What Makes Goldman Great?
What exactly is Goldman Sachs doing that is resulting in them dominating the league tables like this? Is it sophisticated financing, impressive tombstones, or are the bankers just better than everyone else? Curious to hear y’all’s thoughts.
Look at their fee split and you’ll have half your answer (it’s not financing).
what do you mean
At least within my sector (think HC/TMT/FIG), it's just been a banner year with macro tailwinds, large caps looking to transact, and a good set up on sell side positioning and cashing in on some LT relationships.
We had $1T announced M&A just before the mid year and a large gap between #2. We're an M&A bank at our core (vs. JPM) so when deal vol is up we'll naturally capture that upside.
If you're a BoD and doing a large trxn, can't go wrong with just "hiring Goldman" and getting that GS stamp of approval
I will say at the An/Aso level it has been brutal this year...
healthcare
Brutal in what way? Hours?
« An institution is its people and Goldman is Goldman »
As per above comment, largely due to the board approval. Similar to how Centerview always wins HC deals
They benefitted from first mover advantage, being amongst the first few banks that did securitisation and high-yield bonds. They also grew organically, didn't do many high profile acquisitions compared to JPM and have stayed a core multi-service investment bank, not a gigantic retail bank with other corporate divisions. Reputations and legacies that are so long-lasting and well renowned that hiring them is basically a guarantee or seal of approval. I can see how JPM managed to grow and is impressively led by Dimon who knew how to expand across different products, both retail & corporate banking, but GS (and MS to an extent) have largely been the same throughout their history
Try working there lol, everyone is pushed to the limit
It’s pretty insane tbh
Left recently for private side (ignore title) PE, my 2c:
A&A varied a lot, some were spectacular and others left a lot to be desired
Network was spectacular, seniors on my side were great, lots of learning
Even in credit people hate working there. I’ve never heard anything positive about them other than the name.
Bulge brackets are the sacred institutions in finance
There’s nothing particularly great about it, the name brand reputation does a lot of heavy lifting. Take 80% of the bankers (namely seniors) and drop them into a different bank, unlikely they’ll be as successful without the Goldman platform
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