Best Trading desks at Goldman Sachs

ixjunitxi's picture
Rank: Orangutan | banana points 299

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.

Comments (46)

Mar 16, 2009

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.

Wrong -- GS is offering FT positions to summer interns in prop groups.

Mar 16, 2009

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

Mar 16, 2009

you tell us you got into GS.

Edit: I have no idea, but nice job getting what everyone else wants.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Mar 16, 2009

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.

May 16, 2009

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?

Revsly:

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.

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Apr 25, 2013

[x]

Mar 16, 2009

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.

Mar 18, 2009

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?

Apr 24, 2009

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.

Apr 24, 2009
akpsiforlife:

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.

Apr 24, 2009
akpsiforlife:

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.

You bruised his asshole.

Apr 24, 2009

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).

May 16, 2009

Original post's identity digged out ...

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May 16, 2009

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)?

Mar 18, 2009

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.

May 16, 2009

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.

Philosopher:

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.

Jun 29, 2009

this is an interesting thread

out of curiosity, what are the "strongest" desks at GS?

Jun 30, 2009

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?

Jun 29, 2009

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

Jun 30, 2009

They consolidated the group and shut down the Toronto desk. I am not sure what they have done in NY.

Apr 25, 2013

[x]

Apr 25, 2013

goldman's soybean desk is notoriously difficult to land a job on.

Apr 25, 2013

Lol

Apr 25, 2013

...

Apr 25, 2013

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

Apr 25, 2013

Lmao olive arbitrage? beauty post

Apr 25, 2013

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.

Apr 25, 2013
jjc1122:

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?

Apr 25, 2013

SSG and PFI have bother hired directly from campus

Apr 25, 2013
GutShot:

SSG and PFI have bother hired directly from campus

Do you have any numbers? I can imagine them being very selective...

Apr 25, 2013

SSG had 4 interns last year and gave 2 offers. PFI gave 2 offers as well.

Apr 25, 2013

I suppose that's in the US? Any insight on London figures?

Apr 25, 2013

GSIP (formerly GSPS) is now under GSAM if I'm not mistaken

Apr 25, 2013

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.

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Apr 25, 2013

How did you get an offer to intern in august..

Apr 25, 2013

You should do your homework. The prop desks have been absorbed into the market making desks (e.g. CLO structured credit in 2011) or spun off. SSG is a completely different beast, I've only personally known one person who's interned there. According to a friend the oil desk has historically performed well, but this year has been hard likely due to tightening WTI/Brent spreads. Not sure about how the other desks are doing.

I'd advise you to pick the product that most interests you or the group you get along with best. In the end your P&L and the contacts you make are what count.

Apr 25, 2013

Wasn't principal strategies the only prop desk at Goldman, or am I wrong about that? They got absorbed by KKR and is now the equity strategies group there.

SSG is not prop, so not much has changed there.

Apr 25, 2013

Go for the strong franchises as that's where you will get the most bang for the buck, IMHO. Don't think prop desks should be your natural tgt. I would suggest FI (like mtges) or FX. My Z$2c...