Goldman Sachs Salt Lake City IBD is being dissolved
Apparently GS is dissolving their SLC IB division. Top bucket analysts will be transferred to NYC/SF and rest will be let go. Brutal for analysts who might have just signed.
Wow, if true that’s nuts!
Got a text from a buddy who works there (non-IBD) this morning and saw someone had submitted it to Litquidity so I'm pretty sure it's legit. Hopefully Goldman helps the recently signed analysts with transitioning out/apartment leases and stuff.
Seriously, would be a huge dick move if they didn't. And if they didn't, that's why you shouldn't ever show loyalty to a firm.
rumors were already circulating at GS in IBD since early Aug.
Any news on the Dallas office as well? Heard not much deal flow running through there
Wow crazy
What verticals did they have in the SLC office to begin with?
They were just attached to deals sourced from SF/NYC as remote analysts. There are barely any associates/VPs at SLC - it's like 90% analysts.
damn I really wanted to work in that office so I could ski powder in the winter oh well. Any IB jobs in Denver?
I had the same thought process, and started a thread on IB in Denver. Here is the link https://www.wallstreetoasis.com/forums/investment-banking-in-denver
That girl soubds like quality breeding stock.
She was hot but super crazy. Took me to hang out with her friends on the first date and it was...odd.
Weren’t apps open for summer 2020 IBD in SLC?
yes
And only 6 years ago Bloomberg released a video showing how great it was and how rapidly it was growing... how times change
The rest of SLC is doing quite well. Relative to the population, the early stage businesses here are quite surprising. I've met more impressive here in SLC than in Vancouver even though Vancouver has a much larger population. Neither are an NY/SF but I was still surprised by the scene down here. The best part is that cost of living is super low too.
The number of IBD employees in the office wasn't large to begin with; it has always been mostly operations, product controllers and tech. So I don't think axing the IB teams there necessarily detracts from the office as a whole. It will probably continue to grow (along with the rest of the city).
First they close down barbacoa on main and now this?
American Towers finna be lonely
Curious if you or anyone knows the rationale behind the move.
.
I would imagine it's because the program isn't succeeding in creating the pipeline they wanted. On its face the plan is brilliant. Get kids with solid but not amazing backgrounds to go to SLC for two years. You can pay them less because the cost of living is insanely low and by the time their two years are up, they will have already missed their window for PE/other buyside opportunities, which makes it more likely that they stay on with the firm as an analyst--> associate promote. It's possible that many of the bankers that transitioned to the NYC or SF office didn't perform at the level expected by divisional leadership. It also sounds like being an SLC IB analyst would be a logistical nightmare for everyone involved, so if the above were true that would probably be enough to axe the program, notwithstanding the big push into SLC. Will also say that this is in no way meant to criticize the quality of people in Salt Lake. The office is well established and most of the firm's MO/BO functions are being moved from NYC---> SLC. GIR and GS' Alternatives business also have an established presence there.
Brothers roommate does IB for Goldman in Salt Lake. Apparently it was made known to him a couple of months back that his "stint" in Salt Lake was up this December and that he would be relocated. Didn't receive a specific reason for it if I recall. Who knows, this rumor might actually have some weight to it.
GS just went through a reorg firmwide, not just IBD, so it makes sense
This is nucking futs!
Would this impact the GIR program in SLC in anyway?
Can confirm from inside source also. The IBD program is dissolving and any current analysts will be moved to NY or San Fran by February 2020. Reason given was not a lack of talent coming through pipeline as this program has gotten bigger every year since its inception, but rather management felt the loss of connectivity to NY hub wasn’t worth it when they are working on the same deals.
Are all analysts being moved or just top bucket? I've heard conflicting news about who is being let go and how is being moved to NY/SF.
Didn’t get the specific details but it sounded like whomever would have been otherwise eligible to be brought into NY/SF(top performers) would be moved and the remainder would be let go as per usual course. I suspect there isn’t much of a change in regard to who, but for some obviously it will happen a year sooner.
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