Hey guys, I will be starting at Goldman in the summer as a securities intern and was wondering what you all thought were their strongest desks coming out of this financial crisis? Aside, from their prop desks (which i had the opportunity to intern with) who are not taking on any interns for full-time. So doing a summer within one of those groups to me would be pointless.
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Wrong -- GS is offering FT positions to summer interns in prop groups.
Thanks clown, you clearly have no idea what you are talking about. Moving on, can someone with a little bit more experience tell me which groups will provide the most meaningful experiece
you tell us you got into GS.
Edit: I have no idea, but nice job getting what everyone else wants.
Everyone always asks this question, and while some desks may be "stronger" than others, its much more important that you fit in with the desk and enjoy the product. So that means looking into whether you would like micro/macro, flow/prop, etc, etc which has all been talked about to the point of ad nauseum... and that's just been in the last week.
Obviously if you can get onto their prop desk that would be sick.
Sorry for being slow, but what belongs to micro and what belongs to macro? I know prop means trading for own account, then does flow mean trading for clients?
x
If you enjoy prop, why would you not do prop? I am sure a summer on a top prop desk will make your resume look good. It's not like no prop desks at any banks will be hiring next year.
If you enjoy and your good at it, go for it.
This has to be the coldest take on the site.
I doubt I know any better than you, but I'd go for exotic equities. that's my pick.
P.S.- nice job. what method did you use to get the interview? what's your background?
This kid's name is ***** ******** from Cornell University, one of the biggest tools I have ever seen. He got extremely lucky last year and ended up at JP Morgan as a sophomore through the Bear Stearns FAST interview process and now thinks he's some big shot. I am in the same business fraternity as him, you can guess which one, and everyone hates him. As you can see from some of his previous posts, this guy is as bad, if not worse than dipset and London.
Wow. Just wow.
You bruised his asshole.
Wow - the original poster got owned. Either he is a total shithead and deserves it or the guy who "outed" him is a complete asshole.
So the takeaway is: the second worst person to be, is to be an asshole no one likes. The worst person to be is the guy who fluffs the second worst person (i.e. trade4size).
Oh well... I'm editing his name out. It's a little too much exposure even if the kid is an asshole (and judging from his post history, certainly seems to fit the bill).
Original post's identity digged out ...
Given these desks do recruit undergrads albeit maybe not this year, does anyone know what skillsets they look for in trading recruits (ie academic background, basic/advanced industry knowledge and experience, etc)?
micro does not make any sense. that guy doesnt know what he's talking about. when people say macro they usually mean trading in products tied to fundamentals in the larger economy (e.g. rates) I think sometimes people also think of EM and FX when they think of a macro trading desk.
yes flow means making markets for clients- being committed to offer bid/ask quotes all the time and making money from bid/ask spreads and (hopefully) the capital appreciation in your standing inventory. So flow involves a little bit of what you may consider prop. But you only have a limited control of what your standing inventory is and making a market is the first priority. besides goldman many banks have said they will stop engaging in significant prop but people are greedy so this may or may not last.
I once heard some manager referring micro to equities and CDS. Maybe it is because the products traded in equities and CDS markets represent view on each individual corporations.
this is an interesting thread
out of curiosity, what are the "strongest" desks at GS?
Speaking of which, what's the deal with GS SSG? I know they split the group up last year and the heads of the group defected (McGoldrick apparently hit a massive jackpot within the last few weeks). But in what form will SSG continue?
as far as i know it is business as usual in ssg. fyi i am not on the inside so take it with a grain of salt
They consolidated the group and shut down the Toronto desk. I am not sure what they have done in NY.
x
Toughest desks to get into at Goldman? (Originally Posted: 03/20/2010)
What are the most selective trading desks at goldman? I would think that the toughest group to get into is principal strategies, followed by special situations.
goldman's soybean desk is notoriously difficult to land a job on.
Lol
...
With everything going on in greece a friend of mine that works on their floor in NYC told me that the Kalamata Olive Arbitrage desk is where they are putting their elites now
Lmao olive arbitrage? beauty post
Lol. Some nice posts here. But in all seriousness, yes, the principal strategies is the toughest desk at goldman to get into. That's their internal prop desk.
Is there any other division within GS that's named "XX strategy" or "strategical XX" within S&T?
yea, the names all get confusing, especially with the acronyms: lots of Ss, Ps, and GS. to name a few:
GSPS - Goldman Sachs Principal Strategies SPSG - Strategic Portfolio Solutions Group SSG - Special Situations Group PFI - Principal Funding and Investment PSI - Principal Strategic Investments
to answer the original question, any of the prop desks are extremely difficult to get - they offer placed internships for the summer, so if you haven't already been assigned to one of them, you're not going to rotate on them (though it's possible to network and land a job on them for FT).
as far as the rotational desks go, the "hard-to-get" ones depend on a) what the rest of the intern class thinks is hot, and b) how many people a particular desk plans on hiring (simple supply and demand right).
so, for example, Emerging Markets hired one person in sales and maybe one person in trading from the summer, so by that metric, it could be considered hard to get. Commodities is always highly sought after, so it could be considered hard to get.
SSG and PFI have bother hired directly from campus
Do you have any numbers? I can imagine them being very selective...
SSG had 4 interns last year and gave 2 offers. PFI gave 2 offers as well.
I suppose that's in the US? Any insight on London figures?
GSIP (formerly GSPS) is now under GSAM if I'm not mistaken
Best S&T GS Desk (Originally Posted: 09/23/2013)
Thoughts? across equities and ficc
This is very general, but broadly speaking, strong in equities - not so much in FICC. I'm sure other people can provide more detail with regards to individual desks. That being said, a ton of cuts in terms of head count on the equity side in the last few years.
GS Trading Desks (Originally Posted: 08/01/2013)
What are the best desks at GS? Any info on trading desks at GS?
How did you get an offer to intern in august..
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