Richlist 2007

Goldman Sachs

#1

I thought it would be worth pointing out that there is an entire section of this year’s Sunday Times Rich List (http://business.timesonline.co.uk/tol/business/specials/rich_list/) dedicated to Goldman Sachs graduates.

There are some seriously rich people there. I might point out that the Goldman guys do, on the whole, look a lot a older, and it’s worth remembering the old saying, that youth is wasted on the young, and wealth is wasted on the old.


#2

I know somebody who works at Goldman Sachs. The client facing staff (the guys who make all the money, i.e. the investment bankers) work seriously hard. My friend is at her desk by 6 or 7 in the morning, and doesn’t leave until fairly late most nights. A lot of it is fronting - there’s a lot of work to do, but one also has to appear to be doing a lot of work, i.e. acting busy, stressed etc even more than one is. In this gruelling environment, how you are perceived is a key thing. You are also unspokenly mandated to go out on work drinks and client drinks - you don’t have to, but you’d better. Consequently, joining Goldman Sachs is more of a way of life (like joining the army) rather than a job. If you are not 100% committed, you flounder eventually. She loves it though, and they pay her handsomely for the work she does. They will try and filter out all the non-committed at interview… getting in is about as hard as getting on the space program. Then again, if you make it, well, look at the rich list, you get the picture… :slight_smile: In a materialistic society, happiness isn’t worth much, cause you can’t sell it!


#3

I know somebody who worked as a derivatives trader at Deutsche Bank and she got a £20k bonus after 5 months. That’s not bad going really. She’s in 2 years now and has made serious money for a girl her age. She loves though, that’s a key factor in her success. Bright too, economics from st andrews uni.