Why is Goldman Sachs the best firm?

calms's picture
Rank: Senior Baboon | 237

I know GS is considered the best in terms of prestige, but why is it like that? Is their culture any different from JPM or Barclays for instance, do they produce better/quality work? (All rhetorical questions of course). I just want to gain an understanding as to why they are viewed so highly in comparison to other firms.

Comments (45)

Aug 7, 2017

They aren't within the industry, but they are by undergraduates. In reality there is no "best bank," it is all group dependent, and even specific to the MD.

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Aug 8, 2017
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Aug 8, 2017

7 figures in salary, 7-8 figures in bonus depending how many deals I close, goldman sakz

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Aug 7, 2017

shhhh just ride the hype train

Aug 7, 2017

I would like to direct you to Cabinet-level appointments since Bush.

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Aug 7, 2017

Agreed, it's called Government Sachs for a reason.

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Aug 7, 2017

The ranking of firms is beta quality. Obviously for non-ranking reasons don't choose WF over GS, but the main reason would be for want of a pure IB experience over a large banking that is mostly known for financing type of leveling. I wholeheartedly look down upon anyone that thinks this way and would laugh at anyone with a compulsion to utter any words of ranking out loud.

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Aug 7, 2017

JPM is the best performing firm with one of the best cultures.

GS is declining in performance with a strict, tight culture

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Aug 7, 2017
eagles7:

GS is declining in performance

If declining means leading M&A league tables every year, then I hope I personally plummet.

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Aug 8, 2017

GS did 50% more in M&A transaction volume than the #2 bank (think it was MS) for H1 '17. Let that sink in.

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Aug 8, 2017

i'm talking overall. a bank is not just based on ib

Aug 7, 2017

Because it's a feeder for Treasury Secretaries

Best Response
Aug 8, 2017

They have the most interesting elevator conversations, or so I overheard.

Aug 8, 2017
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Aug 8, 2017

They're the best because of their history. Frankly, it's really not that different than the other BBs but I would say you're expected to work harder there even if your job doesn't require 90 hour weeks. I know some BO people who are there all the time & they're in ops.

Aug 8, 2017

Exit opportunities. If you're lucky enough to be in TMT or FIG, sit back and enjoy the ride

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Aug 8, 2017
goosebanker:

Exit opportunities. If you're lucky enough to be in TMT or FIG, sit back and enjoy the ride

While those groups are the ticket to opening incredible opportunities, sit back and enjoy the ride is hardly what those poor analysts are able to do. I know it was TIC, but just wanted to point out the irony of the verbiage.

Aug 8, 2017

They make gold...how cool is that?

Aug 8, 2017

I think this is the reason if I am honest:
I want to work at Goldman Sachs

'I'm jacked... JACKED TO THE TITS!!'

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Aug 8, 2017
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Aug 9, 2017

this is hilarious

Aug 9, 2017

Edit- I can see this has not been preftigous enough. Will revise and add some more color.

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Aug 9, 2017

All comes down to the $$$. GS has historically placed strongly in the league tables.

I used to work in banking in Asia, (HK and Singapore, mostly), where GS is typically head and shoulders above its closest competitors. That's what comes when you take WSO's prestige obsession and have it apply to entire cultures.

Aug 9, 2017

It's one of those things where they're the "best bank" because everyone thinks they're the best bank....which helps them be the "best bank" by league tables, which helps people think they're the "best bank"....and so on.

That said here is one HUGE reason that you will hardly ever see anyone on the street admit openly: Goldman Sachs has performed an exception job of regulatory capture. There are a huge number of firm alumni in high level government positions as is widely known. What is considerably less widely known is how closely intertwined their firm is with the New York court system. One rule that a lot of people will tell you if you can get them to ask for is that you do everything in your power to prevent any court case involving them from being tried in New York. If that happens the odds are that the judge in question (Federal or otherwise) is a Goldman Sachs alumni and will rule in the firm's favor.

It's so blatant there have even been instances where the receiver of a competitor's business asset was currently serving in executive level posts with Goldman Sachs,.

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Aug 9, 2017
Attack_Chihuahua:

It's one of those things where they're the "best bank" because everyone thinks they're the best bank....which helps them be the "best bank" by league tables, which helps people think they're the "best bank"....and so on.

That said here is one HUGE reason that you will hardly ever see anyone on the street admit openly: Goldman Sachs has performed an exception job of regulatory capture. There are a huge number of firm alumni in high level government positions as is widely known. What is considerably less widely known is how closely intertwined their firm is with the New York court system. One rule that a lot of people will tell you if you can get them to ask for is that you do everything in your power to prevent any court case involving them from being tried in New York. If that happens the odds are that the judge in question (Federal or otherwise) is a Goldman Sachs alumni and will rule in the firm's favor.

It's so blatant there have even been instances where the receiver of a competitor's business asset was currently serving in executive level posts with Goldman Sachs,.

This is literally the only real answer. Has anyone else notice how vocal and BSD Lloyd is with Trump? Dimon is much more cordial and polite with Trump, because it's true. Lloyd has his dick in the reg hole and him talking his shit is his way of assuaging any belief that GS controls the government. I don't think it does, this is just simply how the real world works.

But the thing about emotion is also very true. "The illusion has become real, and the more real it becomes the more desperate they want it."

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Aug 27, 2018

What? I don't know any NY city judge (state or federal) that is a Goldman sachs alum. Would be very unusual to go from goldman sachs>judge. Much more likely path would involve working big law. Very little if any overlap between bank lawyers and judges.

Aug 31, 2018
username2222:

What? I don't know any NY city judge (state or federal) that is a Goldman sachs alum. Would be very unusual to go from goldman sachs>judge. Much more likely path would involve working big law. Very little if any overlap between bank lawyers and judges.

You'd be surprised. I should clarify that not all of them are necessarily "alumni" in the traditional sense. There's a lot of them who either worked for outside firms or have other significant ties.

Does the name Richard Owen ring a bell? He's a textbook case.

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Aug 9, 2017

M&A fees.

What concert costs 45 cents? 50 Cent feat. Nickelback.

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Aug 9, 2017

deal flow

Aug 10, 2017

Marketing.

Aug 10, 2017

It's because they offer 1.05% on their online savings accounts, much higher than JP Morgan and Wells Fargo.

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Aug 10, 2017

I have no words.

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."

Aug 10, 2017

i hear their digital production team gets higher bonuses than UBS first years - so basically more than a $100 gift card to Starbucks

speed boost blaze

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Aug 10, 2017

BUMP

Aug 10, 2017
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Aug 10, 2017
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