GS Healthcare Walkout
Wondering if anyone else heard about this or had details...heard from a friend that a bunch of analysts in the GS Healthcare group quit together today. Seems crazy but heard from multiple sources.
Yup, 100% true
Why did they leave?
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Need this on litquidity
Why?
Litquidity is love, Litquidity is life
GS13 Part 2?
New York. Have a friend who’s in the group. The juniors are shitting bricks rn. Stretched razor thin as is, I literally barely ever see them anymore….to make matters worse, the people who just left were mostly second years and junior associates aka the people who don’t just process manage and do the work. Their group is pretty fucking elite when it comes to their accolades and deal flow, but comes at the heavy cost of riding the coat tails of absolutely grinding their analysts and junior associates. I think they have 4 years of associate, and from what I hear, that becomes a huge issue since many of the more senior associates don’t do pages or any of the heavy lifting. Yet, they get paid like 2-3x what the analysts make. They have no idea what’s gonna come next but are praying they don’t get dumped on and the culture changes for the better, or else they’re probably also out the door. Clawbacks used to be able to stop attrition like this, nowadays buyside firms are willing to pay it so they literally have no leverage over the remaining guys.
How many quit and how many remain?
Theres enough non target hardo "strivers" here who will gladly take their place in a heartbeat unfortunately. Only when people refuse to backfill will things really change.
x
You can’t replace a bunch of Summa Cum Laude Ivy Leaguers with a bunch of high effort kids from University of Arizona (no offense, only say this cuz I’m from there). Effort and grit reflects determination not raw intelligence.
But you can get a few absolute smokes hiring from U of Arizona, that much I can tell you.
Dude, you build PPT slides and make sure the capiq formulas are pulling in correctly…
Brah if anything the non target hardos make for much better bankers than the ivy leaguers. Ivy leaguers are always thinking about broader exit opps and searching for "intellectual fulfillment" and work that is "meaningful" or whatever the fuck, the non target hardos just put their heads down and grind. Placing highly intelligent people in rote and tedious roles creates suffering. They are far less effective than their dumber counterparts who are happy enough to be churning out models and ppts all day
Yeah because theres definitely no non target kids that could've went to an ivy but went to a state school on a full ride instead lmao
As much as I agree that this treatment is terrible, quitting with nothing lined up as we stroll into a recession isn’t what I would personally do
Thanks prospect
If they don't want their jobs, I'd gladly take it from them.
You are the problem. Go talk to a woman.
This is why banking blows. So many losers willing to get ass reamed willingly so analysts have no leverage. Software engineers actually have self worth and won't allow themselves to be treated poorly hence why tech bend over backwards with benefits, free food, and comfortable WLB lest they have software engineers quit and get their firm blackballed on blind.
The reason SWEs have a better work environment on average compared to IB is because they were established during different times. SWE came up doing a more modern time with much better worker rights vs IB in the 1900s. Bad habits carried from the 1900s but IB is still much better at most banks than it was decades ago or even 5-10 years ago. Analysts just need to keep putting pressure on senior bankers.
The two jobs have much different workflows as well which impacts the jobs. It isn't that SWEs are so good at banding together and demanding certain rights.
The comp progression is pretty incredible in banking though, and you don't have to have nearly the intellectual firepower. Also, even if IB isn't "your thing," the entire finance ecosystem is open to you after grinding for a couple years. You also get the opportunity to meet so many interesting CEOs, PE partners and entrepreneurs- which opens you up to a world you never knew existed. If you keep a great attitude and focus on executing, you can make two commas annually by your early 30's. WLB is great, but it's not for everyone - some people literally love to fucking grind. It's all personal preference. In my own self assessment though, I fully recognize I’m a fucking psycho.
did they really "quit" if they just moved to the buy-side ??
Does that mean GS HC is hiring?