hours in Switzerland," said Denise Chervet, head of the organisation."It is important to us that banks comply with rules governing working hours in Switzerland," said Denise Chervet, head of the organisation.
The labour watchdog did not elaborate on details of the inspection, citing privacy laws. A spokeswoman for Goldman Sachs declined to comment.The labour watchdog did not elaborate on details of the inspection, citing privacy laws. A spokeswoman for Goldman Sachs declined to comment.
The recent suicides of two top executives in Switzerland and the death of an intern at Bank of America Merrill Lynch in London has led to calls from experts for scrutiny of how heavy workloads, full schedules and extensive overseas travel can exact an extreme personal toll on those involved.The recent suicides of two top executives in Switzerland and the death of an intern at Bank of America Merrill Lynch in London has led to calls from experts for scrutiny of how heavy workloads, full schedules and extensive overseas travel can exact an extreme personal toll on those involved.
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