4 ms·

>so that's what banking looks like? Unfortunately I'd say yes. Consider that Goldman Sachs has 38,000 employees and the average compensation is 350k-400k per y

>so that's what banking looks like? Unfortunately I'd say yes. Consider that Goldman Sachs has 38,000 employees and the average compensation is 350k-400k per year, per their recent quarterly filing. It is an elite world based on signaling and deep relationships, because there is a lot of money at stake.

pc86 9y ago
I'd be interested in seeing the median salary, I imagine that's quite a bit lower.
- quuquuquu 9y ago
  I completely agree, I bet you have 100 people making 10m+ per year, and 20,000 staff and interns at the back office in New Jersey making 45,000 maximum, hired from SUNY schools. What do you think of my estimation?
  - brianwawok 9y ago
    You can find salary info for gs grads right out of college. Hint: its a lot more than 45k
    - csomar 9y ago
      Care to share the source/link for such info.
    - pc86 9y ago
      For IB, sure. But are most GS employees traders? It looks like most of the support staff is in the $20-30k range[0], which includes help desk and the like. Even certain analyst positions seem to be in the $45-50k range. On page ten of ascending salaries I've just barely passed $60k. My point is that while the "average" compensation may be $400k, that's going to account for a very small percentage of the employees. The median is probably well below $100k, dependent largely on just how many support staff there are compared to traders. And even the traders who only last a year or two before getting fired will probably only make $100-150k. [0] https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E2800.htm?sort.sortType=BP&sort.ascending=true https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E280...
      - quuquuquu 9y ago
        Thank you for your thoughtful, reasoned reply, and the effort you put into confirming what I have said anecdotally. It is often a thankless job and I appreciate that you've provided these numbers. It really shows the income disparity between the top dogs and the unwashed masses and Goldman.
    - quuquuquu 9y ago
      pc86 is exactly correct and I'm glad that person tore apart your argument for me. How dare you tell me "hint, blah blah blah" when your source literally confirms what I have stated. The young and inexperienced workers are just there for data entry and errands for the SMALL percentage of workers who are high powered investment bankers.

pc86 9y ago

I'd be interested in seeing the median salary, I imagine that's quite a bit lower.

quuquuquu 9y ago
I completely agree, I bet you have 100 people making 10m+ per year, and 20,000 staff and interns at the back office in New Jersey making 45,000 maximum, hired from SUNY schools. What do you think of my estimation?
- brianwawok 9y ago
  You can find salary info for gs grads right out of college. Hint: its a lot more than 45k
  - csomar 9y ago
    Care to share the source/link for such info.
  - pc86 9y ago
    For IB, sure. But are most GS employees traders? It looks like most of the support staff is in the $20-30k range[0], which includes help desk and the like. Even certain analyst positions seem to be in the $45-50k range. On page ten of ascending salaries I've just barely passed $60k. My point is that while the "average" compensation may be $400k, that's going to account for a very small percentage of the employees. The median is probably well below $100k, dependent largely on just how many support staff there are compared to traders. And even the traders who only last a year or two before getting fired will probably only make $100-150k. [0] https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E2800.htm?sort.sortType=BP&sort.ascending=true https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E280...
    - quuquuquu 9y ago
      Thank you for your thoughtful, reasoned reply, and the effort you put into confirming what I have said anecdotally. It is often a thankless job and I appreciate that you've provided these numbers. It really shows the income disparity between the top dogs and the unwashed masses and Goldman.
  - quuquuquu 9y ago
    pc86 is exactly correct and I'm glad that person tore apart your argument for me. How dare you tell me "hint, blah blah blah" when your source literally confirms what I have stated. The young and inexperienced workers are just there for data entry and errands for the SMALL percentage of workers who are high powered investment bankers.