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MoneyUniversities get £1.5m mental health boost from Goldman Sachs

05:40  10 september  2019
05:40  10 september  2019 Source:   uk.finance.yahoo.com

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Goldman Sachs hopes the university funding will help 6,000 students across the UK in the first two years of the programme. If the pilot is successful, it hopes to role it out to more universities and bring in funding from other institutions. The pilot is being funded by donations from Goldman Sachs partners

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Universities get £1.5m mental health boost from Goldman Sachs A Goldman Sachs sign is displayed inside the company's post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid

Most people associate investment banking with long hours and lots of stress — but one of the world’s best known banks is now breaking new ground by funding a programme to help students with their mental health. Goldman Sachs (GS) has partnered with charity Mind to fund a new “Mentally Healthy Universities” programme at 10 universities across the UK.

The investment bank on Tuesday pledged £1.5m over two years. The funding will provide support and specialist training for students and teachers. Beth Robotham, a Goldman VP who works on “Human Capital Management”, told Yahoo Finance UK the course would provide “training for students in their first and third year to support those transitions” between home, university, and the workplace.

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The hire by Goldman Sachs extends the investment bank’s reputation for enjoying a cosy relationship with governments. The bank’s chairman in London José Manuel Barroso, is the former prime minister of Portugal and president of the Universities get £ 1 . 5 m mental health boost from Goldman Sachs .

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Universities get £1.5m mental health boost from Goldman Sachs © Getty Cambridge University (King's College Chapel) Top View “This is a little bit different to anything we’ve done before,” Robotham said. “It was really driven by our partners. They felt very strongly they wanted to do something with young people in mental health. They are parents themselves, they work with graduates.”

The universities that will benefit from the funding are:

  • University of Bath

  • University of Bristol

  • University of Cambridge

  • University of Central Lancashire (UCLan)

  • University of Greenwich

  • Leeds Beckett University

  • London School of Economics (LSE)

  • Oxford Brookes University

  • University of Sheffield

  • Teesside University

The universities were selected out of 30 that had applied for funding. A committee of Mind and Goldman Sachs staff selected the winning institutions, based on factors including need, diversity, and delivery track record.

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“People get dissuaded or get doom and gloom after the big rise to ,000 in 2017 and then the crashing down,” Lee said. “We are in one of many, many Universities get £ 1 . 5 m mental health boost from Goldman Sachs . Lloyds latest to be surprised by PPI deadline with £ 1 .8bn claims surge.

Richard Gnodde, chief executive of Goldman Sachs International, said in a statement: “We believe employers have an important role to play in changing attitudes towards mental health through providing support, resources and open conversation around an often stigmatized subject. We look forward to supporting Mind and these universities in launching this critical programme.”

Universities get £1.5m mental health boost from Goldman Sachs © Provided by Oath Inc. Richard Gnodde, CEO of Goldman Sachs International. Photo: Leon Neal/Getty Images

Goldman’s commitment to mental health is somewhat at odds with the traditional image of investment banking. The profession is notorious for long hours and high-pressured environments.

Moritz Erhardt, a 21-year-old intern at Bank of America Merrill Lynch (BAC), died in 2013 after working for 72-hours straight. The inquest into his death ruled that he died of an epileptic fit but said “it may be that because Moritz had been working so hard his fatigue was a trigger for the seizure that killed him.”

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I worked at Goldman Sachs from 1999 to 2001 in the International Equities department at 1 New York Plaza, Manhattan. This may be the toughest time to I went to the College of William and Mary, not a target university but ended up getting a front end job at their world headquarters. How? I sent in a

Love working with my Goldman Sachs colleagues as they are bright, informative, kind and caring individuals. The camaraderie among the HCM Recruiters spills over into our peers on the Talent Advisory team which makes for a fun work environment as we meet our targets and goals.

Robotham, who is also deputy chair of the City Mental Health Alliance, told Yahoo Finance UK: “Over the years unfortunately we’ve seen many tragic instances of loss of life, people experiencing challenges with their mental health in the workplace and outside.

“I think the industry, the City, and the country, and, frankly, globally people are trying to make change in this space because we’ve suddenly become much more comfortable to talk about the topic. We certainly wouldn’t be having this conversation 10 years ago.”

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Universities get £1.5m mental health boost from Goldman Sachs

‘Millennials expect support for wellbeing’

Erhardt’s death proved the nadir of working conditions for junior staff at investment banks. Most majors have since introduced rules to prevent burnout, mainly by limiting the time junior staff can work at weekends. Robotham said Goldman has on-site psychologists, psychiatrists, and mental health first aiders to look after staff.

“The world is changing and what employees expect of their employers is also changing,” she said. “More than half of our organisation are millennials and they quite rightly expect a lot from employers in terms of support for wellbeing.”

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Goldman Sachs shares declined after posting first-quarter revenue below analysts' estimates on tougher market conditions for Also Monday, Citigroup reported mixed first-quarter results, saying its earnings were boosted by share buybacks while revenues fell amid a sharp decline in equities trading.

5. I am unable to find a specific location in the drop down box but I know Goldman Sachs has an office in that location? Yes – We actively seek to recruit talented people from all academic backgrounds into our university programs and entry level positions.

Goldman Sachs hopes the university funding will help 6,000 students across the UK in the first two years of the programme. If the pilot is successful, it hopes to role it out to more universities and bring in funding from other institutions. The pilot is being funded by donations from Goldman Sachs partners in Europe, made through the investment bank’s charitable arm Goldman Sachs Gives.

Universities get £1.5m mental health boost from Goldman Sachs © Getty BRISTOL, ENGLAND - SEPTEMBER 11: Prince William, Duke Of Cambridge (L) and Chief Executive of Mind Paul Farmer at the launch of 'Mental Health At Work' at The Engine Shed on September 11, 2018 in Bristol, England. 'Mental Health At Work' is a new initiative from Heads Together and the mental health charity Mind. (Photo by Eamonn M. McCormack - WPA Pool/Getty Images) Paul Farmer, chief executive of Mind, said: “We are really excited to be working with Goldman Sachs to better support thousands of university students and staff across England and Wales.

“We know that both students and staff face many pressures unique to the university environment. This timely opportunity allows us to deliver a programme that responds to the needs of university communities, building on good practice within the sector, to ensure everyone with a mental health problem receives support and respect.”

Goldman Sachs Gives made £19.8m in grants in the 12 months to June 2018, the latest set of accounts filed with Companies House show.

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