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Comments (22)

Jun 5, 2012 - 8:03am

It's interesting because everyone on this site keeps talking about exit opps. As for me, a current student, any firm that wants to hire me after graduation will get my respect. I'm a pretty strong believer in company loyalty and there's no doubt that I'll be immensely loyal to the first firm I work at post-graduation.

Will that attitude change once I start working? Maybe. Who knows. But as for now that is what I think.

Jun 5, 2012 - 8:37am
Rambo:
Will that attitude change once I start working?

Yes, it will become FUCK YOU, PAY ME

My understanding is that GS wants to retain talent but this is a shitty way to do it. Why the funds gave them an answer, I don't know. The MDs doing the firing can get fucked...my guess is that they're jealous of the kids moving on to the promised land are are just being bitter and vindictive.

Get busy living
  • 1
Jun 5, 2012 - 9:53am
UFOinsider:
Rambo:
Will that attitude change once I start working?

Yes, it will become FUCK YOU, PAY ME

My understanding is that GS wants to retain talent but this is a shitty way to do it. Why the funds gave them an answer, I don't know. The MDs doing the firing can get fucked...my guess is that they're jealous of the kids moving on to the promised land are are just being bitter and vindictive.


Ehhh, disagree. Your first year the attitude will be OMG OMG OMG am I going to get laid off?

Your second year it will be "Ugh, all this work and only two weeks of vacation!"

Your third year it will be, "OK, I've put in my 24 months, they've made their money off of me. Is there something better out there?"

Best Response
Jun 5, 2012 - 10:02am
IlliniProgrammer:
UFOinsider:
Rambo:
Will that attitude change once I start working?

Yes, it will become FUCK YOU, PAY ME

My understanding is that GS wants to retain talent but this is a shitty way to do it. Why the funds gave them an answer, I don't know. The MDs doing the firing can get fucked...my guess is that they're jealous of the kids moving on to the promised land are are just being bitter and vindictive.


Ehhh, disagree. Your first year the attitude will be OMG OMG OMG am I going to get laid off?

Your second year it will be "Ugh, all this work and only two weeks of vacation!"

Your third year it will be, "OK, I've put in my 24 months, they've made their money off of me. Is there something better out there?"


Different strokes for different folks
Get busy living
  • 3
Jun 5, 2012 - 9:12am
Rambo:
It's interesting because everyone on this site keeps talking about exit opps. As for me, a current student, any firm that wants to hire me after graduation will get my respect. I'm a pretty strong believer in company loyalty and there's no doubt that I'll be immensely loyal to the first firm I work at post-graduation.

Will that attitude change once I start working? Maybe. Who knows. But as for now that is what I think.

Fuck company loyalty. They can lay you off after years of service or without any notice out whenever they want. Why should we be loyal to any company?

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Jun 5, 2012 - 8:22am

Interesting. I wonder though, what compels a fund to answer Goldman's question?

MM IB -> TMT Corporate Development -> New Ventures
Jun 5, 2012 - 11:04am
IlliniProgrammer:
Really the same thing, just pointing out that your first year you are too worried to worry about how much they pay you. Your second year, that's when you want them to start paying you.

The actual money is besides the point. I guess what I'm getting at is that after a short while, you stop worrying about everything you've been taught to do, and start thinking "how do I make this work for me". Personally, it was an very unpleasant process, so my attitude hardened for a few years, so some foresight will go a long way towards making things work for you more quickly.

One thing is for certain, reality will hit these kids HARD given the current climate. There's a lot less parsing of words, and less money floating around lately as well. As for GS laying off jumpers, I still have yet to hear the reasoning behind it, I can't really understand why an A-List company is dicking around with some entry level grunts...I don't really understand the motive. How/why they're doing this is a rather relevant feature, and this topic comes up once in a while but still no answers. My only guess is that GS wants to cultivate more people for the long term, but firing them seems counterproductive.

Get busy living
  • 3
Jun 5, 2012 - 1:33pm

I'd love to see some analysis on the talent quality effect that this is going to have

If I had asked people what they wanted, they would have said faster horses - Henry Ford
Jun 5, 2012 - 3:28pm

Read the article in its entirety. Those kids were in violation of a contract. You can't have your cake and eat it too.

I do agree though that there has to be something morally pressing (and maybe slightly illegal) about Goldman searching for and PE firms disclosing analysts with other offers. Also, this makes GS look like a bunch of sissy, vindictive, and jealous little school girls.

Jun 5, 2012 - 4:17pm

You guys are looking at this situation all wrong. Put yourself in the shoes of one of these recently fired first year analysts. Why did these analysts join Goldman Sachs? They joined Goldman Sachs to put in their two years so they could then jump to buy side. These analysts not only got their wish, but they were able to do it in a year's time. Instead of spending two years of their lives slaving away in the sweatshop on 200 West Street these analysts only have to spend one year.

Now the real question is what do these analysts do with their year off? Goldman Sachs thinks they are "punishing" these analysts for breaching contract when in reality they are rewarding by giving them a year to do whatever the fuck they want.

Robert Clayton Dean: What is happening?
Brill: I blew up the building.
Robert Clayton Dean: Why?
Brill: Because you made a phone call.

  • 2
Jun 5, 2012 - 4:33pm
goodL1fe:
You guys are looking at this situation all wrong. Put yourself in the shoes of one of these recently fired first year analysts. Why did these analysts join Goldman Sachs? They joined Goldman Sachs to put in their two years so they could then jump to buy side. These analysts not only got their wish, but they were able to do it in a year's time. Instead of spending two years of their lives slaving away in the sweatshop on 200 West Street these analysts only have to spend one year.

Now the real question is what do these analysts do with their year off? Goldman Sachs thinks they are "punishing" these analysts for breaching contract when in reality they are rewarding by giving them a year to do whatever the fuck they want.

But what they want is to learn a shit load! snapping necks and cashing checks!

They don't wana turn up at their mega fund with only a years worth experience next to their bro from MS who has two, who is better, more able and will ultimately have a jump on him....

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
  • 3
Jun 5, 2012 - 5:21pm
Oreos:
goodL1fe:
You guys are looking at this situation all wrong. Put yourself in the shoes of one of these recently fired first year analysts. Why did these analysts join Goldman Sachs? They joined Goldman Sachs to put in their two years so they could then jump to buy side. These analysts not only got their wish, but they were able to do it in a year's time. Instead of spending two years of their lives slaving away in the sweatshop on 200 West Street these analysts only have to spend one year.

Now the real question is what do these analysts do with their year off? Goldman Sachs thinks they are "punishing" these analysts for breaching contract when in reality they are rewarding by giving them a year to do whatever the fuck they want.

But what they want is to learn a shit load! snapping necks and cashing checks!

They don't wana turn up at their mega fund with only a years worth experience next to their bro from MS who has two, who is better, more able and will ultimately have a jump on him....


The ones going into hedge funds, at least, could learn a lot more about the trade through books and independent research than through a extra year as an Ibanking analyst doing the same things they'd already grown accustomed to after 12 months. In fact, they could use the year doing an internship at a PE firm or a hedge fund, putting them ahead of the incoming guys. The only sacrifice is the lower pay, but if they're jumping to the right area in the buy side (which I assume they are if they are leaving GS), then the forgone salary will be pocket change come 10 years.
Jun 5, 2012 - 11:11pm

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