My question is in regards to the Credit risk Management and Advisory group in Salt Lake City. What I've been told is that this group used to be split between SLC and NYC, with the folks in SLC doing the due diligence and the NYC folks working more on deals (Loan structuring, LBOs, etc.); a lot of these deals are done in conjunction with IBD. Recently one person from this group in NYC informed me GS plans to relocate everyone in CRMA to SLC. My question is how is the CRMA group still going to be doing the same kind of deals they were before if they're now so far away from NYC? I'd imagine they still would need to work closely with IBD to do an LBO and such, but how would that work out if SLC is two time zones away from IBD in NYC?
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SLC is the BO hub for GS. Just like Baltimore is more Morgan Stanley and Newark, DE is for JPM. Since 2008, all 3 (and others) have been trying to relocate as many functions as they can to their BO hubs to cut costs. So the work should be the same, but now you lose the face to face interaction with FO people and will have a harder time networking into one, which was one of the advantages of these support roles in NYC.
I see. Thanks for your response. If that's the case, could I safely assume headhunters won't be very active in the SLC area?
Also, if there's no more face to face interaction with the FO folks, how can the work stay the same? How could the FO folks still work with the credit risk group to execute certain deals if they're now two time zones apart?
While the other poster is correct in saying that the majority of what they have there is BO and MO, the GIR team has a large presence there and I know for a fact that they just added an in investment banking group to begin full-time this summer. And this isn't some bullshit, do the busy work of the hub IB group position. Apparently, face time and everything.
Now what that means for recruiting in the area, I don't know. But my point is that there are FO positions at SLC and they are trying to migrate more and more there, including all CRMA functions.
There's now an IBD group stationed in SLC? Do you know what group that is?
The first IB analyst class will begin summer '15. It's going to be similar to GIR where it's more geared towards grooming younger talent (most likely for a lot less money) and sending them on their way to another location after 2 years.
The groups that are coming are healthcare, industrials and FIG.
Is CRMA also like that? If it was divided between SLC and NY before, do you think they're also grooming younger talent in SLC first (For less money) and then sending them to NY or some other place after 2-3 years?
Unfortunately that is not the case for those within the CRMA group.
They are looking to keep all BO/MO people there long term.
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