GS Bonus - Bloomberg
From Bloomberg report as of December 1:
“Goldman executives were warned of cuts to year-end bonuses this year, people familiar with the matter said. Austerity is the new mood in the industry, with many veterans uncertain about the outlook for earnings in 2023.”
“Other major divisions (outside of trading) will see even larger -- albeit less surprising -- cuts to bonus pools following slumps in those businesses.
The investment banking unit is bracing for a much steeper decline than the roughly 25% reductions it expects at competitors, the people said. And the number of bankers receiving zero bonus -- or doughnuts in the industry’s parlance -- could surpass 100, which would be an unusually large group.”
0 bonuses isn’t surprising for the bottom performers. As other have said, there are a contingent of people, via the COVID era we’re hired to be a body in a seat, now they’ll be told to gtfo
Not very surprising that GS IB will see larger bonus cuts than the street average. Pre-COVID GS paid analysts and associates below street, and this is just the GS Discount returning now that the late 2020-early 2022 deal flow craze is over.
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Bc they have an elite group of alumn in politics
Spent my analyst years at GS before lateraling, and GS does have value. The GS name is second to none and having it on your resume isn’t just a step up for PE recruiting, but is huge if you want to do anything else down the line in the corporate world. Also, the analyst deal exposure at GS is second to none given GS’s franchise strength. During my two years there I worked on 2 $10B+ M&A deals and 3 more $5B+ deals, as well as a handful of high-profile IPOs, and I don’t think my deal exposure would have nearly been as good at a mid-tier BB.
was this TMT?
That's great for those interested in PE or M&A.
Which is more than half the overall IBD analyst class each year? You act like that's a niche interest.
wHy WoUlD aNyOne WanT tO wOrK for Gs If ThEY pAY bEloW MaRKet??
well why would anyone PAY $80k to go to harvard when community college is free?
This is for every firm tbh. Makes you wonder if the 90 hour weeks are worth it when you know your getting a $40K bonus as an analyst
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