What is the difference between Goldman Sachs and Morgan Stanley culture?
Does anyone know what the difference in work culture is at MS and GS - particularly in S&T? I've done recruiting for both and have always run into employees at both banks throwing shade at the other, but honestly I can't really tell the difference between the two cultures. They all say the same thing - at their bank the people are better. Ok, but what does that mean? I don't pry too much because I don't want to make things awkward but I'm so curious! I've searched online but everything I found keeps comparing prestige or is really outdated. I'm not asking which bank is better, I just want to know more about the general vibe and personality of each bank.
Is there something I'm missing?
I would say GS has more "trading DNA", meaning more very senior people that were big risk takers, which then promote taking risks which trickles down, bit more aggressive/competitive culture as well. Teams are also leaner in general so more work. They like to have "chosen ones", meaning they make big bets on a few lucky/good ones, but the rest isn't really being paid in line with the effort.
At MS the bank is more run by sales or combination of sales & trading, even though trading still gets paid more than sales overall, its more client oriented. Franchise is fantastic, and would say people are more collegial / less prone to overt internal competition/tension. Bad part about collegiality is the great effort they make to not upset anyone, which creates lots of semi-useless people which should have been let go ages ago but are still giving their opinion on stuff and sending emails. Can sometimes feel quite stuck.
Thanks!! Mind sharing about other BBs as well if possible?
Would you say starting a career in FICC at these firms is advisable, considering spread compression, automation in IG credit, a 30 year bull market in bonds with rates that can't go (much) lower? Or do you think these franchises are so well-known due to their name brand that it could still be attractive as a long term career?
hey! that's a really good question but this might not be the right place to ask. you should try and talk directly with someone in fixed income from Goldman or MS! I'm sure they would have some good thoughts
i would say - if you had to choose between Equities and FICC -> you go FICC - less chance of your job being taken over by electronic trading/execution. within FICC, High Yield and Distressed are nowhere near being automated and the liquidity is dogshit so there’s real opportunity to house risk and get paid handsomely for it while facilitating market making + taking on some balance sheet risk. I can’t speak much for rates or commods but I’m sure there’s plenty of attractive opportunities given all the vol we’ve seen for rainmakers there - its just a different market.
some credit desk analyst roles are actually super legit and lend themselves to great buyside opps at credit hedge funds. better than what you might even expect than on the banking side.
Wondering the same thing too^^ would love to hear more opinions
PM me.
PMed :)
There is an air of superiority amongst bankers at Goldman, a feeling that they are sharper, smarter, and more creative than some of their counterparts on the street.
^^ this is not meant to imply that Goldman people are arrogant. They’re not. There’s a strong culture of collaboration and getting shit done together, and people believe that the culture and talent helps them do better work for their clients than most banks. Which is probably accurate
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