Goldman Sachs announced that it had done some soul-searching (through a task force) and it’s going let its young bankers have their weekends. On Wall Street, this is an incredibly generous policy, and what’s more — this is awesome for NYC nightlife.
Young bankers in their first few years generally resign themselves to being stuck within the walls of their offices Saturday and Sunday, watching as the glorious city they live in moves on below without them. Sure, some go out at night, but they pay for it in the morning. And the partiers are actually fewer and farther between than banker lore would have you think — they just happen to make quite a showing.
What Goldman is saying to young bankers now is — let loose, get your sleep, see your friends. Play.
I can only imagine their elation. New York City’s nightlife scene should be pretty pumped as well. Yes, it’s only one bank, yes, it’s only a few whipper snappers, but think about this.
Now those whipper snappers are going to have more free time to do the things they think Wall Street bankers are supposed to do (if they’re not killing themselves trying to do it already). They can skip the Seamless Web delivery on a late Friday night and the quick pit stop at their neighbourhood watering hole a 4 am on a Saturday before they get home from the office.
(As you know: No sober person wants to be taking their first drink at that hour, surrounded by people who’ve been at it with gusto since midnight.)
No, instead these young Goldmanites can have dinners at the hottest restaurants, make friends with some promoters and get into clubs like Catch, Provocateur, etc., they can go to a ridiculous day brunch party, and maybe actually do some shopping for themselves and acquire some sense of style. Who knows, maybe they’ll get some culture at museum or catch some live music while they’re at it too?
Even better, since Goldman’s a leader on Wall Street, maybe other banks will follow suit.
Now, if you think this news is just a trifle consider this — Back in 2007 and 2008 when the housing market crashed, Lehman Brothers fell, and everything went to crap, New York nightlife was completely different. West 27th Street was famously lined with expensive bottle service clubs dominated by cool kids, foreigners, models and more.
A lot of those people didn’t pay for anything — a fat chunk of that luxury was financed by finance, by Wall Street.
When Wall Street went down, West 27th Street fell shortly after. New York City got more sane, and partying was less opulent. It was a reflection of the times, but it hurt a lot of businesses. You’ll remember that for every job that’s gained or lost on Wall Street, two are gained or lost in NYC.
So to all the too cool kids, banker bro haters, and hipsters to you I say — don’t worry about this. If a banker happens to wander into Output or Le Bain to hang out with you, it’s because they want to be there. Be kind to them (if they’re not bothering anyone) — they mostly mean well. Honest.
And to the hipsters out in Bushwick, you won’t even notice this happening, most of these young Goldmanites will confine themselves to Manhattan, maybe North Williamsburg. You’re totally safe.
For everyone else, this just means a little cash flowing around. And who doesn’t like that?
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.