Join TSR now and get all your career questions answeredSign up now

Why does everyone want to work for Goldman Sachs?

    • Thread Starter
    Offline

    3
    ReputationRep:
    What's the big deal with them? JP Morgan is the biggest IB and other banks pay more as well. And GS actually fires like 10% of the lowest performing bankers each year. And I've heard that it has a bad culture. So why is it so treasured and coveted? I've heard that all the BB banks pay the same for analysts anyway, so why does everyone love Goldman Sachs? I've been told that people renege on other summer internship offers if they get a Goldman offer. Don't their analysts earn less as well?
    Offline

    3
    ReputationRep:
    I forgot the name of the video
    Online

    3
    ReputationRep:
    (Original post by Ladbants)
    What's the big deal with them? JP Morgan is the biggest IB and other banks pay more as well. And GS actually fires like 10% of the lowest performing bankers each year. And I've heard that it has a bad culture. So why is it so treasured and coveted? I've heard that all the BB banks pay the same for analysts anyway, so why does everyone love Goldman Sachs? I've been told that people renege on other summer internship offers if they get a Goldman offer. Don't their analysts earn less as well?
    Lowest perform in traders*

    It's because of the perception that GS has around it; people think it's the pinnacle of banking just because of the reputation it has earned over the years.

    The culture insn't bad per se, it's just different from other banks - GS is highly competitive when it comes to competing in the market but within the bank itself there's a huge emphasis on teamwork and collaboration. It fits a certain type of person and GS actively looks for these certain types of people (regardless of their prior education, sex, gender whatever), which, in part explains why they have no tests in their process and heavy emphasis on face to face interviews.

    But to boil it down it would come to: perceived prestige, perceived advantage in attaining exit opps, brand name effects and potential to make partner.

    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    Found it
    https://www.youtube.com/watch?v=Lx4poQw1mZo
    • Thread Starter
    Offline

    3
    ReputationRep:
    (Original post by Princepieman)
    Lowest perform in traders*

    It's because of the perception that GS has around it; people think it's the pinnacle of banking just because of the reputation it has earned over the years.

    The culture insn't bad per se, it's just different from other banks - GS is highly competitive when it comes to competing in the market but within the bank itself there's a huge emphasis on teamwork and collaboration. It fits a certain type of person and GS actively looks for these certain types of people (regardless of their prior education, sex, gender whatever), which, in part explains why they have no tests in their process and heavy emphasis on face to face interviews.

    But to boil it down it would come to: perceived prestige, perceived advantage in attaining exit opps, brand name effects and potential to make partner.

    Posted from TSR Mobile
    Thank you. So it's really just a matter of prestige. Also, isn't a partner at GS the same as an MD at other banks?
    Online

    3
    ReputationRep:
    (Original post by Ladbants)
    Thank you. So it's really just a matter of prestige. Also, isn't a partner at GS the same as an MD at other banks?
    No, partners are a tier above. They only get picked every 2 years from across the pool of MDs. They also have a base salary of $900k.

    Posted from TSR Mobile
    Offline

    2
    ReputationRep:
    Because they have the worst reputation so they must be the best.
    • Thread Starter
    Offline

    3
    ReputationRep:
    (Original post by Princepieman)
    No, partners are a tier above. They only get picked every 2 years from across the pool of MDs. They also have a base salary of $900k.

    Posted from TSR Mobile
    Ah, ok. Base salary of $900k is flipping huge!
    Offline

    3
    ReputationRep:
    (Original post by Ladbants)
    Ah, ok. Base salary of $900k is flipping huge!
    They get a bonus after that as well, dem man are loaded
    Offline

    2
    ReputationRep:
    Average Goldman worker earns over $500k, that's including cleaners and HR.
    Offline

    2
    ReputationRep:
    Money and parties

    I want to work for the Goldman Sachs
    Offline

    3
    ReputationRep:
    (Original post by Ladbants)
    What's the big deal with them? JP Morgan is the biggest IB and other banks pay more as well. And GS actually fires like 10% of the lowest performing bankers each year. And I've heard that it has a bad culture. So why is it so treasured and coveted? I've heard that all the BB banks pay the same for analysts anyway, so why does everyone love Goldman Sachs? I've been told that people renege on other summer internship offers if they get a Goldman offer. Don't their analysts earn less as well?
    Goldman Sachs rules the world. They decide elections. To work for Goldman Sachs is to work for "God".
    Online

    3
    ReputationRep:
    because no-one knows where there offices are located, starting to wonder if this place even exists
    Online

    3
    ReputationRep:
    (Original post by Yaboi)
    Average Goldman worker earns over $500k, that's including cleaners and HR.
    Not a useful stat tbh.

    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    Purely because it has the word 'Gold' in it.
    Offline

    2
    ReputationRep:
    (Original post by Ladbants)
    What's the big deal with them? JP Morgan is the biggest IB and other banks pay more as well. And GS actually fires like 10% of the lowest performing bankers each year. And I've heard that it has a bad culture. So why is it so treasured and coveted? I've heard that all the BB banks pay the same for analysts anyway, so why does everyone love Goldman Sachs? I've been told that people renege on other summer internship offers if they get a Goldman offer. Don't their analysts earn less as well?
    BOY: I work for JP Morgan
    GIRL: we should date

    bottom line: **** *****es get money
    Offline

    3
    ReputationRep:
    (Original post by Abstract_Prism)
    Purely because it has the word 'Gold' in it.
    I wonder what happens if its called bronzeman sachs
    Offline

    3
    ReputationRep:
    Because Lloyd said they were doing God's work...

    Posted from TSR Mobile
 
 
 
Poll
Which party will you be voting for in the General Election 2017?
Useful resources

Articles:

Guide to investment bankingGuide to consultancy

Featured recruiter profiles:

Deutsche Bank logo

Deutsche Bank is recruiting

"Thrive in an international banking environment"

Quick link:

Unanswered investment banking and consultancy threads

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.