I am so f***ing sick and tired of banks lying and playing with prospects

This forum is really all we got people. I just went through SA 2022 and the banks that would say bullshit like "we haven't hired past associate and never do!" Or the analysts that pucker up and say their firm has a great culture on a Zoom info session with HR breathing down their necks.

I'm tired of it. No one calls a spade a spade anymore so this forum is literally the only opportunity to actually realize that GS is a fucking shitshow culture-wise with insultingly low pay. So come on people, let's share information and put these firms in their place

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Comments (71)

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Most Helpful
  • Prospect in IB - Gen
May 23, 2021 - 5:11pm

Facts. I hate this ghosting culture too. God damn it if I got rejected, tell me I got rejected. Instead of leaving me in the limbo forever because you think saying I'm out will hurt my feelings. We need more blunt people in this world. Fuck all the banks and this process

  • Prospect in IB - Gen
May 23, 2021 - 5:15pm

A zoom? Damn lol. I was pissed getting rejected from a super recently and the recruiter told me over phone. I prefer an email rejection, but a phone rejection is still better than a ghost for me. Maybe others disagree

  • Intern in PE - LBOs
May 24, 2021 - 10:46pm

Same thing happened to me. My interviewer emailed me the day after the SD to schedule a call and I thought it would be to congratulate me, so I stayed up all night. But it was a call to provide me feedback on why they were rejecting me (feedback was helpful tho lol).

May 24, 2021 - 6:48pm

Ghosting is disrespectful without a doubt, but i'll shed some light

You aren't getting ghosted because they feel bad. You're getting ghosted for 2 reasons:

1. The actual interviewers are busy (interviewing is forced on most, very few volunteer for this extra work)

2. They simply don't care. It's a rude awakening but prospects are a dime a dozen. Sometimes, people r just dicks

Don't take it personally

May 24, 2021 - 6:57pm

#1 argument is invalid because it's the job of HR to send rejection letters not the interviewers.

Array

Controversial
  • Intern in IB-M&A
May 24, 2021 - 7:16pm

Actually not the real reason. If you want to know why banks and firms ghost, it's for one reason and one reason only:

Lawsuits

What do I mean by this? Technically, firms are not allowed to hire and reject on the basis of discrimination. Theoretically, if a firm were to call you and explain why you got rejected, they fear that you as an applicant might try to sue them and fudge a case of racial discrimination. Highly unlikely, I know, but firms are instructed to do this to avoid any possibility of lawsuits.

Hope this sheds some light.

  • Analyst 1 in IB - Cov
May 23, 2021 - 5:36pm

Why would anyone talk shit about their firm to random undergrads? If you want to know more about the actual culture develop proper relationships. If some random kid asked me how I liked banking/my team, I'm always taking the safe route.

  • Prospect in IB-M&A
May 24, 2021 - 3:53am

That's exactly why I reneged on three whole ass offers. They wanna explode me, that's what you'll get...

May 26, 2021 - 8:48pm

Lmao, could you elaborate on that? That's a boss move. Did you use renege on A for B, then B for C, then C for D? 

"Markets can stay irrational longer than you can stay solvent."

May 24, 2021 - 8:39am

I hate to say it guys, as somebody who works for GS, they TAKE THEIR TIME hiring. Period.

They know people will always be in line for the role which I don't blame them for thinking that way. But I'll say, you have to be smart about marketing yourself and being as marketable as possible. Happy to answer any questions, feel free to hit me up.

  • Analyst 1 in IB - Cov
May 24, 2021 - 10:27am

This is not even true anymore. TMT and FIG still have good exits but compare those with EVR M&A, PJT RSSG, MoCo, and MS M&A and you will see that their exits are not as good as they once were. 

  • Prospect in IB - Gen
May 24, 2021 - 9:39am

WF analyst here. Not much better off than GS. No pay bumps, no dinner allowance during WFH, no perks, shitty healthcare in comparison with other banks our size in terms of balance sheet, no exit opps, no hope, shitty M&A deal flow and bad hours for no reason.

  • Intern in S&T - FI
May 24, 2021 - 11:20pm

so like i just had call with a WF VP and was trying to sell me on culture and banks growth opportunities. 

Just why lie man

  • Analyst 1 in AM - Equities
May 24, 2021 - 3:50pm

lol the sad thing is nothing will happen because 99% of analysts will enthusiastically lateral to GS/EVR/CVP regardless of the treatment of juniors. 

May 24, 2021 - 7:04pm

PaintingDry

We got the staffer

He's not wrong though. Go on LinkedIn and look at # of applicants for lateral positions for those firms.

Array

  • Analyst 1 in IB - CB
May 25, 2021 - 9:48am

Wso gives so much shit for ft partners, and more often than not, rightly so.

But one thing I really liked when interviewing with them was that they were super open about what to expect and how it's going to be. Even during a coffee chat before the interviews, the director there told me if he was a junior he would not prefer ftp. Despite the negative points about the firm, I really liked the openness there.

However I got into a BB, where most senior analysts and associates lie about so much stuff. It irritates me to the core. Like what's the point? 🤷‍♂️

  • Intern in IB-M&A
May 26, 2021 - 5:00pm

Had a similar experience with a particularly sweaty group in Houston. They were really open about the hours put in by analysts all throughout the recruiting process and I think that spoke to their culture. Anyways, I have heard things have improved drastically for them so good for them.

  • Analyst 3+ in IB - Cov
May 27, 2021 - 8:12pm

Even during a coffee chat before the interviews, the director there told me if he was a junior he would not prefer ftp.

FTP is terrible for juniors but pretty chill for seniors. They don't have to worry about getting deals at all. The CEO does that for them. They just execute and as long as they aren't slacking off too much, deals get done and they end up coasting. Juniors on the other hand get destroyed, especially depending on the MD.

May 26, 2021 - 2:22am

It sucks that they do this but what other choice do they have? Either say nothing, which is super weird and sus, or tell the truth and drive away potential candidates. Unfortunately HR recruiting orgs within banks are judged on how much and how good the talent is for each class so they'll go to any length to make it sound like you're going to work in a paradise environment / any other falsities. So I agree that forums like this are extremely important so people can highlight what culture etc are really like as opposed to the manufactured BS banks say in order to lure in more candidates.

  • 3
  • Intern in IB - Cov
May 26, 2021 - 3:18pm

Most ppl on this thread are complaining.

Stop complaining.

No one cares.

Go study instead and maybe you'll get a job.

May 26, 2021 - 8:33pm

I agree. I could at least use a rejection email I've had firms stop replying to my email after a 3rd interview. I don't understand how you can treat candidates like that. I put in hours to get to this spot, and to not even hear back is just disrespectful. 

  • Prospect in IB - Gen
Jun 28, 2021 - 9:48am

I got an email from a BGL recruiter asking for times I was available to interview, got on a zoom interview a few days later, answered everything pretty well, then got an email 2 days later saying they had just finished hiring all their Summer Analysts. I didn't network there at all so I wasn't surprised about mot moving on, but why the hell would they waste their bankers/my time like that?

  • Intern in S&T - FI
Jul 11, 2021 - 11:11pm

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