Offer Help!!!! Goldman IBD SLC or Wells NY
Hey guys, I'd really appreciate help in my decision here. I have offers from GS and WF for IBD in the Summer Analyst Program. GS seems like the right move, but Salt Lake does things differently... it basically recruits into a full-time analyst position that holds you back i.e. you get the full-time offer in SLC, work 1.5 years there, and are then transferred out to NY as a first-year analyst. However, the role is basically the same in SLC as NY. People from SLC and NY are staffed on the same deals, and the responsibility/experience is very similar. Is it worth getting held back 1.5 years in Salt Lake City? Thanks in advance for any help.
I'd go to Goldman. Putting aside the obvious (deal flow, prestige, etc.) 1.5 years is the blink of an eye. And just the presence of a GS IBD internship on your resume will get the attention of every other bank during FT recruiting.
Thanks for the reply. I am concerned with what TrackBack mentioned below though; any insight there?
Goldman SLC no question. The mentorship from Robert DuVal will be second to none.
Haha fair point. In seriousness though, would you still say GS?
I don't know if its too late for this, but SLC is an awesome place to live and their analyst track is really good. I've become friends with someone (through networking) who works in their GIR and from getting to know him, and his boss, I would love to work at goldman SLC. Pm me if you want more info.
All jokes aside, I'd say WF. I know that's an unpopular opinion, but GS SLC is not NY IBD. It's a sweatshop where you're getting paid literally half of what a NY IBD analyst is making for 1.5-2 years of indentured servitude for the chance to move to GS NY as a 1st year. What they don't tell you is that like 20% or something actually get that. The rest are just used up and spit out and a lot end up with shitty exits. People in the know are aware that SLC isn't really GS so the resume bump isn't going to help you that much within IB. Plus, salt lake city. Fuck that.
You'll see some good deals at Wells, and they're on a lot on the financing side so if you're into capmarkets/loans at all, then you would be getting really good experience. You'll be in NY and you can see how you like it. Plus they've got great culture and hours there too. You won't be some piece of shit off in a far off land doing the worst deal work remotely, you'll be an actual NY analyst.
Have you spoken with people who have done the position before in SL?
This is not true. I personally know someone working in the SLC office and its either you move to NYC after your analyst program is over, (1.5-2 years) or you're fired. There's no option to stay in salt lake city. SOMETIMES they let you, rarely, if you've really proven yourself, and SOMETIMES they let you go to SF. That's it. Also, the cost of living is MORE THAN HALF the price than it is in NYC. You'd actually be able to save money, learn to ski, enjoy the mountains (which are a 10 minute drive from the GS office....which is located 5 blocks away from the foothills of the mountains.) And like the other comment said...1.5 years is a blimp in time, and an especially small price to pay for a guaranteed spot in GS NY office.
I really hope it isn't too late to decide, because these idiots have no idea what they're talking about.
Do you have a NYC-specific summer offer for Wells, or just the generalist offer?
It's a platform offer, but I'm confident I could get the group/location I want based on interviews and networking I've done thus far (TMT NY)
Yeah, I wouldn't count on it. I can guarantee you that there are at least 30-40 other kids networking just as hard if not harder than you. Since 60% - 70% of the spots at Wells are in Charlotte, almost everyone that gets an offer networks very aggressively with all the groups in NYC. Unless you get a written offer or a verbal confirmation directly from the TMT staffer, I wouldn't count on getting NYC as anything close to guaranteed.
if it were GS NYC vs WF NYC, then that's a different scenario.
But you do not want to be in SLC. The same reason Charlotte isn't as good as NY - but, Charlotte is better than SLC. BAML IBD is heavy in Charlotte as well.
Wells is growing tremendously. And they are moving into one of the best state-of-the-art buildings in 2019 - Hudson Yards.
So you're saying WF is the way to go? Assuming I can be confident in NY?
I would definitely choose WF. Think about it this way too, you have a better chance to grow within the firm and make better connections. You can get promoted quicker since WF is leaner than GS - more responsibility earlier on. No need to consistently worry about the next dude regarding the strict culture at GS (never know who will backstab you).
I would definitely take WF. They're growing fast, and I do believe that they will be considered a bulge bracket soon. Also, they're going to move into a nice new building.
PM me - I actually just had the same decision to make.
Take WF NY. How GS IBD in SLC works is that you're a remote ib analyst and it's kind of hard for the NY people to remember due to this. The pay isn't that bad (70-80k all-in first year) and the program is you're in NYC/HOU IB or not within the 1.5-2 years. A good portion(30-50%) of ER and ib people in slc are axed. Not even sure if they'd allow you to work in BO/MO if you didn't go to Houston or NY after the program. Not to mention how little the firm cares about ER.
It's typical GS culture: over-hire and fire before they become too costly. Makes sense but not sure I'd want to work there.
Help Choosing between IBD at Goldman in SLC or Wells Fargo? (Originally Posted: 10/10/2017)
Hey guys, I'd really appreciate help in my decision here. I have offers from GS and WF for IBD in the Summer Analyst Program. GS seems like the right move, but Salt Lake does things differently... it basically recruits into a full-time analyst position that holds you back i.e. you get the full-time offer in SLC, work 1.5 years there, and are then transferred out to NY as a first-year analyst. However, the role is basically the same in SLC as NY. People from SLC and NY are staffed on the same deals, and the responsibility/experience is very similar. Is it worth getting held back 1.5 years? Thanks in advance for any help.
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