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Q: The price of financial success? ( Answered 3 out of 5 stars,   2 Comments )
Question  
Subject: The price of financial success?
Category: Business and Money > Employment
Asked by: ace007-ga
List Price: $25.00
Posted: 06 Feb 2003 03:06 PST
Expires: 08 Mar 2003 03:06 PST
Question ID: 157983
Is there any evidence that shows an increase in health risks, higher
incidents of divorce etc in the community of investment bankers
working in the City of London that may have resulted from excessive
hours of work and the high pressure work environment?
Answer  
Subject: Re: The price of financial success?
Answered By: richard-ga on 06 Feb 2003 06:15 PST
Rated:3 out of 5 stars
 
Hello and thank you for your interesting question.

There does not appear to be any survey data limited to investment
bankers, but there are UK health surveys that include the investment
banker segment:
"Stress and overwork was the only health and safety issue which
attained the 50% mark across all sectors. Of 13 identified sectors,
stress was cited by more than 70% of Safety Reps in the voluntary,
education, banking and finance sectors, local government (74%),
central government (72'%), health services (71% (71%), leisure
services (71% ) and transport and communications (70%). Workers in
agriculture, distribution and hotels, energy and water, and other
services all reported stress as a major problem."
Jobs Which Cause Stress
http://www.isma.org.uk/tucsurvey.htm

Much of the work in this area comes from the UK Trades Union Congress
Health & Safety - - Stress
http://www.tuc.org.uk/h_and_s/index.cfm?mins=37

"The number of people suffering from stress and stress related
conditions caused or made worse by work has more than doubled since
1990, says general union GMB. Pointing to new official HSC figures,
showing more people complaining of stress than back problems, GMB says
it is time there was legislation to force employers to take action on
stress."
GMB says there is twice the reason for a stress law
http://www.tuc.org.uk/h_and_s/tuc-5998-f0.cfm#_FEATURE

Stress at work tops safety poll 
"The TUC report, shows stress is the number one concern for two out of
three safety reps (66%). It is the main concern across almost all
industrial sectors. Heavy workloads are cited as the main cause of
stress (74%) followed by cuts in staff (53%). Safety reps say long
hours are a more significant cause of stress than two years ago (up to
39% from 28% in 1998). Bullying remains a significant cause of stress
at work - mentioned by 30% of the reps who reported stress as a
problem. Bullying is more prevalent in the voluntary sector (45%),
banking and finance (43%), local (41%) and central government (41%)."
http://www.workstress.net/newsletters/newsjan01.htm

"Work related Stress is the result of a conflict between the role and
needs of the individual employee and organisational, personal or
ergonomic factors in their work place. There can also be an
unacceptable tension between the demands of work and the individuals’
life outside work. Stress is also often typified by a lack of control
over conditions at work."
UK National Work-Stress Network
http://www.workstress.net/downloads/network.rtf

"The idea of risk assessment for physical hazards is well-established.
More recently attention has focused on the assessment of risk from
psychosocial hazards and in doing so measures have been developed or
adopted from research to assess the prevalence of workplace
stressors."
A critical review of psychosocial hazard measures
http://www.hse.gov.uk/research/crr_pdf/2001/crr01356.pdf

Headline: Stress 'biggest work health hazard'
http://news.bbc.co.uk/1/hi/health/1046366.stm

If you would like to broaden your inquiry beyond the banking world, I
recommend the following source and its search engine:
INTERNATIONAL STRESS MANAGEMENT ASSOCIATION
http://www.isma.org.uk/
http://www.isma.org.uk/search.htm

Here's a related study among Swedish workers:
"[A] recent study published in the March issue of the American Journal
of Public Health has directly linked job stress with death from heart
disease. The study has followed about 12,500 Swedish working men,
studying stress factors on their job such as the pace of work and the
amount of control they had in setting the pace.
During the 14-year study period, 521 of these workers died of heart
disease (specifically, cardiovascular disease). The researchers found
that workers on jobs with a high speed of work and little control over
that speed died at about 2.5 times as often from heart disease than
those with slower-paced jobs and more control over their working
conditions. All results were adjusted for differences in age, smoking,
education, exercise, social class and physical job demands which could
have otherwise influenced the results."
JOB STRESS, HEART DISEASE
http://www.ranknfile-ue.org/h&s0596.html

Again, let me thank you for letting me help you in your search.

Search terms used:
London banker health stress
stress "trades union congress"

If you find any of this unclear, please feel free to request
clarification.  I would appreciate it if you would hold off on rating
my answer until I have an opportunity to reply.

Sincerely,
Google Answers Researcher
Richard-ga

Request for Answer Clarification by ace007-ga on 06 Feb 2003 11:08 PST
Thank you for the answer, it was a lot broader than I was hoping for
but as you said there may not be specific information on this
occupation group! The answer is of limited value given the lack of
specific connection to investment banking. Is there any way of looking
deeper to be sure there isn't more relevant information out there?

Clarification of Answer by richard-ga on 06 Feb 2003 18:18 PST
Hello again.

I've made a further search for scientific journal reports of stress
studies.

Here's an interesting title:
Stress - - The International Journal on the Biology of Stress
http://www.tandf.co.uk/journals/titles/10253890.html

and a related search engine:
http://giorgio.ingentaselect.com/vl=787861/cl=27/by=s/nw=1/rpsv/cgi-bin/jsearch

stress and health yields nearly 20,000 'hits'
http://giorgio.ingentaselect.com/vl=787861/cl=27/by=s/nw=1/rpsv//cgi-bin/jsearch?th=57&mode=search&ID=787861&sd=51&form=normal&search=stress+and+health&searchfulltext=yes&action%7Esearchdb=Search&result_set=
[if the above link doesn't work try] 
http://tinyurl.com/5gyv

but on the other hand the search for
investment banker and stress 
yields only 57 'hits' and none of them are suitable.
http://giorgio.ingentaselect.com/vl=787861/cl=27/by=s/nw=1/rpsv/cgi-bin/jsearch?sp=form=normal%26search=investment%2bbanker%2band%2bstress%26searchfulltext=yes&mode=search&ss=investment+and+banker+and+stress&sd=51&th=57&ID=787861&action=jump&jumpstart=1
[if the above link doesn't work try]
http://tinyurl.com/5gyy

So I'm sorry to say there appears to be no instance of the specific
study you seek.  If there is a broader class of inquiry that will suit
you, perhaps you should experiment a bit at
http://giorgio.ingentaselect.com/vl=787861/cl=27/by=s/nw=1/rpsv/cgi-bin/jsearch
to see if there is anything there you can use.

Sincerely,
richard-ga
ace007-ga rated this answer:3 out of 5 stars
The answer was fine, it's impact was unfortunately muted by the lack
of specific evidence relating to the defined target group. It may just
be that this information is inaccessible or non-existant. no
complaints!

Comments  
Subject: Re: The price of financial success?
From: pocoloco-ga on 06 Feb 2003 07:37 PST
 
Dear ace007,

I am writing to draw your attention to three articles that may be of
interest to you.  These articles do not provide evidence – they are
all anecdotal – but I thought they might provide you with an
interesting perspective on the issues.

“Married to the Market”
http://www.newyorkmetro.com/nymetro/urban/family/features/2738/index.html
This 5-page article offers an intimate, insiders’  look at New York
City investment bankers and their marriages.  A sample anecdote: 
“Another woman hit the ceiling when her spouse’s company called during
Christmas week and told him to be on the next plane to Asia.  Even
though her husband’s boss abjectly filled their apartment with flowers
as a peace offering, she remained unmoved.”

BTW, I don’t think that the pressures on investment bankers in the
City of London are any different from those on investment bankers in
New York or Paris or Tokyo.  At its top levels, investment banking is
an international community.

“Divorce website targets city drinkers in controversial campaign”
http://www.pressbox.co.uk/Detailed/6703.html
This article describes an advertising campaign in the City of London
for Divorce-Online, a Website that makes it easy to obtain information
about divorce.  The article comments “London and the South East have
the highest rate of divorce in the country, increasing the impact of
the campaign within the City of London.”

“Love in the Time of Medical School”
http://webweekly.hms.harvard.edu/archive/2001/4_9/student_scene.html
This article about physician divorce rates has some interesting
comments about physicians’ attitudes towards work that ring true to me
as mirroring attitudes I have seen among investment bankers.  For
example,  “Work . . . has become the American haven from home life.
The workplace has social gatherings, incentives for working harder,
and, most important of all, a salary, a palpable measure of one's
worth. Supervisors may overwork their employees, but the employees are
compensated with overtime, bonuses, and, often, genuine appreciation
on the part of the supervisor.”

Search terms:
“city of london” & divorce
Divorce rates by profession
Nyc investment bankers divorce
Subject: Re: The price of financial success?
From: tomcomedia-ga on 06 Feb 2003 08:15 PST
 
Watch "The Family Man"
http://www.family-man.com/
;)

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