|
 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.
"Legislation is supposed to protect people from that kind of
discrimination and employers are trying much, much harder but it
would be naïve 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 healthcare 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.
SUFFER IN SILENCE
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
says 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% believed disclosure would harm relationships with
colleagues.
Mynurva, which provides online counseling, also reported a surge in
demand from financial executives who are bypassing their employers'
services because they fear the consequences.
[to top of second column] |
"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.
MENTAL HEALTH FIRST AIDERS
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 towards
that point. We want to anticipate and prevent that," he said.
HSBC is considering hiring on-site counselors as part of its
'Healthiest Human System' initiative, the brainchild of CEO John
Flint.
JPMorgan's first UK-based on-site counselor is due to start work at
the bank's offices in London's Canary Wharf this summer.
The bank already has full-time counselors in nine U.S. 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.
Goldman has also launched a paid internship program in the United
States for people who identify as 'neurodiverse'. Neurodiversity
covers a wide range of neurological differences including autism,
dyslexia, developmental disorders and mental health conditions.
As the public profile of mental health grows, employers in Britain
who fail to show adequate mental wellbeing provision for staff could
be sued under the Management of Health and Safety at Work
Regulations Act 1999, which compels employers to assess the nature
and scale of health risks at work, including stress.
"The harm and detriment to an employer stemming from these kinds of
issues are not solely financial, they can inflict greater damage to
reputation, public image, productivity and retention," said Matthew
Cole, partner at law firm Prettys.
Cole said he had not seen any significant rise in the number of
staff seeking damages from employers due to stress-related
conditions but said companies were very sensitive to the risk.
"If an employee ends up with a psychiatric condition which prevents
them from working in an environment where they might have otherwise
earned six figures, that can amount to some significant
liabilities."
Prevention is much cheaper. Britain's Mental Health Foundation
estimates that mental health support in the workplace could save UK
businesses up to 8 billion pounds a year.
The charity puts the cost of providing information and advice on
mental health online and via workshops at around 80 pounds per
employee per year.
Heyworth has grappled with anxiety and depression since childhood
and was hired by HSBC after a period of leave from Bank of America.
He knows that he is one of the lucky ones, both banks knew of his
mental health problems and were supportive.
"Make no mistake, we are still in the foothills on this journey," he
said.
"The positive thing is that more people are now asking for help, but
we also need to accept that there are probably more people who need
help too. The next phase of the challenge is creating the conditions
where we can reverse that trend."
(Editing by Carmel Crimmins)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |
