Why does everyone want to work for Goldman Sachs?

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.

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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

Ah, ok. Base salary of $900k is flipping huge!

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?

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

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?

Purely because it has the word 'Gold' in it.