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Goldman Sachs' head of human capital on what it takes to work there

Expect some stiff competition if you want to get a job at Goldman Sachs. The firm receives 267,000 applications every year , and hires just 3% of these people.

The strength of Goldman’s appeal is evidenced by the fact that it tops our 2016 eFinancialCareers Ideal Employer rankings , which quizzed over 6,500 financial services employees in the U.S., U.K. and Asia on which companies they want to work for.

Goldman Sachs outranked its U.S. peers like J.P. Morgan and Morgan Stanley, which ranked second and fourth respectively, as well as Google (third) and asset management behemoth BlackRock, which came in fifth.

At the forefront of Goldman Sachs’ recruitment programme is Edith Cooper, global head of human capital management and executive vice president at Goldman Sachs. She says any potential employee can expect an “extensive interview methodology”. As well as the obvious factors like assessing someone’s experience and technical know-how, she says that an “ability to work through adverse situations” is also very important.

“Among the most important factors is how effectively you work as part of an overall organization,” she says.

Getting in at Goldman Sachs

One of Goldman’s perceived strengths in our survey was, predictably, compensation, with 85% of respondents suggesting that it pays competitive salaries and bonuses. Goldman has stated previously that its culture is still geared towards paying for performance, despite moves to cut compensation at other banks, but to suggest that compensation at Goldman is above and beyond its competitors or impervious to market movements is something of a myth.

CEO Lloyd Blankfein’s pay packet slipped by $1m on 2014 to $23m last year after a difficult period for the firm and a record $5bn fine to resolve civil claims dating back to 2007. Its overall compensation pool remained flat year-on-year, but an 8% increase in employees meant that average pay per head fell to $344k last year, from $379k in 2014.

How important is pay at Goldman Sachs?

“Several years ago, senior executives reinforced our compensation principles, which hold true at every level of the firm – we recognize and pay for performance, but in the context of not just the individual but the business across the divisions,” Cooper says. “One of the levers is compensation for performance.”

In 2013, Goldman Sachs said that it had 43,000 applications for 1,900 available graduate positions. Despite the huge interest in working for Goldman Sachs, Cooper says that their recruitment process has had to evolve to cast the net as wide as possible for potential employees, particularly at a graduate level.

The old tactics of turning up on campus at top universities have been supplemented by increased use of technology to both filter candidates and find them from unusual sources. Technology helps whittle down a shortlist, but Goldman considers every application, says Cooper.

“It’s important to find the best broad group of candidates beyond GPA and top-level information, going deeper to analyze a database of experiences rather than a database of facts and figures,” she says.

Goldman also uses social media to uncover potential candidates.

“We have a mobile recruiting app, host webinars and Google+ hangouts, use LinkedIn, Twitter and YouTube, and publish a tremendous amount of content on our careers site,” Cooper says.

Getting promoted at Goldman Sachs

Making it up the ranks was also an important factor for most people participating in our research. Of those people who wanted to work for Goldman Sachs, 81% said that opportunities for promotion were important to them, but only 62% perceived it as a strength of the firm.

Goldman’s ‘360’ degree appraisal process is notoriously tough, during which the employee, the employee’s superiors, peers and reports all offer their verdict on a potential promotion. In total, around 15 people could be involved in the process.

Cooper says that promotions are often decided on if the person has the right attitude, is “highly motivated” and contributes to the overall culture of the firm.

“In terms of who gets promoted, it’s people who are dynamic, intellectually curious and comfortable understanding that market forces can lead to opportunities and risk for our clients, being able to connect the dots to all of the things that are important to clients,” she says.

Work-life balance at Goldman Sachs

Finance professionals appear to have accepted that long hours are part and parcel of working in the industry. The vast majority of investment banks in our rankings scored badly on working hours, and just 13% of people who wanted to work for Goldman Sachs perceived it as a strength of the company.

Goldman has been making efforts to address this. Firstly, it introduced 'protected Saturdays' for juniors – meaning they have to be out of the office by 9pm on Friday and do not return until 9am Sunday – and it’s also tried to add more career stability and satisfaction.

The firm used to hire juniors with a two-year contract. Now, juniors are hired just as any other employee is, not for a specific timeframe but rather for as long as it’s still working out for both sides.

Goldman has also added a policy of accelerated promotion to the best IBD associates after two years, known as a “third-year mobility opportunity” allowing them to work in different region or group.

“We recognize that we work in a dynamic and demanding industry; however, we also know that it is important for our people to have the time to focus on their responsibilities and interests outside of work,” Cooper says.

Relative to its peers, Goldman is progressive in terms of flexible working arrangements. For a start, its onsite childcare facility has been credited with helping more senior women in client-facing positions transition more easily back into the workforce.

“Whether it be through the use of technology, flexible work arrangements, onsite childcare, gyms and healthcare facilities or any other number of programs, we aim to provide our people the flexibility and support they need for all phases of their lives, both personally and professionally,” she says.

Retention at Goldman Sachs

Cooper says that Goldman is making efforts to ensure that junior bankers have opportunities to learn and are able to “connect with those around them”. Juniors are taken on an “apprenticeship model” where they learn on the job and are also given a chance to build a network that could help with internal moves.

“We know that many professionals, junior and more seasoned employees are interested in taking on new responsibilities and learning about and working in other business areas, and so we provide opportunities for our people to move around within the firm,” she says.

View the complete 2016 eFinancialCareers Ideal Employer Rankings

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From speeding up tasks to replacing some jobs, Goldman Sachs partners explain how the rise of AI will reverberate inside the Wall Street bank

• Artificial intelligence is poised to shake up how Wall Street works and eliminate some jobs.
• Goldman Sachs is gearing up to roll out AI tech to its workforce as soon as next year. 
• A Goldman partner sees it elevating bankers' creativity, among other "competitive advantages."

A big question across Wall Street has been the impact the next generation of artificial intelligence will have on the investment-banking workforce. For Goldman Sachs' investment bankers, the answer may be just over the horizon.

Top Goldman executives told Business Insider that the investment bank was poised to roll out a series of generative-AI tools to its workforce as soon as next year.

"I am hopeful that 2025 is a year in which a lot of these technologies really land at scale on desks, begin to influence our workflows, begin to help us create new competitive advantages," George Lee, a cohead of the Goldman Sachs Global Institute, said in a June interview with BI.

Lee, a Goldman partner, said it could take years for the consequences of this tech on the bank's workflows to be fully understood. But he's overall optimistic about how generative AI, an advanced type of machine learning, will influence its workforce.

"It's going to elevate the creativity and creative problem-solving that our bankers bring to clients," said Lee, who previously sat on the firm's high-level management committee and served as the chief information officer and a cohead of the investment bank's global technology, media, and telecommunications business.

"Putting myself back in my banker shoes, one of the things I'm most excited about is this ability to go into a meeting with a client and being able to get immediate synthesized information," he said. "I think instead of taking days to respond to a client request, you can almost iterate a solution and test a hypothesis in a matter of hours."

Senior bankers will reap the benefits

The focus on AI's impact on the banking industry comes as companies, big and small, race to determine how their workforces will coexist with one of the most transformative new technologies of the century.

In the context of investment banking — an industry that largely functions through the analog art of dispensing financial advice and leaning on connections — it remains to be seen how AI could upend bankers' workflows. To be sure, AI solutions could prove a boon to getting work done faster and alleviating the monotony of some aspects of the job, but it's also expected to result in fewer entry-level roles since some of the tasks typically delegated to junior bankers could be tackled by machines.

"It may reduce certain job categories or roles, but it may create others as well," JPMorgan CEO Jamie Dimon wrote in a letter to shareholders this spring. "As we have in the past, we will aggressively retrain and redeploy our talent to make sure we are taking care of our employees if they are affected by this trend."

"There probably will be some level of task substitution, probably some level of job substitution ," Lee said. "But — consistent with other waves like this — new functions, new roles, new jobs will emerge."

Alison Mass, Goldman's chair of investment banking, said the topic was still "very, very early" and that "the real productivity gains will be over time."

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While AI could benefit people at all ends of the banking spectrum, she said bankers with a lot of experience would be best protected from some of the more unpleasant consequences, like job cuts.

"Generative AI will have very little impact on the M&A banker because of the judgment and advice needed," Mass said in an interview with BI. "AI is not going to replace Tim Ingrassia or Gene Sykes," she added, referencing two of the firm's star dealmakers who serve as cochairs of global mergers and acquisitions.

Goldman eyes 'productivity gains'

During an earnings call earlier this year, David Solomon, Goldman's chief executive, said that the bank saw "enormous opportunities for productivity gains and also opportunities for efficiency" from incorporating AI. "I'd really like the focus to be more on productivity," he added, "and the ability to scale our smartest people to do more with our clients."

Spending in the space has skyrocketed, with Goldman's own researchers forecasting that AI investments will approach about $200 billion globally by next year .

To help Goldman's engineers and product specialists liaise about new AI-driven concepts and deliver feedback, Lee said that the bank had set up "several forums" and was evaluating ways that AI could help speed up client-oriented tasks.

Still, some watchers have pontificated that Wall Street firms could shed members of their junior-banker classes as they increasingly embrace automation. "In the near term, we anticipate no changes to our incoming analyst classes," a Goldman spokesperson told The New York Times this spring about the ramifications for entry-level financiers . (The spokesperson confirmed to BI that as of June, this remained the bank's latest thinking.)

It could improve work for the youngest recruits

AI could also reduce some of the least pleasant aspects of junior bankers' jobs, like toiling over handmade PowerPoint decks that clients may simply toss in the trash.

Deutsche Bank, for instance, is testing ways to reduce the time some junior bankers spend on tedious tasks from days to seconds, as BI has previously reported . At Goldman, the bank has been exploring how AI could streamline the creation of pitch books or automate company comparison tables.

Many junior bankers spend time on tasks that can sometimes feel "relatively routine," Lee said, adding: "If we can abstract away some of that work and then take more advantage of their creativity, their intuition, their cognitive skills, etc., I think that will both make the job better for them and hopefully bring even more creativity and ideation to client dialogue."

People like Ingrassia agree that a banker's best asset — their judgment — will help insulate them from the dangers AI could pose for the financial-services workforce. After all, AI doesn't yet know how to substitute the thinking of a well-trained, deal-hardened investment banker.

"Clients don't mandate us for spreadsheets or raw data analysis," Ingrassia said. "Clients choose Goldman for the interpretation of the analysis we provide aided by our long track record of unparalleled strategic advice."

The rise of artificial intelligence "is going to be a change the industry needs to confront," Ingrassia added, but the firm feels confident in its preparedness: "We are very focused on it and think we will be poised to further increase our productivity."

Business Insider has reported extensively on the ways Wall Street is interacting with AI, from the opportunities to the threats. Here's a look at some of our recent coverage.

• Everything we know about how finance giants are adopting AI, from Goldman Sachs to Blackstone
• Goldman Sachs CEO David Solomon breaks down how the AI obsession is creating a gold rush for the bank
• Here's how the 6 biggest US banks are thinking about AI and the 17 executives leading the strategy
• Jamie Dimon says he's out to win the AI arms race. See who he's put in charge of this critical mission.
• JPMorgan is making a big bet on AI. Here's how its private bankers are using it.
• Inside Goldman Sachs' plans for AI, from helping non-tech workers do more with software to streamlining how code is documented
• How AI will change the job of the junior banker and raise the bar to entry
• Meet Neema Raphael, the data whiz key to Goldman's AI ambitions who's overseeing the bank's army of engineers and scientists
• More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says
• AI is coming for Wall Street: Banks are reportedly weighing cutting analyst hiring by two-thirds

Do you work on Wall Street or in artificial intelligence? Contact this reporter. Reed Alexander can be reached via SMS or the encrypted app Signal at 561-247-5758, or via email at [email protected] .

Watch: US Bank has used AI for fraud detection as well as brand campaigns, but CMO Michael Lacorazza says the potential of the technology is yet to be fully understood

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Goldman Sachs 2025 Summer Analyst Internship Program

Goldman sachs 2025 summer analyst program.

This program is designed to fully immerse you in our day-to-day activities.

Job Designation : Analyst

Qualification :  Bachelor’s / Master’s Degree

Experience :  Freshers

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• Strong understanding of operating systems, software, and devices.
• Proficient knowledge in MS office applications.
• Sound Customer support skills.
• Good time management and organizational skills.
• Good analytical skills and an innovative mind.
• Eager to learn new technology trends.
• Strong written and verbal English communications skills.

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Make things possible at goldman sachs.

Our New Analyst Program is a full-time program for final year undergraduate and graduate students. As a new analyst, you will learn about our businesses, develop important relationships, and build career-enhancing skills.

As a participant, you will:

• Learn about the firm and how we do business
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ELIGIBILITY : Students graduating from a Bachelors or Masters degree program December 2024 – May 2025 with little to no post-graduate work experience

Date: Summer 2025

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Goldman Sachs Graduate Hiring Program 2024-25 | Apply Now!

• Bachelor’s Degree

Goldman Sachs is looking for  the position of Graduate Trainee in Bengaluru; Hyderabad, India. Candidates with Bachelor’s degree are eligible to apply for this position. The complete information, eligibility criteria, and requirements are provided below.

Job Description:

About Goldman Sachs Graduate Campus Hiring Program:

• The Graduate Campus Hiring Program provides a distinguished opportunity to begin career in the financial industry. It provides a platform to discover, engage and recruit top talent from graduate (non-engineering) campuses across India, while shaping the careers of young professionals through innovation and excellence.
• This program offers upskilling and professional development opportunities through structured sessions and networking with our senior leaders enabling participants to gain invaluable insights and skills. Candidates would also go through multiple rounds of assessments that would test them on various skills like aptitude, communication skills etc.
• Candidates who qualify through the process will be offered a summer internship role at Goldman Sachs, India. Candidates will then be required to confirm their acceptance and signoff from the placement process.

Eligibility Criteria:

• Candidates graduating in 2026 with a non-engineering Bachelors degree

Program Timelines:

Registrations:   3-Jul Aptitude Test:   18-Jul Upskilling Session 1 + Leadership Connect:   22-Jul Group Discussion:   23-Jul Upskilling Session 2:   26-Jul Interviews:   30-Jul

• Registrations:  3 rd  July, 2024 – 9:00am IST to 14 th  July , 2024 – 11:59pm IST
• Aptitude Test : 18 th  July, 2024 (communication will be shared with all the eligible candidates who registered correctly)
• Group Discussion:  22 nd  July, 2024 (only for those shortlisted post the aptitude test)
• Interviews:  30 th  July, 2024 (only for those shortlisted post the Group Discussion)

About Company:

At Goldman Sachs, we believe progress is everyone’s business. That’s why we commit our people, capital and ideas to help our clients, shareholders and the communities we serve to grow. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. Headquartered in New York, we maintain offices in all major financial centers around the world.

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Virtual or in-person appointments, CareerExpress,  and Career Chats in the Career Cube will be available throughout the summer. Suit-A-Bull is open by appointment only . 

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2024 Pathways into Goldman Sachs Investment Banking

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At Goldman Sachs, we believe who you are makes you better at what you do. For us, it’s all about bringing together people who are curious, collaborative and have the drive to make things possible for our clients and communities. Investment Banking delivers high quality strategic advice and creative financing solutions to our clients, including mergers, acquisitions, financing or risk management transactions. Our work includes advising a company on a cross-border merger, structuring the initial public offering of a subsidiary, refinancing an outstanding bond and more. This event entails a case study which participants will be expected to complete across the weekend in groups. Please make sure you can commit to full days both on August 23 and 26 (APAC time zone). Only selected participants will be given confirmed event details at least 2days prior. Event participants may be invited to our further opportunities for the upcoming Summer Analyst program. Interested? We’d love to meet you! 2024 Pathways into Goldman Sachs Investment BankingDate: August 23 & 26, 2024Format: Virtual via ZoomEligibility: Students graduating from Bachelor’s or Master’s degrees between August 2025 – July 2026 How to apply?1. Visit our events portal at www.goldmansachs.com/careers/events2. Search for “Pathways into Goldman Sachs Investment Banking” and apply. Register by Sunday, July 21, 2024 11:59 p.m. HKT or by clicking this linkNote: Only selected students will receive confirmation of attendance details For any questions, please email to [email protected]

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