Why is GS TMT considered so great?

What makes it special versus other high-deal flow groups (Healthcare, etc) and say GS Sponsors? I can understand MS M&A since its the best M&A group, etc but why is GS TMT considered so great? Is it just great deal flow?

Comments (113)

 
Mar 9, 2012 - 4:52pm

Generally, TMT is an exciting group to be in. GS recently advised Vivendi on the acquisition of Activision.. GS is doing some of the coolest stuff in these industries. Not a bad place to be.

 
Mar 9, 2012 - 5:15pm

Goldman TMT (Originally Posted: 09/28/2009)

Anybody know if Goldman TMT in SF cannibalizes opportunities from the other groups in SF with regards to PE, or are they on the same level?

 
Mar 9, 2012 - 5:16pm

It appears that people are so concerned with PE exit opps 2 years from now, but to me it seems that you can't predict that kind of stuff anyway. These threads seem as useless as the "3.7 from a non-target, what are my chances?" threads.

I think if you choose a good group, such as Goldman TMT, the exit opps will depend more on who you meet (aka networking), your performance as an Analyst, and luck.

 
Mar 9, 2012 - 5:17pm

GS TMT Bonus Figure (Originally Posted: 04/07/2010)

We all know GS TMT has very good deal flow and exit opps. Does anyone know the groups' bonus figure for 1st or 2nd year analysts? Thanks.

 
Mar 9, 2012 - 5:28pm

by GS TMT I mean the technology, media and telecommunications investment banking coverage group at Goldman, Sachs & Co. to clarify

specifically for NY and SF, and by investment banking i mean the division of Goldman, Sachs & Co. focusing on acquisitions, strategic transactions, divestitures, joint takeovers, proxy battles, spinoffs, spinouts, merger of equals, asset sales, debt issuances, IPOs, and secondary offerings.

 
Mar 9, 2012 - 4:31pm

leveRAGE.:
i had written up a semi-serious response, then i remembered how much of a fucking troll you are

Just going to say a firefighter thread...... in b4 shit show

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

 
Mar 9, 2012 - 5:24pm

As mentioned it depends on the bank. If you are going to MS (just assuming), and you will be in NYC you want want media & telecom. Tech is only good on the west coast for MS.

 
Feb 11, 2010 - 8:45pm

I have - everyone just says it is great exit ops into PE and considered the best. I was wondering WHY is it considered the best. If it is just dealflow, I think there are many groups with really good deal flow as well who dont get nearly GS TMT's attention.

 
Mar 9, 2012 - 5:45pm

GS TMT is generally said to be the "best" group on the street by those who insist on ranking the groups and banks. The exit opps are directly related to the prestige of a bank/group so since it is thought to be the best, it has great exit opps.

I'm not sure if this is how Goldman does it, but sometimes the TMT is split between offices, so media and telecom will be NY and the more "tech" stuff will be done in SF because of proximity to Silicon Valley.

No, TMT is not usually the "best" group at a bank. But best is subjective. Everyone seems to want to do TMT because it is "sexy"' so maybe in that regard yes. But at many banks the "best" group is the M&A group. Again, meaning more prestigious in this context.

Generally, NYC is the place to be for banking. However, in tech (and also healthcare), SF is the place to be.

Modeling/quantitative experience will be phenomena and extensive. But probably not any different than any other top flight group on the street.

Also, just FYI, that is probably the hardest group on the street to get into. Not to put you down or anything, but unless your engineering school is MIT, you will be extremely hard pressed to get into that group.

 
Feb 11, 2010 - 8:45pm

GS TMT for me is not a great groups

People AlWAYS use GS TMT to catapult themselves to something different ... whether its megafund PE or something else ... so there's loads of churn in that group

I guess its good if you're 100% sure u wanna do PE but if you wanna stay put and learn from ppl with a vested interest in the group ... I don't think its that fantastic

That said - its a great group for thsoe very same reasons if that's what you're looking for

 
Mar 9, 2012 - 5:10pm

I love all the comments. Half the people think he's gonna grow up to be some kind of awful, world-raping monster and the others think he's God's greatest gift to the Caucasian race.

I am permanently behind on PMs, it's not personal.

 
Mar 9, 2012 - 4:32pm

they make up all of it.....never understood how they could stay with GS (guess calling them TMT without the gs just seems weak)

"too good to be true"

See my WSO Blog

 
Mar 9, 2012 - 5:27pm

LOL

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
Mar 9, 2012 - 5:47pm

Chinouk35:

GS TMT is generally said to be the "best" group on the street by those who insist on ranking the groups and banks. The exit opps are directly related to the prestige of a bank/group so since it is thought to be the best, it has great exit opps.

I'm not sure if this is how Goldman does it, but sometimes the TMT is split between offices, so media and telecom will be NY and the more "tech" stuff will be done in SF because of proximity to Silicon Valley.

No, TMT is not usually the "best" group at a bank. But best is subjective. Everyone seems to want to do TMT because it is "sexy"' so maybe in that regard yes. But at many banks the "best" group is the M&A group. Again, meaning more prestigious in this context.

Generally, NYC is the place to be for banking. However, in tech (and also healthcare), SF is the place to be.

Modeling/quantitative experience will be phenomena and extensive. But probably not any different than any other top flight group on the street.

Also, just FYI, that is probably the hardest group on the street to get into. Not to put you down or anything, but unless your engineering school is MIT, you will be extremely hard pressed to get into that group.

Is it hard to get into? Yes, however, it is not impossible. You do not have to go to MIT to get into GS TMT. I know some kid from Baruch who got into GS TMT, and trust me, I was shocked when I found out.

 
Mar 9, 2012 - 5:48pm

I am a sophomore in an engineering school, who is trying to learn more about ibanking. I am specifically interested in GS TMT.

In other words, you know nothing about the banking industry but you've read enough WSO to be a prestige whore?

Forget about GS TMT and the difference between SF and New York. Read about the industry first before wasting your time with these questions.

 
Mar 9, 2012 - 5:51pm

Thanks for your response. So someone in TMT New York can't get exposure to tech banking then?

Where are the financial models built by the junior bankers? In NY or in SF? As I understand, SF is a satellite office for most banks so I thought that maybe the actual technical work is done in New York?

Secondly besides Goldman TMT what are some other solid tech groups? And where are they based - New York or SF?

 
Mar 9, 2012 - 5:54pm

rj100:

Thanks for your response. So someone in TMT New York can't get exposure to tech banking then?

Where are the financial models built by the junior bankers? In NY or in SF? As I understand, SF is a satellite office for most banks so I thought that maybe the actual technical work is done in New York?

Secondly besides Goldman TMT what are some other solid tech groups? And where are they based - New York or SF?


i actually meant to type a real response to this, but the fact that you're this blatantly ignorant/mit never taught you how to use a search portal to find simple answers annoyed me so i just threw MS at you.
 
Mar 9, 2012 - 5:29pm

Ohhhh so by TMT you mean tech, media and telecom? I thought you were saying that the OP has TMT (Too much time) because he/she is an obvious troll for posting this kind of question.

Pretty women make us BUY beer. Ugly women make us DRINK beer.
 
Mar 9, 2012 - 4:55pm

Not a bad place! What an understatement..
Quite possibly the best group on the street, your experience and exit opps will be guaranteed top-notch. Only problem may be the culture, which I've heard can be quite intense. But you would expect that.

 
Mar 9, 2012 - 5:11pm

I think he's going to be both.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 
Mar 9, 2012 - 5:22pm

drexelalum11 is correct - for the middle-bucket analysts - the top bucket analysts also get a platinum-plated unicorn and a Gulfstream jet.

 
Mar 9, 2012 - 5:12pm

awwwwwww so adorable!!

@1'36" breaking out some breakdance footwork hahaha

I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.
 
Mar 9, 2012 - 4:56pm

Obviously a group with seriously good deal flow... they're advising on Yahoo! / Microsoft, and recently have done other high-profile deals like BEA / Oracle, Business Objects / SAP, Vivendi / Activision etc.

Saying it's intense is a massive understatement. Be prepared to not only drink from the firehose but to swim in a pool of water made from the firehose and then be forced to drink the pool.

Really really competitive to get in but good exit opportunities if you can do it.

At the same time, I know people from GS TMT who have gone on to do things other than work at Silver Lake or other big name PEs/HFs... people who have done startups, gone to VCs etc. so there are lots of varied people.

 
Mar 9, 2012 - 5:31pm

chubbybunny:
stop being such a troll firefighter, you're wasting bandwidth on this site.

Hey pot, you met kettle?
If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
Mar 9, 2012 - 4:58pm

[quote=dosk17]Obviously a group with seriously good deal flow... they're advising on Yahoo! / Microsoft, and recently have done other high-profile deals like BEA / Oracle, Business Objects / SAP, Vivendi / Activision etc.

Saying it's intense is a massive understatement. Be prepared to not only drink from the firehose but to swim in a pool of water made from the firehose and then be forced to drink the pool.

Really really competitive to get in but good exit opportunities if you can do it.

At the same time, I know people from GS TMT who have gone on to do things other than work at Silver Lake or other big name PEs/HFs... people who have done startups, gone to VCs etc. so there are lots of varied people.

So what is it about this group that makes it so revered?

Is the dealflow so overwhelming/high profile that you're guaranteed to have a slew of quality/complicated/interesting deals under your belt?

MD's go to bat for you when it comes time to leave?

Something else?

What's the biggest differentiator/driver when it comes to quality analyst gigs?

 
Mar 9, 2012 - 5:13pm

Two words. Todd Marinovich.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
Mar 9, 2012 - 4:57pm

so if one was to intern there during the summer, are the chances of receiving a FT oofer slim even if one was to perform well, just because things are so intense and competitive...

 
Mar 9, 2012 - 4:37pm

non-target <span><a href=/finance-dictionary/what-is-the-bulge-bracket-BB><abbr title=bulge bracket>BB</abbr></a></span> Banker:
chubbybunny:
GS TMT group makes about 52.36% of GS revenue (down from 74.33% pre-2008). But as the economy improves, there will be more deal flow so expect that number to rise, albeit slowly.

Dude, did u actaully check the financial statement for this question?!

*hint sarcasm

 
Mar 9, 2012 - 4:38pm

non-target <span><a href=/finance-dictionary/what-is-the-bulge-bracket-BB><abbr title=bulge bracket>BB</abbr></a></span> Banker:
chubbybunny:
GS TMT group makes about 52.36% of GS revenue (down from 74.33% pre-2008). But as the economy improves, there will be more deal flow so expect that number to rise, albeit slowly.

Dude, did u actaully check the financial statement for this question?!

Dude, can't you tell he's just f*ing around?

 
Mar 9, 2012 - 5:55pm

In general, TMT sector division is nowhere near as simple as Tech in SF and M&T in NY and you won't truly understand it without speaking to someone in the group. A mega deal sourced out of SF that utilizes firm resources throughout different groups in different regions could easily end up with the model being run by an senior analyst in NY simply because of how long these processes usually take (meaning you'll see turnover in junior resources over the life of a deal), how involved a VP or associate is (and subsequently which region they are based in and who their favorite analysts are), involvement of bank executives, and so on.

I don't know anything specific to GS's group, but you should choose by where you would like to live and work first and foremost. Tech can be split up into different subsectors that may be covered by bankers in different offices: internet, digital media, payment services, etc. Hard to give a generalized answer.

 
Mar 9, 2012 - 4:40pm

.......

IBD as a whole doesn't even make that much for the firm. If you are talking about IBD specific, groups such as NR, Industrials and FIG actually brought in more revenue last year I believe. It does fluctuate though, regardless ton of deal flow in the group. If you're recruiting for it don't worry about how much revenue it brings in for the bank, let the MDs do that.

 
Mar 9, 2012 - 5:56pm

I don't think there are too many mega deals in Tech. A few yes, but in general tech deals tend to be small. I am pretty sure the GS SF guys model and execute their own deals rather than just pass them on to the NY analysts. Deals like FB IPO, acquisition of Skype by Microsoft, recent acquisition of Nokia Mobile by Microsoft were all out of SF. Sure there is a fair amount of cross location resources that get leveraged, but it doesn't mean that GS SF is a satellite office. In fact they actually have a larger team for TMT in SF than in NY, with more junior analysts on the roster. Tech dealflow is pretty much 100% controlled from SF I think.

West coast bankers feel free to correct me.

 
Mar 9, 2012 - 5:57pm

Possibly, but my response wasn't specific to GS. The firm I summered at some tech subsector coverage out of NY and other subsectors out of SF.

For the off chance that this guy actually gets an offer from GS and is placed in TMT, then by all means, disregard my post and please ask someone actually in the group. Bottom line is that even if you're covering tech, you're still working in finance at the end of the day, and unless you're bent on working in tech PE or VC (in which case, the obvious choice is SF), then pick your office based on where you actually want to live and work.

 
Mar 9, 2012 - 5:01pm

One of my uncle's friends is an MD @ GS TMT. Unfortunately, I am a non-target with so-so grades and no IBD internships so I don't think I will be able to leverage that one.

My name is Nicky, but you can call me Dre.
 
Mar 9, 2012 - 5:59pm

Nice troll

"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
 
Feb 11, 2010 - 11:22pm

InassessableTangents:
I'm 90% positive tehir tech team is involved in tech c ompanies

you're telling me people like JA Solar, Trina Solar, LDK are covered by their nat res team? ur kidding urself

Why is that hard to believe?

 
Mar 9, 2012 - 6:00pm

I am permanently behind on PMs, it's not personal.

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