Goldman Tries Quicker Promotions
We’re really trying to develop people for a longer period of time than two years because, candidly, it takes more than two years to figure out" whether banking is the right career, Solomon said in an interview at the firm’s Manhattan headquarters. “By getting people on the track of becoming an associate, we’re basically just matching what’s going on in the world with other opportunities that are out there.
Thoughts...?
This isn't likely to change much. The guys in the Goldman analyst class with the best grades from the best schools are still going to push pretty hard for the best PE/HF gigs. Recruiters will still come knocking.
The real interesting change will be at the Associate to VP level (how that changes the politics of the middle-management roles).
Are GS analysts still able to recruit fully for PE/HF? Seems like Goldman also imposed some strict rules about that...
All that happened was that the best analysts either kept their mouths shut about their PE offer until past their first bonus or left at random times (7 months, 12 months, 14 months, 19 months, etc.) the minute they received a HF offer.
That policy dissipated pretty quickly. It wasn't as vocal of an outcry from the analyst class as what happened at MS, but saner voices prevailed at the senior level and they realized it made more sense to make the bank a more attractive place to be than to make people who wanted to leave have to go deeper underground to hide their effort to do so.
There was a quote to similar effect at the end of the article in the OP.
I was thinking along the same lines, do you think the 3rd year rotation would change much? Potentially have people from the 'less desirable' groups sticking around?
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