5 ms·
10 000 workers and "includes hiring some 3,000 new college graduates every year," Sounds like a bit of churn happens?
by ChoGGi 5y ago
10 000 workers and "includes hiring some 3,000 new college graduates every year,"
Sounds like a bit of churn happens?
- mushufasa 5y agoYes -- cravath https://en.wikipedia.org/wiki/Cravath_System https://en.wikipedia.org/wiki/Cravath_System
- richardfey 5y ago"Cravath" reminds me of this scene: https://m.youtube.com/watch?v=7m388YypnEA https://m.youtube.com/watch?v=7m388YypnEA
- le-mark 5y agoTo expand the quote; > graduates every year, who learn from experienced bankers and build networks face-to-face. The experience also encourages teamwork, which is central to the firm’s culture I’m pretty sure the result is not teamwork!
- sdenton4 5y agoEvery year you make trades and flip a coin. If it's heads you're in another year, if it's trails, you're fired. It takes a lot of churn to get a time tested leader.
- ProjectArcturis 5y agoGoldman doesn't really do a lot of proprietary trading since the '08 crash.
- ProjectArcturis 5y agoYes, intentionally so. In many areas of finance, two years at Goldman is roughly equivalent experience to an ivy-league MBA.
- Mikeb85 5y agoWhen they say 'hiring' college graduates they mean interns. Because they do pay interns (rather well I might add). It's not the same as churn of permanent employees.
- TrackerFF 5y agoIn the early 80s, bulge bracket investment banks figured out that they can just hire hungry and ambitious analysts straight out of college, work them to the bone for 1-2-3 years, and then send most of them off to grad/business school or somewhere else. That's why, IMO, jr. investment bankers work such horrendous hours. They know it's a temporary thing, and that the real payoff comes later.
- ec109685 5y agoThe building referenced in the article holds 10k workers. The firm hires 3k workers / year.
- fnordpiglet 5y ago