Goldman Sachs Operations VS Lloyds Banking Group Credit Risk Watch

macy312
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Hi, I have recently been offered two industrial placements, one at Goldman Sachs in the Operations division and the other at Lloyds Banking Group in Credit Risk.


I'm finding it very difficult making my decision on which one I want to accept. I know GS is the bigger company, but Ops is BO and not want I want to do in the future, however, the position at Lloyds is better, but not as big a company as GS.


Ideally in the future I would like to go into FO/MO of an Investment Bank. Which one of these placements would put me in a better position to get a graduate scheme in FO/MO. Or if not FO/MO, which would in general give me more experience and look better on my application for a graduate scheme in the finance industry such as accountancy, insurance, pensions, corporate finance etc.


Any advice would be greatly appreciated.


Thanks
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miml
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GS.

what matters at the internship/placement stage is brand name rather than actual work.

if you can avoid the settlements/clearing work than you have a pretty good shot at MO grad schemes, maybe even FO internships.
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Keyenesian
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If you don't go for Goldman Sachs, I will personally 360 no scope out of my balcony. Regardless of what division you'll be interning at GS will set you up.
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PrincePauper
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Lloyds for the transferable skills. You will develop an understanding of credit risk. At GS BO you'll be doing repetitive work that anyone can. GS brand is good, but coming from the back office you will be a common mortal inside of the I.B. world.

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F4N
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I know people who have done MO/BO internships who have managed to get FO/MO internships, and this is coming from non-target schools too.

It all depends on how determined you are.
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Londonburger
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From what I understood from talking to GS Ops people, GS locates their Operation at Middle Office. As apart from settlement work, you also have an exposure to the traders and external clients.
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PrincePauper
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(Original post by Londonburger)
From what I understood from talking to GS Ops people, GS locates their Operation at Middle Office. As apart from settlement work, you also have an exposure to the traders and external clients.
Settlements is the lowest of the low in the trade life cycle. That's ops. However ops does incorporate MO. For the exposure to clients, that's just client servicing, where clients call for issues
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F4N
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(Original post by Londonburger)
From what I understood from talking to GS Ops people, GS locates their Operation at Middle Office. As apart from settlement work, you also have an exposure to the traders and external clients.
I know that in some Ops roles you do get exposure to traders. That provides you with networking opportunities.

Personally, if I had to choose, I would probably go with Credit Risk at Lloyds. But you do have the chance to move into FO from either role as long as you work for it.
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macy312
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It's an extremely difficult decision. I have not had a clear cut answer from anyone as both placements have their pros and cons. It comes down to company vs position and overall which one will set me up better for my graduate job
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macy312
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Could anyone else shed anymore light on the matter? Would working in risk give me the quantitative skills and experience to possibly apply for FO/MO in finance, or would the brand GS look better on my CV, even if it is in Ops? Also, would I be able to network within GS to possible create opportunities?
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chanchan
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(Original post by macy312)
Could anyone else shed anymore light on the matter? Would working in risk give me the quantitative skills and experience to possibly apply for FO/MO in finance, or would the brand GS look better on my CV, even if it is in Ops? Also, would I be able to network within GS to possible create opportunities?
My comments refer to Ops at GS.

It is very difficult to 'network your way out of Ops' especially at GS. HCM know that there is a possibility that interns may have an interest in another federation or revenue generating division so I wouldn't say accept the offer on the basis that you think you will be able to build a FO network. Networking opportunities rarely happen on a firmwide level, it is usually division specific. HCM organise all networking opportunities the only way to network independently is by going to the gym or attending events that aren't aimed at interns etc.

I hope that has helped!
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macy312
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Which one would lead to better career prospects? If I was to stay in Ops, what are the career prospects within it like? Out of the two which one has higher potential salary earnings? Also, does anyone know the salary for GS placement in ops cause I haven't been told yet
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HennessyVSOP
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(Original post by macy312)
Which one would lead to better career prospects? If I was to stay in Ops, what are the career prospects within it like? Out of the two which one has higher potential salary earnings? Also, does anyone know the salary for GS placement in ops cause I haven't been told yet
When did you have your second interview?
I still haven't heard back from them, hope it's not a rejection :mad:

Oh and GS Ops salary is around £33k, and I think Lloyds is around £18k.
Would say Lloyds Credit Risk has better future prospects though.
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