Banks take the fight for mental health in-house

Bankers with mental health problems are often reluctant to admit to them in case their bosses think they can’t hack the pace. (Shutterstock)
Updated 04 June 2019

Banks take the fight for mental health in-house

  • Therapy in the office is just one of the measures employers are adopting

LONDON: In “Billions,” a US television show set in the world of hedge funds, traders at the fictional Axe Capital regularly attend sessions with an in-house psychiatrist. 

In real life, finance professionals are rarely so open about seeking psychological help. 

On Wall Street and in the City of London, hyperambition and an “always on” attitude are richly rewarded and people are often wary of revealing something that could be perceived as a weakness. 

Two out of three people working in financial services have experienced mental health issues as a result of work or where work was a related factor, according to a 2018 survey, broadly in line with the wider workforce. The Mental Health at Work poll questioned over 4,600 British employees from a range of industries. 

Many don’t tell their bosses for fear of damaging their careers. 

“Stigma definitely still exists,” said Beth Robotham, an executive director at Goldman Sachs in London. 

HIGHLIGHTS

• Many employees fear coming forward with mental health problems.

• Banks stepping up on-site support.

• Senior bankers share mental health experiences to end stigma.

“Legislation is supposed to protect people from that kind of discrimination and employers are trying much, much harder but it would be naive of me to say that that wasn’t an issue any more.” 

Robotham experienced anxiety attacks when she was in charge of recruiting bankers focused on the health care sector for Goldman in Europe, the Middle East and Africa (EMEA) in 2010. It took her months to tell her managers and seek help. 

“I just assumed that people like me must just fall out of ‘the system,’ and therefore I should just keep quiet or else I will be pushed out,” she said. 

Robotham, deputy chair of the City Mental Health Alliance, which promotes good mental health among London’s financial workforce, is one of a growing group 
of executives choosing to speak publicly about their problems to reassure others they are not alone. 




Beth Robotham, an executive director at Goldman Sachs, London. (Reuters)

People can experience anxiety, depression and other mental health issues regardless of their job. 

But punishing schedules can pile on extra pressure. All-nighters and 100-hour work weeks are not unusual in investment banking, particularly when working on deals or public offerings of debt or equity. 

Some 44 percent of banking employees said they felt under excessive pressure to perform in their work, according to a survey of over 70,000 people carried out by Britain’s Banking Standards Board last year. A quarter said that working at their firm was bad for their health. 

In recent years, banks have tried to lighten workloads, relax dress codes and give staff more time to focus on life outside the office to retain talent and avoid costly burnout. 

But bankers with mental health problems, especially those still early in their careers, are often reluctant to flag them in case their bosses think they can’t hack the pace. 

Matt Evans, global head of investment bank recruiting and head of firmwide recruiting for EMEA at JPMorgan, said he spent nearly 20 years concealing his struggle with depression until the  bank’s “This Is Me” campaign in 2017 prompted him to share his experiences. 

“There’s been no downside for me in telling my story. The support I’ve had has been significant,” he said. “I got promoted to MD after disclosing my condition.” 
Evans was recently diagnosed with bipolar disorder and took three months off last year. He was phased back into work in December and said he is “100 percent convinced” the break will have no impact on his professional prospects. 

But not everyone shares his confidence around attitudes to mental health. 

While it is illegal for employers to discriminate against people for having mental health problems, more than half of 2,000 UK workers surveyed by health-tech firm Mynurva feared telling their manager would hinder their chances of promotion, while 57 percent believed disclosure would harm relationships with colleagues. 




Mental health first aiders in Goldman Sachs’ London office. (Reuters)

Mynurva, which provides online counselling, also reported a surge in demand from financial executives who are bypassing their employers’ services because they fear the consequences.

“The findings show the fear and  embarrassment employees have when disclosing their condition to their employer. And it explains why professionals would rather suffer in silence than seek the necessary help,” said Dr. Zain Sikafi, CEO of Mynurva. 

One in four people will be affected by mental or neurological disorders at some point in their lives and the annual cost to the global economy is estimated at $1 trillion in lost productivity, according to the World Health Organization. 

Brian Heyworth, global head of client strategy at HSBC and chairman of the City Mental Health Alliance, wants his bank and others to help employees before they become seriously ill. 

“In an organization of 235,000 people, some will be having suicidal thoughts but many more will be sliding along the spectrum toward that point. We want to anticipate and prevent that,” he said. 

HSBC is considering hiring on-site counsellors as part of its “Healthiest Human System’ initiative, the brainchild of CEO John Flint. 

JPMorgan’s first UK-based on-site counsellor is due to start work at the bank’s offices in London’s Canary Wharf this summer. 

The bank already has full-time counsellors in nine US locations, including New York, Delaware, Chicago and Texas, and also offers a Resilience App providing stress management tips. 

Goldman Sachs is planning to train dozens of UK staff as mental health first aiders so that they can spot signs that colleagues may be starting to spiral due to stress or anxiety — including changes in appearance, working habits or social patterns, Robotham said. 


 


Oil prices surge after attacks hit Saudi output

Updated 16 September 2019

Oil prices surge after attacks hit Saudi output

  • The Houthi attacks hit two Aramco sites and effectively shut down six percent of the global oil supply
  • President Donald Trump said Sunday the US was ‘locked and loaded’ to respond to the attacks

HONG KONG: Oil prices saw a record surge Monday after attacks on two Saudi facilities slashed output in the world’s top producer by half, fueling fresh geopolitical fears as Donald Trump blamed Iran and raised the possibility of a military strike on the country.
Brent futures surged $12 in the first few minutes of business — the most in dollar terms since they were launched in 1988 and representing a jump of nearly 20 percent — while WTI jumped more than $8, or 15 percent.
Both contracts pared the gains but were both still more than 10 percent up.
The attack by Tehran-backed Houthi militia in neighboring Yemen, where a Saudi-led coalition is bogged down in a five-year war, hit two sites owned by state-run giant Aramco and effectively shut down six percent of the global oil supply.
Trump said Sunday the US was “locked and loaded” to respond to the attack, while Secretary of State Mike Pompeo said: “The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression.”
Tehran denies the accusations but the news revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran.
“Tensions in the Middle East are rising quickly, meaning this story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning,” said Jeffrey Halley, senior market analyst at OANDA.
Trump authorized the release of US supplies from its Strategic Petroleum Reserve, while Aramco said more than half of the five million barrels of production lost will be restored by tomorrow.
But the strikes raise concerns about the security of supplies from the world’s biggest producer.
Oil prices had dropped last week after news that Trump had fired his anti-Iran hawkish national security adviser John Bolton, which was seen as paving the way for an easing of tensions in the region.
“One thing we can say with confidence is that if part of the reason for last week’s fall in oil and improvement in geopolitical risk sentiment was the news of John Bolton’s sacking ... and thoughts this was a precursor to some form of rapprochement between Trump and Iran, then it is no longer valid,” said Ray Attrill at National Australia Bank.