Anyone work at Goldman Sachs?
15 October 2009, 12:27 PM
#1
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Anyone work at Goldman Sachs?
Investment Bank Goldman Sachs Announces Third Quarter Profits Of £1.96bn. | Business | Sky News
Got any jobs?
So whilst banks are charging huge interest rates for loans and making mortgage criteria ridiculously hard the banks are raking it in and paying all the money in bonuses and not lending it out to the market.
How about the Government actually does something about the fact money lending is still very tight even though the banks are taking the p!ss with huge profits but not lending at fair rates.
They all plead poverty and beg the Government for help and then stiff the public over
Got any jobs?
So whilst banks are charging huge interest rates for loans and making mortgage criteria ridiculously hard the banks are raking it in and paying all the money in bonuses and not lending it out to the market.
How about the Government actually does something about the fact money lending is still very tight even though the banks are taking the p!ss with huge profits but not lending at fair rates.
They all plead poverty and beg the Government for help and then stiff the public over
Last edited by Bravo2zero_sps; 15 October 2009 at 12:28 PM.
15 October 2009, 12:57 PM
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you wouldn't want to work there - 10-12 hour working days, saturday meetings to not disturb the working week and they do things like firing the bottom 5% after appraisals.
I'd be on 30K more than i am on already working at GSAM, but I'd be working effectively another 3 months each year with all the additional hours.
I'd be on 30K more than i am on already working at GSAM, but I'd be working effectively another 3 months each year with all the additional hours.
15 October 2009, 01:57 PM
#3
There are two sorts of organisation: Those that embrace a live to work ethic and those that embrace a work to live ethic.
I wouldn't want to work for any company that came under the first heading.
I wouldn't want to work for any company that came under the first heading.
15 October 2009, 01:58 PM
#4
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I used to work for an American bank so know where you are coming from but even with just working in IT the bonuses were still good.
I think it's outrageous though they can get away with posting such huge profits whilst at the same time restricting credit saying times are tough.
I think it's outrageous though they can get away with posting such huge profits whilst at the same time restricting credit saying times are tough.
15 October 2009, 02:42 PM
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Ive worked for Goldmans ! :-) I did a 6 month contract on the trade floor. Yeap, work ethics were high and your normal day was 10 hrs, but you had free canned drinks at the end of the desks, coffee, fruit, etc.
Money was good, well it was when I thought I was doing an 8 hour day, then on starting realised it was 10. :-( I even had to have lunch at my desk !!! I had a 4 hour interview to get that contract. 8 different people interviewed me, even a video link across from the US.
Worked in many of the IB around the city, found Goldmans demanded the most, but were tremendous bonus givers, if you were a permy. Worst one was Merryl Lynch. Again I was contracting there too so was on contract money. My permy colleague used to do, on average, 10/12 hours a week overtime, or `hours towards his bonus, as he put it. At the end of the year, he was given a £1500 bonus !! Worked out about £2 an hour or something.
This was made even more upsetting when he heard how a guy upstairs, on the trader floor, was given a £640K bonus. Would the trader miss £10K i.e. £630K instead of £640k ? nope. IT is never really given its dues in these environments.
I did 7 years in the city, contracting around different banks e.g. goldmans, merryls, UBS, Nomura, West Pac, BOA, DJones, etc etc. Apart from the drinking at the many Pitcher and Pianos, never really liked the environment. Departments are very separated / ring fenced, it was hard to learn stuff that other departments do, i.e. if you were a unix sa and asked about the SAN, you were told it isnt your area, so dont worry.
Loved the stress though, 60 calls on your queue, whilst two traders are standing next to you, shouting about there machines not working :-) Makes or breaks you. Also ,the woman ! Ohhhhh yes. Essex tramps dressed in such finery, only ruined when they start talking :-)
Mind you, this was a few years ago, and trader floors have changed now, gone are the barrow boy image, more statistical / mathimation type person.
SBK
Money was good, well it was when I thought I was doing an 8 hour day, then on starting realised it was 10. :-( I even had to have lunch at my desk !!! I had a 4 hour interview to get that contract. 8 different people interviewed me, even a video link across from the US.
Worked in many of the IB around the city, found Goldmans demanded the most, but were tremendous bonus givers, if you were a permy. Worst one was Merryl Lynch. Again I was contracting there too so was on contract money. My permy colleague used to do, on average, 10/12 hours a week overtime, or `hours towards his bonus, as he put it. At the end of the year, he was given a £1500 bonus !! Worked out about £2 an hour or something.
This was made even more upsetting when he heard how a guy upstairs, on the trader floor, was given a £640K bonus. Would the trader miss £10K i.e. £630K instead of £640k ? nope. IT is never really given its dues in these environments.
I did 7 years in the city, contracting around different banks e.g. goldmans, merryls, UBS, Nomura, West Pac, BOA, DJones, etc etc. Apart from the drinking at the many Pitcher and Pianos, never really liked the environment. Departments are very separated / ring fenced, it was hard to learn stuff that other departments do, i.e. if you were a unix sa and asked about the SAN, you were told it isnt your area, so dont worry.
Loved the stress though, 60 calls on your queue, whilst two traders are standing next to you, shouting about there machines not working :-) Makes or breaks you. Also ,the woman ! Ohhhhh yes. Essex tramps dressed in such finery, only ruined when they start talking :-)
Mind you, this was a few years ago, and trader floors have changed now, gone are the barrow boy image, more statistical / mathimation type person.
SBK
Last edited by Simon K; 15 October 2009 at 02:44 PM.
15 October 2009, 08:40 PM
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Investment Bank Goldman Sachs Announces Third Quarter Profits Of £1.96bn. | Business | Sky News
Got any jobs?
So whilst banks are charging huge interest rates for loans and making mortgage criteria ridiculously hard the banks are raking it in and paying all the money in bonuses and not lending it out to the market.
How about the Government actually does something about the fact money lending is still very tight even though the banks are taking the p!ss with huge profits but not lending at fair rates.
They all plead poverty and beg the Government for help and then stiff the public over
Got any jobs?
So whilst banks are charging huge interest rates for loans and making mortgage criteria ridiculously hard the banks are raking it in and paying all the money in bonuses and not lending it out to the market.
How about the Government actually does something about the fact money lending is still very tight even though the banks are taking the p!ss with huge profits but not lending at fair rates.
They all plead poverty and beg the Government for help and then stiff the public over
Goldmans has nothing to do with the retail banks - I think you're confusing investment banks (eg Goldmans) with the high street banks (e.g. RBS, Barclays etc). i.e. they're nothing to do with the lending you're (rightly) criticising the high street banks for not doing enough of. However, those banks are having to repair badly damaged (and not yet fully reported) balance sheets, so expect the slow lending to continue for a while yet, I'm afraid. The retail banks are not paying big bonuses.
Gordo
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15 October 2009, 09:18 PM
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Nope not confusing them, I worked in an investment bank. The fact is it is not just investment banks making huge profits again. It wasn't just retail banks either crying for Government help across the globe, Lehman Brothers as a prime example who rightly so wasn't saved.
Banking as a whole was affected and banking as a whole now has recovered yet the criteria for lending is still ridiculously tight despite massive profits being reported across both areas of banking. And that goes for bonuses too.
Barclays and HSBC each post £3 billion profits | Business
Banking as a whole was affected and banking as a whole now has recovered yet the criteria for lending is still ridiculously tight despite massive profits being reported across both areas of banking. And that goes for bonuses too.
Barclays and HSBC each post £3 billion profits | Business
15 October 2009, 09:25 PM
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But those profits aren't coming from lending - they're coming from trading. Different risk criteria, different issues in terms of repairing the balance sheets, and why shouldn't the guys delivering the profits that these businesses so desperately need be rewarded? The banking market has absolutely not yet recovered - there is a lot of sorting out required yet.
I do agree that there's something not right about Goldmans, though (who were given an insurance-style loan with warrants by the fed) now doing so well - but that's the fault of the fed for not doing a good enough deal when they injected the capital. But still contend it's nothing to do with high street lending.
I do agree that there's something not right about Goldmans, though (who were given an insurance-style loan with warrants by the fed) now doing so well - but that's the fault of the fed for not doing a good enough deal when they injected the capital. But still contend it's nothing to do with high street lending.
15 October 2009, 09:39 PM
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Goldmans were a bad individual example to point the finger at in terms of high street lending but I was referring to banking as a whole. The bottom line is you support the weaker part of your business with the stronger part, you can't claim poverty when a major part of your business is absolutely raking it in. All the big high street banks are part of 'banking groups' that do both areas of banking and are making huge profits as a group. HSBC and Barclays as mentioned above being two examples. They have the money and security to increase high street lending but choose not to. Too easy to rip the high street off with massively high interest rates for loans and mortgages when base rates including libor are rock bottom. As for the excuse of needing to charge high rates to be able to pay the savers is total cods wallop and a poor excuse to try and hide the fact they are making the most of it whilst they can get away with it.
8% for the cheapest loans currently? I remember paying 6% for a loan when base rates were miles higher than now. Mortgages are even worse. The best I have managed in renewing mine is 3.04% above boe base which is ridiculous.
8% for the cheapest loans currently? I remember paying 6% for a loan when base rates were miles higher than now. Mortgages are even worse. The best I have managed in renewing mine is 3.04% above boe base which is ridiculous.
15 October 2009, 09:39 PM
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The problem is that all the American and European banks have gone home, all the marginal lenders have tightened up and so the four or five high street banks have a MASSIVE hole to fill in terms of lending.
And they can't, even with healthy balance sheets.
The FSA have also massively raised the capital requirements and Tier 1 core capital ratio has gone from 6% to 16% for most banks. That is billions extra they need to keep in reserve.
Money is tight, but please don't blindly blame the High Street banks without the facts. Lending criteria are much tougher for sure, and the loan portfolio may have changed. But there again, lax lending got us here to start with!
15 October 2009, 11:26 PM
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Goldmans were a bad individual example to point the finger at in terms of high street lending but I was referring to banking as a whole. The bottom line is you support the weaker part of your business with the stronger part, you can't claim poverty when a major part of your business is absolutely raking it in. All the big high street banks are part of 'banking groups' that do both areas of banking and are making huge profits as a group. HSBC and Barclays as mentioned above being two examples. They have the money and security to increase high street lending but choose not to. Too easy to rip the high street off with massively high interest rates for loans and mortgages when base rates including libor are rock bottom. As for the excuse of needing to charge high rates to be able to pay the savers is total cods wallop and a poor excuse to try and hide the fact they are making the most of it whilst they can get away with it.
8% for the cheapest loans currently? I remember paying 6% for a loan when base rates were miles higher than now. Mortgages are even worse. The best I have managed in renewing mine is 3.04% above boe base which is ridiculous.
8% for the cheapest loans currently? I remember paying 6% for a loan when base rates were miles higher than now. Mortgages are even worse. The best I have managed in renewing mine is 3.04% above boe base which is ridiculous.
I have only this week taken a substantial mortage at 2.24% over base. Cheap money is there and this was from a High Street bank.
And the differential is not necessarily wider than it was long before the crunch.
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