I don't think it's a secret that most BBs are cutting back on new hires. However, I'm curious about GS. Are they cutting back significantly? I'll post the reason of why I care later.
Thanks in advance.
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Anyone care to give their opinion?
All I can tell you from my experience is that they were hiring at my school every single year for both FT and SA since I was a freshman, but they didn't show up last semester for FT. They were hiring for SA this semester again though.
They probably have a target number of students that they planned on taking from your school and met the quota by making FT offers to summer analysts. Lehman did this in the fall for FT at my school. I doubt that GS cut back hiring so much that they stopped recruiting at your school.
Oh yeah, I know they probably just hired people from their summer class instead. I'm sure they'll be back next fall by when the markets will hopefully recover. I just love their excuse "extremely strong summer class". Funny how all these companies always get "extreme strong summer classes" when the markets are down. Not like they ever don't give out any FT offers to the SA's and hire all FT's in the fall instead... that just doesn't happen.
Yeah I was just thinking about this because I'm applying for sophomore programs. MS wasn't hiring (so I told during interview), Citi seems to cut back their numbers substantially (superday in 3 weeks), and I was admitted into the GS Securities Spring Program. Last year when they did this, a substantial amount of Spring interns got summer positions, so I was just wondering if they will change this year and cut back substantially.
Lots of friends this past year had a lot of trouble even getting interviews after having done BB summer analyst internships. While Goldman will still recruit for SAs and FT, they have and will cut back significantly, just like every other bank.
Will they cut back more or less than any other bank? I honestly don't know. I would wager less, but by how much I'm not sure.
I read somewhere that GS cuts 5% of underperformers each year anyway. Any truth to this?
To my understanding, they REVIEW the bottom 5% of the organization. Pretty much to see if they're worth keep around; trying to constantly weed out underperformers.
m8875, do you know what percentage of GS spring interns got SA offers for the immediate summer, and what percentage got SA offers for the following summer? Many thanks.
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