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You think this has to do more with cultural differences due to Goldman's historical roots as a partnership, or with structural differences in the banking vs tec
by harryh 12y ago
You think this has to do more with cultural differences due to Goldman's historical roots as a partnership, or with structural differences in the banking vs technology industries?
- apu 12y agoAnd has this been true historically for the banking industry? Or did the workers claw more and more of the compensation over time?
- harryh 12y agoDefinitely true historically. Probably even more so. All the big banks used to be partnerships (like law firms) not public companies beholden to stockholders.
- rayiner 12y agoI think you're right that part of the explanation is that the investment banks, having evolved from partnerships, don't really care what shareholders think. What I find interesting is the acqui-hire phenomenon. Instead of paying a $10 million signing bonus for a top prospect, they acquire his company just for him and his team with no intention of using the company's product.