New story from Business Insider. Thoughts?
https://www.businessinsider.com/goldman-sachs-letter-interns-asset-mana…
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Oncycle with extra steps
Curious how this works in practice. GSAM is a solid seat but they won't have dozens of seats every year so I'm guessing that will be an extremely competitive internal transfer.
GS PE is not really comparable to MF PE
Overall think this is net positive for juniors though... firms are trying to figure out how to retain very high-quality talent which might mean treating them a bit better and actually prioritizing career development. Not having oncycle the second after graduation is also good for juniors
It was already very competitive before this announcement. Now, even more so
you think the other BB AMs follow suit? all have undergrad AWM programs that follow the standard intern to FT conversion pipeline already, which would cause crowding at the associate level (unless BB AMs face substantial attrition there)
Only JPM and MS really have scaled AM arms, I bet they'll do something similar
And yeah agree with you, this is a nice headline but how many ASO seats are they going to have... 5? 10? Analysts do leave even great GSAM jobs by ASO, but they won't know what they need to backfill until short notice. Guessing they'll just put these in priority growth areas and justify the extra headcount, this talent drain is clearly a priority for leadership
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