New York: A 22-year old Indian Wharton graduate working at Goldman Sachs has died days after he had complained to his father in India about long working hours and stress.
Sarvshreshth Gupta was a first-year analyst at the Goldman Sachs office in San Francisco and had told his father earlier this year "this job is not for me" as there was "too much work and too little time", a report in the New York Times said.
Gupta, who was working in Goldman's telecommunications, media and technology group, had quit his job in March against his father's wishes but a week later had rejoined under pressure from his father and after he was asked by his company to reconsider his resignation.
The NYT report, however, said he asked for his job back.
In April, Gupta was found in the parking lot next to his apartment building in San Francisco and was declared dead, according to police officials.
The NYT report said he had apparently fell from the building.
The San Francisco medical examiner's office is conducting an investigation and has yet to officially declare a cause of death.
The father wrote in a blogpost that a day before his death, Gupta had called him and said "It is too much. I have not slept for two days, have a client meeting tomorrow morning, have to complete a presentation, my V P is annoyed and I am working alone in my office."
Gupta's father said he had got furious and asked his son to take 15 days leave and come home. The young analyst had said his company will not allow him to take the leave.
"Tell them to consider this as your resignation letter," Gupta was told by his father.
The report said Gupta's death had largely remained held in confidence among a small group of his colleagues and family for the last month.
Gupta was described as his colleagues as a likable person who was so good at his job that he had become one of the "go-to" analysts.
Goldman, in a statement, said, "We are saddened by Sav's death and feel deeply for his family."
Gupta's father in the post said, "We hope that people will respect the family's expressed desire for privacy during this difficult time."
In an email, the father said, "At this time, the grieving family does not wish to speak to the press."
He said his post about his son was intended for "the grieving family and a means of dealing with my deep anguish and catharsis."
Gupta's death, one of numerous unexpected deaths or suicides of young bankers over the last year, has caused a new round of reflection and re-evaluation by Goldman and other Wall Street firms about their work policies just two weeks before a new class of college interns descend on the industry for the summer, the NYT report said. PTI
The NYT report cited the death last month of 29-year-old banker at Moelis & Company, Thomas Hughes, who was found dead with drugs in his system after falling from a building in Manhattan.
The report cited studies that have suggested that financial service employees are at higher risk than those in many other industries.
"The highest suicide rates in the United States are among doctors, dentists and veterinarians.
"It is possible that the finance industry attracts more people with depression, just as it is possible that the pressure-cooker work environment overwhelms some people who have been high achievers their entire lives.
"It could be a tragic combination of multiple factors. Wall Street has always thrived, in part, on its eat-or-be-eaten culture. Would curbing its competitive nature cut into its success?" the NYT report said.
In recent times, most top Wall Street firms have brought about changes in their work policies for young investment bankers.
Goldman has required that analysts take Saturdays off and is also taking new steps like introducing more efficient software and technology to help young analysts do their work more quickly.
"But as long as young analysts are expected to work 80 to 100 hours a week, invariably some run the risk of finding themselves in a situation they cannot handle.
With new classes of such analysts arriving each year, it is incumbent on the industry to make sure it is doing everything possible to make sure that no one is too overwhelmed," the NYT report said.
