Goldman Sachs #2 Overall, Citi Is a Boiler Room, and SocGen Is the Pits
This might come as a shock to some of you, but the people who work at Goldman Sachs are pretty happy about it. Glassdoor.com released an industry-wide report card on Friday, and not only did Goldman Sachs rank #2 in overall employee satisfaction (behind Susquehanna International Group), but CEO Lloyd Blankfein received a 97% approval rating. Among the BB's, Citi was at the bottom in employee satisfaction, and one industry insider described it to TheStreet.com as a boiler room. Ouch.
JPMorgan Chase is also considered one of the best places to work. Citigroup is considered a "boiler shop," and Morgan Stanley "gets good marks" but isn't entirely up to snuff.He says
Credit Suisse, Deutsche Bank and UBS were all fairly high on the list, while Citigroup was close to the bottom. Employees only report "dissatisfaction" with four businesses: AXA Advisors, First Data, Sallie Mae and Société Générale, with SocGen rounding out the bottom of the entire list.
So why are Goldmanites the happiest campers on the Street? Well, there's the money of course. Goldman Sachs has one of the highest compensation-to-revenue ratios on the Street, topping out over 40%. Aside from that, though, employees say it's actually a decent place to work, and is staffed with Wall Street's best and brightest.
Poor Citi, though. You have to feel bad for those guys. On a scale of 1-5, employees' faith in senior leadership registered an abysmal 2.5, and employee morale was only slightly higher at 2.7 (compared to Goldman's 3.9 and 4.1, respectively). I know what it's like to work in a miserable environment (hell, I know what it's like to work in a boiler room), and it makes for some long days, weeks, and months.
Do you agree with your bank's (or another bank's) ranking? Disagree? Is Goldman Sachs really the promised land?