Goldman Hiring Freeze
According to breakingviews. Can anyone confirm/deny?
Trending Content - Investment Banking Forum
| +405 | Evercore Intern Seizure | 62 | 6h |
| +113 | UBS IB Americas has failed, now behind Santander and Stiffel | 31 | 44m |
| +79 | JPM M&A is Gone??? Purely Coverage Banking??? | 44 | 2m |
| +60 | How do I understand vs. just memorizing? | 11 | 10h |
| +48 | Losing my personality in Banking | 9 | 2d |
| +45 | The good and bad with Wells Fargo | 14 | 1h |
| +42 | Associate & Above IB exits | 18 | 11h |
| +40 | Sent my Claude prompt to 200+ Teams chat. MD wants to see me Monday. | 23 | 1h |
| +33 | Incoming IB Analyst: Best Ways to Prepare? | 13 | 8h |
| +33 | Some banks are overrated as fuck | 10 | 5h |
Career Resources
http://online.wsj.com/article/SB118004777516913996.html?mod=Breakingvie…
fuck?
oh shit...I hope this doesn't become a trend...
can somebody post the full article? i don't have WSJ Online Subscription
Goldman Takes a Breather Hiring Freeze May Help In Expected Leaner Times; Dell's Wal-Mart Bargain May 25, 2007; Page C12
Is Wall Street edging toward a hiring freeze? That may sound like a nutty question given the buoyancy of the markets, boom in buyouts and record investment-banking earnings in the first quarter. But all of this exuberance hasn't stopped rumors from swirling that banks are pulling back on recruiting. Guess what? They're not entirely unfounded.
Goldman Sachs Group is now taking a "pause" on hiring that goes beyond the usual seasonal summer slowdown, according to people familiar with its plans. While the firm will make exceptions for top talent, this is significant. When the market leader makes such a move, you can bet others will follow. If Goldman is a leading indicator, this might become the first industrywide freeze since the tech-stock meltdown. combo
Nonetheless, taking a breather right now looks sensible. The money industry is enjoying fat times that even its top executives admit will be difficult to sustain. Indeed, take a look at what analysts expect Goldman to mint over the next few years. For its fiscal year ending in November, the firm should earn $21.50 a share, up 10% from last year's record, according to FactSet Research Systems. But in 2008, that's expected to drop to $21.10 a share, and to $19.30 the following year.
So it's understandable that Goldman, and some of its rivals, might ease up on adding new seats. Sure, this means some of the existing staff will have to work a little harder. But given the cost of hiring and buying out bonuses at the top of the cycle, this seems prudent. And, hey, if concerns about a slowdown prove overblown, it's not all bad. The bonus pool won't need to be split with any newbies.
this isnt going to affect those at the analyst level - there will still be recruiting in the fall for summer 2008, so no need to really worry, at least not until a bank begins to dramatically cut down the sizes of incoming classes
how sure are you of that? and what about the summer of 2009?
Well, I always wanted to be a fireman...
LOL
cant say im absolutely sure since its just my opinion, but i gotta believe that banks will recruit this upcoming fall just like they did last year...maybe they hire a few less, but until you hear excessive cuts in hiring or if the debt markets blow-up, than i wouldnt worry too much.
summer 2009 is too far off so who knows.
I don't imagine this would affect the offer rates for this year's summer class, would it? If they wanted to cut down the '08 analyst class, they could just recruit fewer full-time analysts (beyond the summers that accept their offers).
At least, I hope so.
im pretty positive that no bank is gonna pull summer offers off the table - SA's are cheap and if they want to really cut down, they will just offer fewer SA's FT spots
I think it'd be easier for them to hire fewer additional full-timers (beyond the summers that accept) as opposed to dropping their offer rate.
I think this refers more to hiring laterals. The beauty of the i-banking system is that people move up leaving a big opening in the bottom every single year. Obviously, if you decided to not hire analysts for summer 2008, you'd end up cutting your analyst work force in half. Even if you wanted to downsize this much, you'd mess everything up and then not have anyone to train 1st years the following year (when you'd have to hire them to avoid having 0 analysts).
I think all of us shouldn't start worrying until the layoffs start. That's when they might start pulling offers, downsizing incoming classes, and letting existing analysts go.
I feel this is the beginning of something not good.
I think it would be good to lower the 300+ recruiting classes. Those of in right now will become less of a commodity.
when "top-tier" bonuses for 1st year analysts have gone up close to 300% since 2002 you get the feeling we have to be near or at a peak.
what bank has a 300+ recruiting class for IBD?
Obviously that number is not just CorpFin. If you add Ops, IT, ER, S&T, PM, etc., you get a number like it.
theyre not gonna stop hiring. what happens when the current 1st yr analysts become second years? there is going to be an entire class missing. i dont see the Associates/VP doing 1st year analyst work. they would have to get bodies in there.
http://money.cnn.com/2007/05/25/news/companies/bc.wallstreet.hiring.reu…
Article states Goldman will continue to recruit laterally, and at the university level to the tune of "high, single-digit" growth. Merrill also says nothing changes.
guys, seriously i think that all of us that are either already working for IBs as interns or the ones that now and will be going after FT offers in the fall are overreacting..everything will be alright... ps. i belong to one of those who would be hunting for FTs in the fall
http://money.cnn.com/2007/05/25/news/companies/bc.wallstreet.hiring.reu…
Goldman forecasts strong hiring growth The investment bank says it expects the number of new hires to be in the high single-digits, which could indicate there will be no recession.
That article is taking something very common and blowing it out of proportion. Banks take "pauses" in their hiring cycle very often. CS has a pause in their hiring cycle 2-4 times a year, most notably starting in October.
The "pause" does not affect hiring of full time entry level analysts, summer interns, summer associates, or full time associates. It has more effect on lateral hires, and middle/back office.
Hiring freeze at Goldman (Originally Posted: 01/13/2009)
Heard through an acquaintance whose wife works at Goldman that there is a hiring freeze there, at least for the position I interviewed for (Back office internship). I had my first interview in December, then got an email a few days later that I was "on hold." Now it makes sense. Anyone hear about this freeze?
I'm not surprised... As far as I know, for the back office full-time positions I interviewed for, no one has received offers yet.
Doesn't surprise me either. I was told by a contact at Goldman that their full time recruiting was only being done to put a select number of people "on hold" in case any of their SA's they gave offers to backed out for some reason.
NEVER lose your BlackBerry www.conveniencesoftware.com
Really? That's kind of... selective. lol. I guess in this economy they can afford to do this.
I know that some of the interns from last year are still on a waitlist as well.
Still waitlisted? That is terrible.
I actually heard back from them today; got an invite to Superday next Friday.
Goldman Hiring Freeze? (Originally Posted: 03/02/2008)
Can anyone verify or refute? This link seems to suggest it may be true http://dealbreaker.com/2008/02/post_7.php
This is not true. I know someone who got an offer from Goldman Sachs last Wednesday. Not for IBD, but that shows that there is no hiring freeze. I had a post-superday phone interview on Friday so I doubt there is a hiring freeze.
Not true.
not true at all, GS has hired the same number of people from my school for each dept
I'm not sure whether this is true or not, but I should point out that the term "hiring freeze" for banks is not applicable to incoming new associates, analysts, and interns (although hiring may be reduced). "Hiring freeze" refers only to lateral hires or expansion hires. So it's quite possible that GS has put a freeze on laterals, but that's not surprising, I'm sure many banks have done the same.
Not true for the summer internship positions.
GS Hiring Freeze in NY? (Originally Posted: 07/26/2011)
I have heard that there is a hiring freeze in Goldman's NY office in IBD. Can anybody confirm or dis-confirm this, particularly with regards to lateral hires?
I heard this as well from someone there internally but she also mentioned they're planning to staff up on risk management personnel sometime in August
What about IBD?
yes can confirm from ppl I know too.
Any idea how long it might be for? Even an educated guess.
Not sure. They do hire when there is explicit need, I'm sure, but I think the general sentiment in the short run is going to be to not increase headcount unless there is significant need.
It's not limited to GS as i heard the same at other firms also.
What other firms are we talking now? We've got:
This is despite the higher revenue in advisory services, etc.?
That doesnt necessarily justify the decision, but its where I would start to look for justification.
so are summers not going to get offers? or just ft not including summers?
Aut aut quia aliquid et magni dolores. Ut amet odio ut quaerat quas. Culpa repellendus non expedita voluptatum. Hic et iste consequatur qui.
Ut iusto ipsam rem qui. Doloribus iure est et velit. Magnam est aliquam eveniet dolor et atque est nemo. Molestias et ea sit consectetur. Adipisci praesentium quas minima repellat.
Consequatur necessitatibus reiciendis modi autem suscipit aliquid voluptatem eos. Ratione nesciunt eligendi dolores ducimus ipsa.
Labore consequatur distinctio beatae cumque. Quo quaerat in quidem tempora reprehenderit eaque ab. Labore excepturi sequi est alias. A minus quisquam suscipit dolorum eos. Distinctio eos quos rerum ut. Reprehenderit est ut quo qui dolore sit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Similique quia vero veniam. Impedit esse veritatis commodi voluptas natus laboriosam voluptatem. Qui temporibus et impedit quis. Voluptatibus ut modi rerum sint quis eos velit.
Exercitationem ea esse modi pariatur quos ab. Nam architecto in nostrum voluptas nihil sunt ut. Velit repudiandae eveniet iste doloribus. Et commodi at ea error praesentium. Tenetur nam explicabo impedit.
Qui et illo eum quod. Fugiat quam dolorem repudiandae dolorum cum ut. Quas et velit excepturi consequuntur possimus perferendis fugiat. Rerum dolorem fugiat non voluptatem quo voluptas qui. Exercitationem similique accusamus accusamus repellendus totam.
Dignissimos repellat laboriosam modi amet minima et maiores. Ut atque praesentium quis.
Quasi maxime aut delectus qui et laudantium quia. Perferendis voluptate iure et omnis occaecati omnis. Ut sint sequi consectetur. Est facilis beatae et quos non.
In incidunt non voluptatum. Hic sed porro veniam aut labore porro. Porro vero fuga sequi voluptatum ut molestias sint est. Voluptates occaecati voluptatibus qui nulla sunt.
Delectus consectetur eligendi voluptatem aliquam nemo dignissimos. Officia quidem odit ullam magnam qui. Fugit quaerat enim sit dolorem provident dolores officiis. Eligendi aperiam rem consequuntur cum.