Goldman Demands an Oath From Junior Bankers Every 3 Months
Goldman Sachs Group Inc. plans to ask junior bankers to confirm their loyalty on a regular basis in a bid to limit advances from talent-hungry buyout firms.
The investment bank will ask new analysts to certify every three months that they haven’t accepted jobs elsewhere, according to people familiar with the matter, who asked not to be identified discussing the confidential plan.
A representative for Goldman Sachs declined to comment.
The move is meant to thwart poaching by private equity firms that have been signing up junior bankers near the start of their on-the-job training, a practice known as on-cycle recruitment. Some buyout shops are even approaching newbies before they show up for their analyst programs, stoking tensions across the industry.
Last month, JPMorgan Chase & Co. told incoming graduates that they’ll be fired if they are caught accepting offers of future jobs somewhere else before they complete their first 18 months at the firm.
Soon after, Apollo Global Management told prospective investment-banking candidates that it wouldn’t interview or extend offers this year to the class of 2027. Chief Executive Officer Marc Rowan said “asking students to make career decisions before they truly understand their options doesn’t serve them or our industry.”
Is it simply your word that you haven't accepted a job elsewhere? lmao
Well history has shown us that Goldman bankers NEVER LIE, so I think this will be highly effective
After their oath, they must offer sacrifice to Lord gold man's sack
UBS should do this
I heard they have something on the flipside for Barclays employees
Yeah you have to pledge allegiance to Barclays every day
Loyalty oath (Non Optional), Not defrauding citizens through sovereign wealth funds (Optional)
Lying is so easy to do, though.
EB's continue to be superior in every way
This affects like the top 5% of banking analysts, who are already like the top 10% of all graduating seniors.
Who cares?
OP, you’re not gonna land GS analyst roles any way so don’t worry about it.
del
Is it finally MBB's moment to step up in PE associate recruiting?
People will start signing "Preliminary Indications of Potential Mutual Interest" instead of formal job offers.
These jobs are at will so it's not like analysts are any less protected by a vague IOI. Either way you're basically relying on the fund's reputation instead of a contract they can terminate whenever they want
In brightest day, in market's might
No poaching firm escapes my sight
Let those who tempt with carry's gleam
Beware the strength of Goldman’s team
Goldman Lanterns go hard
As long as GS commits on paper to not laying of any juniors for 3 years after signing of whatever document then it might be ok, but they'd never do that.
Feel like FINRA/SEC needs to speak up on this. I get how there could be a conflict of interest but at the same time large financial companies don’t care about their employees. They will fire analysts the second it benefits them so I don’t blame anyone for accepting other job offers while still employed.
FINRA has no problem going after people for improper use of WhatsApp’s or client entertainment expenses but don’t want to say if they see an issue with an employee that has an offer from a PE firm being involved in selling a company to said PE firm.
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