Goldman’s Unlimited Vacation Is a Mirage for Workaholic Bankers

Goldman Sachs Group Inc.’s move to offer senior bankers unlimited time off seemingly marks a step toward a softer side of Wall Street. But there’s policy, and then there’s practice.

Companies are experimenting with all sorts of employee-friendly policies -- the four-day workweek, no-meeting Wednesdays, more casual dress codes -- but unless they’re embraced by the firm’s leadership, they won’t make much of a difference. In a banking world where long vacations are generally frowned upon, providing partners and managing directors all the time off they want doesn’t matter if they simply don’t take it.

“It’s one thing to ...