Oh, major burn here for first year Goldman people. Last week GS let go 3,000 employees, but now it's 'say hello to the back office' for first years.
http://clusterstock.alleyinsider.com/2008/11/goldman-sachs-gs-moving-th…
Can anyone confirm this? If it happened to you would you take your chances and defect or stick around?
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this was overheard from friend, but something like 10% of first years (not sure whether its just banking or overall s&t + ibd) got moved to different divisions within the firm. not just operations from what i heard but also investor relations etc.
Ouchhh. What will happen with those egos?
Brush up on those bookkeeping skills...
Oh. My. God.
For IBD I heard it's something on the order of around 25% of the first-years. People apparently started receiving calls within the hour right after the meeting where the whole class was informed of this.
Out of curiosity, is this only IBD or is S&T involved too?
Is this for the new hires that start in 2009?
Found out most of S&T got moved into ops for 3 months for the full-time class of 07 before moving back out to S&T. Not sure what's happening for full-time 08, but a VP i know said that it's guaranteed full-time 09 kids will be moved into ops for a few months before getting pulled back into the original group. heard this over the summer, and i'm sure the situation is worse now.
Interesting...I wonder if they were informed of this when offers were given out (obviously not I suppose).
Honestly though, a few months in ops isn't so bad. During my internship this past summer, all the interns in this particular office did one BO and one FO rotation. We got FT FO offers in S&T but I must admit it was good experience to spend the time in ops and see the process full circle.
Besides, in this environment, I doubt anyone will really complain given that they at least have a job.
not sure if you'll get pulled back though this year if things are bad. that's the risk you take. goldman hcm is really secretive, so they might say it's a few months, but then you're stuck esp in this environment when things are only getting worse.
Considering the opportunity cost, even being moved to the back office for a few months would be killer. I can't imagine all the lost time of learning the ropes of banking by not being there.
Yea learning the ropes of pitching...deal flow is at a standstill everyone should just be happy they are employed in this market. Things will likely get much worse
D-I-T-T-O spells ditto..i would just change the "will likely get much worse", to "will get much worse."
look on the bright side ---- no 100 hr work weeks in back office. and you'll still be getting the same pay.
exit ops are almost non-existent. also, treasury and credit seem pretty interesting. so get ahead and enjoy.
How does moving kids into ops solve their issue? less pay? less overtime? ridiculous solution.
I think given all that is going on, people are generally more concerned with entry ops and staying-where-you-are ops rather than exit ops.
Last year, MS did the same to a handful of first years (ranged from Corporate Treasury, Valuation, and Product Control). I'm not sure what they will do this year, but I imagine they'll do something similar.
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