Hi, incoming IB SA here at GS and wondering if anyone can give an insight into the various teams/deal flow/culture in London. Would be nice to have an updated/current view after a busy year in banking! Thanks in advance :)
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TMT - rough
Industrials - rough
FIG - rough
others no clue. But it’s well known that overall GS classic groups are sweaty.
Any idea on MS team cultures?
Can confirm.
TMT and Industrials have worst WLB, but overall see strongest deal flow and exits, so really depends on what your are solving for.
FIG strongly depends on the country desk you are sitting at. Italy / Germany / France are rough, UK can actually be decent. FIG usually a less popular team due to niche focus.
Consumer / Retail / Healthcare is giant so culture and lifestyle can vary, but on average slightly better than TMT and Industrial.
Culture at GS always was and will be an issue (same applies to MS and JP) as people usually join with the sole purpose of leaving it after 1-3y. Seniors know this and hence are less incentivized to build a long-lasting culture focused on wellbeing and retention. Culture got slightly better due to pay increases (note that GS historically was bottom with respect to compensation with people getting furious upon bonus season time and time again). Know quite a few GS (and MS and JP) colleagues that hate their previous employers to the extent they would never give them business, but would do it again because of the learning experience and brand value.
Consumer Retail and Healthcare are now 2 different teams, since early 2021.
Both are still known for their good culture
Industrials work a lot but they have good vibes, kind of "work hard play hard"
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Know a few people in TMT and the majority of their problems seem to be around staffings; expect 4am log offs at least 5 times a week. The situation isn’t too different with FIG. They’re usually personable, respectful people though.
what are ppl doing staying up till 4am
Among other things seemingly weekly 75 page sell side decks - GS TMT output a lot in London. Have been on a few TMT buy sides and they seem to grab almost every good sell side in the space.
What about CMG?
Know someone in FIG that has been getting absolutely crushed in terms of hours for years now, but seems to like the team+pay enough to stay
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