In the realm of high-flying finance, Apollo Global has been making waves – not just for its rapid expansion but also for its evolving workplace culture. As the firm continues its trajectory of growth, it finds itself at the center of attention once again, this time for its hiring spree and shifting work environment.
Last year, Apollo welcomed 350 new faces into its fold, marking an impressive 9% increase in its workforce. Martin Kelly, the firm’s CFO, highlighted that this growth was evenly split, with half of the new hires based in North America and Europe, and the other half in Mumbai. Looking ahead to 2024, Kelly emphasized a targeted approach to hiring, with Mumbai remaining a focal point while also focusing on expanding origination, enhancing high net worth coverage, and exploring new products.
During an investor call, CEO Marc Rowan underscored Apollo’s remarkable expansion journey since 2008, boasting a staggering 14-fold growth rate that outpaced tech giants like Apple and Microsoft. However, this growth hasn’t come without its share of challenges and controversies.
In the past, Apollo was notorious for its demanding work culture, with tales of grueling 20-hour days and abrasive behavior from senior staff. Reports surfaced in 2021 of associates threatening to leave unless their pay was substantially increased, prompting a $100k raise to $550k annually. Much of this intense atmosphere was attributed to co-founder Josh Harris, known for his relentless work ethic and exacting standards.
However, since Rowan assumed the CEO role in 2021, there have been noticeable shifts within the organization. Reports suggest a move towards a more cerebral environment, characterized by reduced micromanagement and increased diversity. While some attest to a gentler atmosphere, others, like a young female associate who anonymously shared her experience on Wall Street Oasis, still describe grueling work hours and being on call during the night as the norm.
Despite its transformation, Apollo finds itself in a somewhat polarizing position. While it ranks highly as an employer in the private capital sector, it falls short in fostering employee wellbeing compared to its competitors. The firm’s refusal to comment on these matters adds fuel to the ongoing debate surrounding its workplace culture.
As Apollo continues to navigate its evolution, one thing remains clear: the finance giant is not just about numbers but also about the people who drive its success. Whether it’s adapting to changing industry dynamics or addressing internal challenges, Apollo Global’s journey serves as a testament to the complexities of modern corporate culture and the ongoing quest for balance between growth and employee wellbeing.
