Goldman Moving Some S&Ters To Operations
Anyone have more info about who is being moved?
Glad I don't work for GS, they never seemed to care about their junior ranks.
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Rumor is 50% of the S&T class got bumped. Most of them are sales.
People in Class of 2007...
That blows...2 months in and this BS begins..Id be sweating bullets.
I'm not in trading so forgive my ignorance...but why would market conditions have much of an effect on the number of traders hired/kept at a big bank like Goldman? The volume of trading remains more or less steady even in bear markets (in fact, trading volume is higher than it has been in years with the recent correction), so it seems like the demand for traders would be fairly constant. I can understand layoffs in traditional IBD or places like DCM, because there's no deal flow, but why would S & T analysts be laid off?
I think its just because operations people are in high demand partly because of the huge amount of credit derivatives trading. They need alot of people to clear all these confirmations.
It sucks that they can do that to the s&t analysts though...
Yeah, but the credit derivatives market right now is nonexistent compared to what it was a few months ago...it doesn't make sense that they would move guys to deal with derivatives NOW, and not 3-4 months ago. I don;t think it's going to pick up to anywhere near where it had been for quite some time, either - at least that's the impression I get from talking to credit derivatives guys at my bank.
Plus, ops guys are cheap compared to S & T guys - it doesn't make sense that they would move a bunch of guys that they just spent a ton of money to recruit and train from S & T to ops when they could just hire some existing ops guys, since their jobs are much more "routine" and don't require as much creativity/talent.
All I can say is I would be freaking LIVID as an Class of 2007 Ficcequities Analyst.
That's what happens when you're an "at-will" employee...You serve at the pleasure of your master.
bump
at least they will have less stressful lower hour jobs
the question is, if this rumor is true, whether or not these guys will be able to get back into S&T later on. will they be in the same position as the retards who were already working in back-office/ops?
ridiculous to call them retards...
id quit.
retards working in operations? there's nothing wrong with operations... my friend left ibd for a higher position in ops.. for a higher base + higher title and 1/2 the hours.. doesnt sound too bad.........
your friend is a retard
Has this rumor been confirmed as true? Have they already been moved?
Yup confirmed. They moved yesterday.
It seems like goldman does this sort of thing a lot. ex: cancelling onsite interviews, cancelling acceptance offers, etc. I'd be wary.
now you see why i believe in reneging.
Goldman booted half of the 07 full time class.
All traders (they're useless for 60 days after passing the series 7)
Not the sales people
Rumor has it that if you interned on the desk as a summer intern, you were not booted for loyalty sake. Also, if you didn't intern at all during the summer, they kicked you to the back as well.
Not a big deal for GS---they always run lean.
No it's definitely mostly sales people, unless there's a new development this week
I heard from a very good source (GS trader) it is 20-25% and it has also hit the sales desk. How it hits traders and not sales is ridiculous logic.
heard a rumor that GS isn't hiring new IBD analysts anymore, but rather they hire them into operations for 6 months first before transferring them into IBD (not sure if it's guaranteed either)? anyone that can shed light on this rumor?
this is some crazy shit
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