Goldman Sachs Cross Markets Group (New IBD Group) - Analyst
Hi Everyone, I am currently in the recruiting process with this group, given the limited information out there, wanted to see if anyone can shed some light on this newly formed IBD group. From what I have heard there are some legit partners joining the group and the group works on M&A and financing transactions for companies with $3bn. However, per an internal memo, it also says that the group will perform some middle market lending functions as well, is this the same as the direct lending function of SSG? The experience sounds very interesting and seems that analysts in the group will have fantastic experience; however, what would be the buyside recruiting outcome of this newly formed group given its MM focus? Would really appreciate any input. Thank you.
Also interested in this. Btw for what office are you in the recruiting process (NYC, LDN, ... )?
Also interested.
bump
How are you already recruiting if goldman opens up on July 1st?
Is this basically the Lazard MM of GS? If so I'm assuming no exits, lower pay ceiling, etc. The only thing going for it is the GS name. Or is it a different situation?
Do you mind sharing your sources for this precious insight? I’ll be sure to pass this information to them the next time I run into them in the elevator
I'm just hypothesizing and hoping someone answers me. As for the insight? I'm assuming you mean my comments about Lazard MM. Basically just repeating stuff I've seen here. Obviously it's a bit of an exaggeration. I'm sure you can get LMM exits or something along those lines. The lower pay ceiling is true. Deal size is smaller, and even if you get a bigger cut, the person making the most at Lazard makes way more than their counterpart at MM, same goes for averages. The highest at MM probably makes more than the average MD at Lazard though. And analysts probably make the same base, just less bonus. Why the condescention though? Do you work there?
Not exactly, know a few guys there It’s just always fun to see incoming interns talking shit and being so far from the truth
bump
bump
curious as well and interested in applying for next year. @investmentbaker3 what has the recruiting process for this group been like so far?
What city?
Is this for FT or SA?
FT and bump
Experienced hire or from undergrad?
ft bump
did anyone hear back from this position? I found literally no one with this new group title on LinkedIn.
They are still hiring VPs and MDs for this group. Associate and analyst hiring won't begin for awhile.
Bump
Seems like they hired an analyst already.
I know that they want to recruit analysts for this group for the 2020 intake for London. Exits should be UMM/MM PE, HFs. You will be doing similar deals but just slightly smaller, not yet MM in the 100-500m range it will be in the 500mm-2bn
bump, curious to hear anymore updates with this
My understanding of the group is that it is a combined group of a few teams that were once stand alone teams either within Americas Financing or Americas Classic. CMG now includes GS LevFin, GS Corp Derivs, and a few other teams. There seems to be a focus on the middle market here as this is where the GS Middle Markets LevFin team is. I have also heard of GS SSG SLG possibly being moved into this group but not sure. ((Specialty Lending Group) which is essentially ASSG's middle market direct lending/specialty finance team for more esoteric investments both sponsor and non sponsor backed deals.) That's about all the 2nd hand info I have.
I got this in an e-mail from a recruitment specialist for BB/EB IB: "Goldman Sachs has set up their Cross Markets Group which consists of 125 bankers in the U.S. calling on middle market clients. This has resulted in a high demand for middle market bankers. It has also forced legacy middle market banks to do more lower middle market deals."
GS has had many many attempts at doing MM group. Unfortunately, they have hired and fired bankers over these numerous waves of efforts. So, pretty sure this is doomed to fail.
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