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> perhaps employees at Goldman Sachs understand and accept this This is the banking industry as a whole. Unless you have events like 2008, major banks just tra

> perhaps employees at Goldman Sachs understand and accept this This is the banking industry as a whole. Unless you have events like 2008, major banks just trade employees. None of them really care all that much about being fired. It's more of an inconvenience.

chris11 10y ago
So how does getting fired/finding a new job work when you get fired from a bank like GS? It seems like usually you job prospects and negotiation power are much better when you are already employed. I'd think a fired employee would at least lose out a lot of money while negotiating salary from not currently having a job.
- Bartweiss 10y ago
  If you're senior and respectable, you call a friend at a firm that's got open positions and they set you up. After all, you're competent and the firing is a reflection on GS more than you. They don't lowball you, because you'd either call another friend or take the job and then flip it into a better offer elsewhere - you're employable enough that "already employed" seems less significant. If you're new, you act like you're fresh out of college, slap GS on your resume, and hit up a bunch of banks. Someone will need you if you're good, and you won't get any more lowballed than you were for being junior anyway. You're in it to move up the ranks at this point regardless. Honestly, it plays out a bit like the Valley. If some regulation or move by Google crushes a startup, the people leaving it aren't particularly stigmatized, and there's too much competition to weaken their negotiating position much.
  - chris11 10y ago
    I was comparing it a little bit to tech. I had a friend graduate from college and get a very respectable five figure increase in his offer for converting him to full-time by looking around at other companies. I don't think he would have gotten it without looking around though.
- lloyd-christmas 10y ago
  > It seems like usually you job prospects and negotiation power are much better when you are already employed Definitely, but it tends to be less significant if your move isn't finance -> finance. Having GS on your resume for several years will get you in any door. People have a distaste for finance due to recent events, but it's a pretty huge industry with highly transferable skills. A shrink in the finance sector is rarely a shrink of available jobs to employees in that sector. Employers in other sectors tend to acknowledge how demanding an industry it is. For example, I worked as a discretionary equities trader for half a decade. As more and more algorithmic trading encroached on my territory, I moved to software development. I was hired for back end development at a point in which the extent of my programming skills was data munging in R. 4 years later, I still struggle to adjust to a work atmosphere that continually tells me to chill out and go home. Sure, I took a pay cut. But it's not even close to the % reduction in hours worked.

chris11 10y ago

So how does getting fired/finding a new job work when you get fired from a bank like GS? It seems like usually you job prospects and negotiation power are much better when you are already employed. I'd think a fired employee would at least lose out a lot of money while negotiating salary from not currently having a job.

Bartweiss 10y ago
If you're senior and respectable, you call a friend at a firm that's got open positions and they set you up. After all, you're competent and the firing is a reflection on GS more than you. They don't lowball you, because you'd either call another friend or take the job and then flip it into a better offer elsewhere - you're employable enough that "already employed" seems less significant. If you're new, you act like you're fresh out of college, slap GS on your resume, and hit up a bunch of banks. Someone will need you if you're good, and you won't get any more lowballed than you were for being junior anyway. You're in it to move up the ranks at this point regardless. Honestly, it plays out a bit like the Valley. If some regulation or move by Google crushes a startup, the people leaving it aren't particularly stigmatized, and there's too much competition to weaken their negotiating position much.
- chris11 10y ago
  I was comparing it a little bit to tech. I had a friend graduate from college and get a very respectable five figure increase in his offer for converting him to full-time by looking around at other companies. I don't think he would have gotten it without looking around though.
lloyd-christmas 10y ago
> It seems like usually you job prospects and negotiation power are much better when you are already employed Definitely, but it tends to be less significant if your move isn't finance -> finance. Having GS on your resume for several years will get you in any door. People have a distaste for finance due to recent events, but it's a pretty huge industry with highly transferable skills. A shrink in the finance sector is rarely a shrink of available jobs to employees in that sector. Employers in other sectors tend to acknowledge how demanding an industry it is. For example, I worked as a discretionary equities trader for half a decade. As more and more algorithmic trading encroached on my territory, I moved to software development. I was hired for back end development at a point in which the extent of my programming skills was data munging in R. 4 years later, I still struggle to adjust to a work atmosphere that continually tells me to chill out and go home. Sure, I took a pay cut. But it's not even close to the % reduction in hours worked.