Ex-employee sues Goldman Sachs, says ‘culture of bullying’ led to mental breakdown

Goldman Sachs is facing a $1.1 million lawsuit over toxic workplace claims

A former Goldman Sachs executive has accused the investment bank of creating a “culture of bullying” where tempers ran high and tears were frequent. Ian Dodd, from the London office, is suing Goldman Sachs for £1 million, alleging that he had a mental breakdown during his time at the firm.

Dodd, 55, worked as the bank’s global head of recruiting from 2018 to 2021 – four years during which the “dysfunctional” workplace led to his mental breakdown, he claims in his lawsuit.

According to court documents obtained by the Financial Times, Dodd says that excessive work pressure caused him to fall ill one year after joining Goldman Sachs. He also claimed that it was common to see employees “express distress” by crying and “sobbing through meetings.”

He quit Goldman Sachs in 2021. In his lawsuit, he accused the investment bank of overworking him and expecting employees to work long hours – accusations that the firm has also faced in the past.

Goldman Sachs, however, has denied these allegations. “As with many workplaces, there were occasions when colleagues were upset, for a variety of reasons (sometimes unconnected with work and sometimes connected with work), but it is denied that such instances were frequent or usual,” the bank said in a filing.

It also said that Dodd’s work pressure was self-inflicted and no one forced him to work overtime. “If Mr Dodd felt pressure, it was self-generated; it was not imposed on him. If he did work excessive hours, this was not because it was required or expected of him,” the bank said.

This lawsuit comes at the heels of a New York Post report about top Goldman Sachs executive quitting under Marc Nachmann, who was appointed global head of the Asset and Wealth Management division last October. Sources told The Post that Nachmann tried running his division like a “one-man show” and alienated some of the top talent.