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Yeah they'll straight up fire you if you get caught. Heard of someone who accepted an offer with a MF and 6 months a later someone at the fund mentioned to her boss that they were looking forward to having her come on board. Fired.
Are you serious lol
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They let her start early so ended up working out but goes to show how serious they are about this. If you're at GS it's key to have really, really good relationships with your associates so they can cover for you while you're interviewing.
a lady at TPG growth and yes the story is well known and it’s true. she was in my analyst class. David Solomon (head of IBD at the time) straight up said she should get ax’d when the head of the group she was in told him.
but what actually happened was she did the right thing and got fucked for it. she was about to get staffed on a deal where TPG growth was going to be one of the key parties in the deal and so she said she couldn’t cuz of a potential conflict etc. to the BUM. and so now the BUM knew she signed an offer to leave and reported it and that’s how it started. if she had just said nothing and went ahead with the staffing it would’ve been fine.
Goldman doesn’t condone it but now they basically turn a blind eye to it. like everyone fucking knows when all the first year analysts just happen to be sick that 1 fucking weekend and the days after that. it’s not rocket science. but the key is you don’t ever ever admit that you took an offer. the firm has since changed the policy where in your second year you can be upfront about it because it threw an absolute mess into the mandatory mobility program they set up for your third year. you had a bunch of people applying to participate for a 3rd year who knew they were leaving because if you don’t apply then it’s obvious you’re leaving. and so Goldman somehow didn’t foresee the fuckery that transpired in 2015 and 2016 analysts classed and so for the 2017 analyst class (leaving for PE summer 2019), they said that you could be upfront and honest without penalty - because otherwise it’s GS that gets hurt. now your bonus for year 2 will still be shittier than if someone says they’re staying on, so there’s still a few enterprising individuals who are OK burning bridges and they say they’re going to stay for a 3rd year and then leave in August with the rest of the PE guys as soon as they get a nice top bucket 2nd year bonus.
bottom line though is it’s Goldman Sachs. whose going to actually stop them from recruiting. if you end up at a MF or UMM or even MM - Goldman won’t do shit anymore because the MFs give them a fuckton of business. at the end of the day Solomon still has to suck Kravis’ dick. just how the money flows. I’ve heard of big funds basically saying to GS to stop that shit antagonizing analysts like that.
Do you know how BAML is?
Ok, why don't you start a thread asking which banks or groups in general are ok with people recruiting rather than hijacking a thread? Would benefit everyone much more...
following
Knew a guy who openly said he didn't like banking and that he was interested in PE. This spread to everyone in the office and though he was super smart, he didn't get a return offer from his GS TMT internship. Got a FT job at a top PE firm. You can't stop people if they're destined fro greatnes.
Good on the guy for getting the FT offer, but not very smart to be so open of hate for banking and intentions for PE.
He was pretty arrogant and thought it was not that hard with his background to get an offer.
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Yes they are very against, MS/Barclays/most EB seem to be the most supportive from anecdotal experience
Yep MS and PJT are both very pro buyside recruiting
Heard Barclays seniors are very supportive as well. Some MDs even make phone calls to their PE friends.
Bro Barclays bankers will straight up give you a kidney if you ask for it kindly
Can confirm. Most MD's go to bat for their analysts. VPs/Associates very supportive of PE recruiting.
It's a pretty simple social contract, if you work hard and do a good job, we'll support your career ambitions, whether that's going to work for PE, corporate/other clients of our bank, or do A2A.
It's the right thing to do, and I can't imagine doing it a different way.
Went into PE straight out of college but can confirm Barclays is extremely supportive for at least first year analyst recruiting. Have heard of multiple group heads and senior MDs calling partners at my UMM.
Also, many MM are helpful in PE recruiting as they want strong relationships across MM sponsors. Just throwing this out there for the BB or die kids who want to go to PE anyways.
Is this across all coverage groups at Barclays, or are certain groups known to be better than others? I'm thinking FSG would be great because of the client relationships.
Any word of JP?
GS changed its policy to be more understanding. You can openly take time off to recruit now. Lots of stale info here
this just for on-cycle mostly and for 1-2yr Analysts I assume? would be surprised if anyone else got that sort of privilege
Of course
I was pretty clueless when I first started recruiting and sometimes asked analysts if they had plans to exit/leave in 2 years. When I asked GS analysts, it would be to the point where they would warn me not to ask things like that. They all spoke of how the firm wasn't supportive of recruiting.
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