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?

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Comments (65)

  • Analyst 1 in AM - Equities
Apr 9, 2021 - 10:18am

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. 

  • Analyst 1 in IB - Ind
Apr 9, 2021 - 10:32am

Add Blair giving 20k lifestyle bonuses to your list

Apr 9, 2021 - 10:47am

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? 

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Apr 9, 2021 - 10:52am

They don't feel the need to do anything. There's a GS discount in pretty much anything (bonus, perks etc.).

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Apr 9, 2021 - 11:04am

GS didn't even give work from home laptops

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  • Incoming Analyst in IB-M&A
Apr 9, 2021 - 5:41pm

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.

  • Intern in IB-M&A
Apr 9, 2021 - 6:09pm

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

  • Intern in IB-M&A
Apr 9, 2021 - 7:30pm

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.

  • Analyst 1 in IB - Ind
Apr 9, 2021 - 7:21pm

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!!!!!

  • Analyst 1 in IB - Ind
Jun 10, 2021 - 3:20am

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.

  • Analyst 1 in IB - Ind
Apr 9, 2021 - 9:49pm

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). 

  • Analyst 1 in IB - Gen
Apr 10, 2021 - 1:15pm

janey with another PR stunt

by the way, did you know jane is our first female CEO?!?!

Apr 9, 2021 - 10:08pm

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.

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  • Analyst 1 in S&T - Equities
Apr 10, 2021 - 11:38am

@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. 

Apr 10, 2021 - 1:21pm

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

Apr 10, 2021 - 5:08pm

Bankerconsu

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.

Apr 10, 2021 - 8:13pm

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. 

  • Associate 1 in PE - LBOs
Apr 10, 2021 - 6:15pm

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

  • Analyst 1 in IB-M&A
Apr 10, 2021 - 11:57pm

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...

Apr 11, 2021 - 12:48am

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.

Apr 11, 2021 - 2:22am

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.

  • Analyst 2 in IB-M&A
Apr 11, 2021 - 4:46am

Add to that fee compression and higher regulatory costs and you have a veritable shit sandwich of coalescing factors

Most Helpful
  • Analyst 3+ in IB - Ind
Apr 11, 2021 - 2:34am

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).

  • Analyst 3+ in IB-M&A
Apr 12, 2021 - 11:04am

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

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Total Avg Compensation

June 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (204) $233
  • 2nd Year Analyst (115) $151
  • Intern/Summer Associate (97) $145
  • 3rd+ Year Analyst (27) $145
  • 1st Year Analyst (420) $131
  • Intern/Summer Analyst (338) $82