WTF IS GS DOING!?
I feel like everywhere I turn a bank/fund is doing something to address the brutal hours analysts are facing...
1. Jefferies --> Free Peloton / Mirror
2. Moelis --> $10k bonus + Protected Saturdays (REINFORCED)
3. Citi --> banned zoom fridays and May 28th is a holiday
4. Credit Suisse --> $20k bonus
5. Apollo --> bonus between $100k-200k
6. JPM --> Protected weekend policies REINFORCED
7. UBS --> 1 week bonus
8. Bank of America --> $10k bump in salary
__________________________________________________
Then, at the bank that had the infamous slide deck go viral, GS decided to give fruit baskets to their analysts... GS IS ALREADY KNOWN TO TRY TO GET BY ON THE PRESTIGE OF THEIR NAME AND UNDERPAY ANALYSTS... HOW TF ARE THEY GOING TO NOT DO SHIT TO FIX THE ISSUE?
there is a GS premium. They know that aslong as GS remains the most 'prestigious' name in the mainstream that they can get away with lower pay, worse conditions. If GS becomes the clear-cut number two in terms of main street prestige/exit-opps, then they will change things. Otherwise, I don't see it happening.
No Its called the GS Discount buddy lol.
but at some point, if they keep with this culture, they wont be prestigious i think
I think MS released a report on the IB industry saying that large bank brand names will suffer as ESG continues to become more prevalent. If I can find it I will link it.
Add Blair giving 20k lifestyle bonuses to your list
Do one time bonuses help retain talent though?
As much prestige as Goldman has, I think it's tough for them to stay out of this conversation. The GS13 lit a fire under management across the street to try to address concerns, if there is nothing done about the conditions there, it speaks loudly regarding how much they care about their juniors (which isn't much anyway). Solomon already has been seen as an egotistical leader who capped bonuses after a record year and held a tone deaf voice memo sent firmwide regarding the conditions.
I think both MS & GS are going to put under a great deal of pressure to try to assuage the conditions, the question is... will it be enough?
Looks like the GS13 is a distant memory.
13 disgruntled analyst won't be remembered in a year. All the firms above, that changed policy definitely had internal rumblings( at least my team did). Maybe there was some movement set in motion by GS, but I don't think it was as knee jerk as people on this forum think.
They don't feel the need to do anything. There's a GS discount in pretty much anything (bonus, perks etc.).
So glad I didn't sign with them.
The BoA salary increase changes it up a lot. Lifestyle bonus won’t matter to class of 2022/2023 recruits who know BoA pays a 10k-25k higher base. Maybe won’t make them take BoA over GS/MS but it might for Citi/Barc/CS.
I think all the banks are going to have to follow on the salary increase.
CS raised salary as well....
When?
GS didn’t even give work from home laptops
This actually just blows my mind
wait hold up so GS analysts have been working on firm stuff from their PERSONAL laptops? That's a bit fucked and also not the best from a data/cyber security perspective.
remote desktop, pretty common across banks tbh
I think this is the norm across most banks. My bank didn’t give laptops and friends at other banks didn’t get them either. Pretty weird but not something only GS is doing.
same story at JPM
ms has been pretty silent too lmao pls daddy Gorman
Me and other GS interns have already started plotting our exits / won’t return next year. The incoming talent drain is going to be insane...
*** I didn't mean that like we are worth anything. I meant that more and more students are beginning to realize that prestige is not worth getting mistreated. Sheesh
***** Edit 2: ended up taking the return offer because the culture wasn’t that bad and the internship was quite amazing 🤡🤡🤡 I sound so tone deaf in this
I bet they're really worried
Or you can acknowledge that this is the start of a larger shift, where talented students are more wary about joining “prestigious” firms that publicly underpay and overwork, and instead join firms that treat employees accordingly.
Sure the impact of a few interns may be negligible, but consider the bigger picture. Consider the relative success of firms well known for treating employees nice, like Evercore.
Oh no incoming interns without a return offer are saying they won’t come back. The horror!!! They must act now before they lose that prime incoming intern talent!!!!!
NOOOOO NOOOOO PLEASE DON'T LEAVE GOLDMAN PLASE PLSEAPLSEAPLAPSLPALSE SOLOMON IS ON SUICIDE WATCH
LOL shut the fuck up intern, nobody cares
Nothing can prepare them for their interns to „exit“
Nothing can prepare them for their interns to „exit“
All of these people shitting on you for having concerns about staying at GS long term would probably have bent over and lubed themselves up for an SA spot. Ignore them.
Lol at Citi and that no zoom-friday thing is so stupid. It's not even respected, so basically might as well have not announced it (no zoom-friday shouldn't even be considered any sort of perk compared to what other banks are doing).
janey with another PR stunt
by the way, did you know jane is our first female CEO?!?!
Spot bonuses do matter — they affirm that management isn’t completely tone deaf. I think people are beginning to realize that the supposed prestige of Goldman has begun to fade a bit.
You can have an extremely fulfilling analyst stint with great exit opportunities without hating every single coworker. Goldman has been put on notice.
UBS didn’t give 1 week pay? That was for wfh equipment since we had to buy our own laptop and screens
@GS ppl - they are basically daring you to quit. If you’re associate+ I really don’t understand why you’d be giving up 6 figures in annual comp.
0 reason for them to worry.
Was in a coffee chat around 3 years ago with an ED at MS. Remember him telling me vividly there's only one bank that wins mandates on brand of bank and not rep of MD alone... you guessed it
This is very true, but the amazing Goldman Sachs brand equity was cultivated over decades. They consistently had some of the brightest, hardest working people.
You maintain that equity by retaining the best and brightest. It’s not evident immediately, but this turns into a ripple effect the damages the reputation down the line IMO. Worse, it alienates the brightest.
I see your point and in most industries id say your comment js valid but I’ll just be blunt
if that 10-20k pre tax dollar makes a meaningful dif to you that you’d join another bank that’s not GS, you’ve either got short term problems (ie bills most others don’t have) or you have myopic vision.
Ive done my analyst stint in IB. Money isn’t made in your early twenties. exp and brand name are all that matter.
Lol CS might be giving $20k bonuses but with thar $5bn loss all-in comp will be lower YoY if I had to bet my money on it
Add Warburg raising salaries 30% to this list
Any guesses on what PJT / CVP will do if anything? If the top-paying groups on the street start paying even more, can’t imagine what that’ll do...
everyone’s going to do whatever the bank they most directly compete for talent with does. if MS raises, Evercore will. If Evercore does, PJT / CVP will. And GS will still make pennies and fruit bc they’re so full of themselves they refuse to accept they’d ever compete on talent.
The top paying groups on the street are still paying at or below street pre-GFC. Compensation for juniors used to be MUCH higher. You can find posts on this website pre-GFC of VPs hitting $1M all-in during a great year in a top group. That is not common anymore even at top EBs for Director/Executive Director/Principal level (EVR/CVP/PJT/MOE). The reality is that comp should be going up a lot more, but the seniors have realized they just do not give a fuck about grooming talent long-term and would rather extract near-term profits. See DJ Solomon.
Add to that fee compression and higher regulatory costs and you have a veritable shit sandwich of coalescing factors
JP hasn’t done anything (at least my group). Should consider “reinforced” protected weekends as words with no merit (as I worked today and more tomorrow).
I'm right there with you. I've worked at least 1 day on the weekend every weekend since the GS13 started
For all these place giving raises in base, curious if the overall comp is still going to be the same (i.e. lower bonus) or if bonuses are also going to increase proportionally as well
whatever that means lol
As much as my bank
Tough quarter those dudes at Goldman. Just not enough money to spread around you know. Plus DJ said we cant keep it up...guessing he expects more hours out of y’all.
fuck
Apollo just jizzing on every other firms faces with their response
Goldman Sachs?...more like Goldman ass
Goldman [surprise] buttSachs
Stellar results by GS at the expense of JBs!
Apparently, now even the consulting firms are following the movement. BCG will be announcing 20% comp raises soon, and MBB and boutiques will probably follow asap
Anyone know if analysts / associate pay has increased for GS?
Doesn't seem like they will, or remotely feel like they should.
Tobin & Company giving juniors a half day for Christmas.
Lol rekt
I interned at GS last summer.... fucking ridiculous hours and shitty relative intern salary but the brand name did get me into mbb lol
Wasn't it pro-rated 85K with regards to your GS summer pay? Or do you mean relatively shitty in that you couldn't book overtime while other banks could? Asking out of curiosity given I thought most bulges were standardized on summer pay
Idk what he’s referring to because I interned at GS and we got 85k prorated + 1/2 time for OT
You know what would help? Banning meetings/RfP deadlines/submissions from Monday/Tuesday.
That would prevent soooo much weekend work. If it`s not a set-in-stone deadline like a shareholder vote or an SEC deadline, it is always artificially created by someone, no?
All deadlines are artificially created.
The GS IBD franchise is burning. Insane turnover, almost ten associates quit in TMT all at once two weeks ago, a ton of CRG associates quit at once a few months ago. 1/3 of the first years in my group quit before bonus. Rainmaker MDs leaving left and right
They haven't had a problem finding lateral hires, but the quality is lower from what I can tell
Hearing issues in Health Care group too
.
Can attest analyst I networked with left after 11 months.
What shops have you seen laterals coming in from? I’d be somewhat surprised if people were leaving say BoA for lower comp. I guess if they’re into the brand name they would.
How bad is the bonuses at analyst and Associate Levels
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