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☆ Goldman Sachs' head of recruiting shared 4 tips for candidates of its ultra-competitive summer internship that just started taking applications
▼ + stars: | 2023-03-16 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +7 min

Vicki Tung, the firm's head of recruiting, shares her tips for candidates to put their best foot forward. Goldman Sachs opened applications for its summer 2024 internships Wednesday, including for its prestigious investment banking analyst program. If candidates pass an initial resume screening, they'll be invited to do a HireVue interview, Tung said. The example she gave is when candidates list multiple accomplishments or experiences they participated in for a very short time. Interviews are mostly made up of "situational behavioral" questions, Tung said, where ethics are embedded into the prompts.

☆ Silicon Valley Bank employees brace for layoffs as the bank reopens for business under a new CEO and walks back 1.5 times pay offer
▼ + stars: | 2023-03-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Silicon Valley Bank is telling customers and employees that it's back to business as usual. The new CEO is also walking back a previous offer to pay employees 1.5 times pay for 45 days. The bank's leadership was removed and deposits shifted to the newly formed Silicon Valley Bridge Bank N.A., the so-called bridge bank that is being overseen by a Mayopoulos. Neither Silicon Valley bank nor the FDIC responded to Insider's request for comment. Starting today, employees will have continuous employment with the bridge bank and therefore the 45-day employment period no longer applies.

☆ How SVB employees are coping after being ordered to leave the office, from polishing their resumes to hitting the bar: 'We're pretty much in the dark'
▼ + stars: | 2023-03-10 | by ( Emmalyse Brownstein | Rebecca Ungarino | Carter Johnson | ) www.businessinsider.com time to read: +6 min

It read: "Operations of the SVB Securities broker dealer are distinct from the receivership of SVB Financial." The SVB Securities employee called the whirlwind leading up to SVB's meltdown as "scary, scary stuff." Kevin Heal, senior analyst at Argus Research, said he sees both SVB Securities and SVB Private being sold. SVB bought the healthcare investment bank Leerink Partners in 2018, renaming it SVB Leerink and then SVB Securities. PATRICK T. FALLON/AFP via Getty ImagesHeal thinks the investment banking operations could be purchased by a smaller investment banking firm that doesn't have tech or healthcare prowess, like US Bancorp or PNC.

☆ Salesforce's Marc Benioff says tech CEOs everywhere might soon unleash their inner Elons
▼ + stars: | 2023-03-05 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Insider's Rebecca Knight is a Gen X working mom who tried TikTok's "Bare Minimum Monday" trend. Insider's Rebecca Knight studies TikTok to learn how to do Bare Minimum Monday. Sarah MackenzieWhen I first heard about "Bare Minimum Monday," the latest TikTok trend to emerge in the workplace, I thought it was nonsense, Insider's Rebecca Knight writes. But when my editor suggested I give Bare Minimum Monday a try and then write about it, I leapt at the opportunity. Key takeaways from Goldman's investor day.

☆ The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast
▼ + stars: | 2023-02-28 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

Goldman Sachs held its second-ever Investor Day on Tuesday. Goldman Sachs held its second-ever "Investor Day" on Tuesday, giving shareholders a rare peek under the hood of one of the nation's largest investment banks. But losses across Goldman's consumer businesses have piled up in the three years since Goldman last held an investor day in January 2020. Nonetheless, at least some of the bank's backers aren't going anywhere and maintain their confidence in Goldman Sachs to be, well, Goldman Sachs. Outside the auditorium where the investor day was held — Room 101 within Goldman's headquarters at 200 West Street — one representative of a top-30 Goldman investor enjoyed a complimentary granola bar.

☆ How Evercore is wooing its junior bankers to stay ‘long-term’ with early promotions and $70,000 in bonuses just for sticking around
▼ + stars: | 2023-02-24 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Evercore — a small but powerful Wall Street investment bank— has rolled out a new promotion program for its junior staffers, Insider has learned. Evercore's analyst program previously required two years as an analyst and one year as a senior analyst. It's unclear how long junior bankers are expected to stay with the firm after being promoted to associate. If accepted, the participants would spend July through December as senior analysts, then become associates as of January 1, 2024. "We will continue to assess current Senior Analysts eligibility for promotion to Associate 1 this July."

☆ Inside Citadel's internship program for aspiring traders that paves the way for a six-figure salary at the elite hedge fund after college
▼ + stars: | 2023-02-22 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +15 min

Citadel, one of the largest hedge funds, accepts just 1% of applicants to its associate program. Few college students know what a hedge fund is, let alone that they want to work for one. Its associate program lets aspiring fund managers skip the traditional two-year investment banking program that is usually a prerequisite for a hedge fund job. The associate program is different from Citadel's broader internship program. But the accelerated nature of the CAP program appealed to him over other opportunities, he said.

☆ Citadel joins a growing number of firms rolling out internships for undergrads looking for a fast track to the buy side
▼ + stars: | 2023-02-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Investment banks, you've been put on notice: The buy side is coming for your young talent. Insider's Emmalyse Brownstein has a full rundown on an undergrad internship at hedge fund Citadel for aspiring fund managers. The Citadel Associate Program (CAP) is a tough nut to crack, with an acceptance rate of only 1%. Click here learn more about Citadel's ultra-exclusive associate program, along with tips to get ahead during the application process. And if you're wondering who is left leading the world's largest hedge fund, look no further than our list of the fund's top 11 executives.

☆ Does anyone want to stay in investment banking these days?
▼ + stars: | 2023-02-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Banker salaries will get you in first class, but the potential total comp at PE firms and hedge funds will get you flying private. PE firms have been known to grind through people, but nothing quite compares to life at an investment bank. An investment bank's analyst program remains the go-to route to get your foot in the door on the Street. Click here to read more about salaries being offered by top PE firms to 2024 associates. All kidding aside, this deep dive by ProPublica is a fascinating look into how investment firms are helping the ultrarich save on taxes.

☆ A disappointing 2022 has led some Goldman Sachs partners to ask: Is it time for a change at the top?
▼ + stars: | 2023-02-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

On tap, we've got stories on why not-so-flashy land is actually the hottest investment on Wall Street, the firms minting money by navigating FTX's bankruptcy, and the coolest houses on Airbnb. It's only February, but the Ides of March might be coming to Goldman Sachs. We've talked at length over how people are looking to pin the blame on Solomon as things have soured at Goldman. Certain issues have been easier to overlook than others, but the bank recently broke a cardinal rule of Wall Street: Don't mess with bankers' compensation. Forget beachfront, the hottest real estate for Wall Street is industrial land.

☆ Private-equity salaries revealed: Here's how much top firms like Blackstone, KKR, and Oaktree are offering 2024 associates
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +8 min

Some of the most recent private equity recruits will rake in nearly $200,000 in base pay alone. Among the firms recruiting are Bain Capital, Blackstone, and KKR & Co. — three of the largest private-equity firms in the world based on funds raised in the last five years. These private-equity firms, along with others, have increasingly accelerated their recruiting timelines to get ahead of competitors, as Insider previously reported. To woo promising junior talent, private-equity firms offer sky-high salaries and even more enticing bonus propositions, much like in investment banking, from which these firms cull most of their talent. Oaktree Capital ManagementOaktree Capital Management was founded in 1995, and has $170 billion in AUM, according to its website.

☆ Inside Goldman Sachs' annual partners meeting in Miami Beach — from the $1,500-a-night hotel rooms to the majestic oceanfront views
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Dakin Campbell | ) www.businessinsider.com time to read: +3 min

Goldman Sachs is holding its exclusive annual partners meeting in Miami Beach this week. Goldman Sachs declined Insider's request for comment. The main events are unfolding in the Miami Beach Edition, described as a "luxury boutique design hotel" on its website with 70,000-square-feet of "pristine" beachfront property. Some Goldman partners are also staying at the nearby Faena Hotel Miami Beach, sources said. See below everything we know about this year's Goldman Sachs' partners event in Miami.

Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.

☆ Private equity giants are still racing to fill 2024 associate seats. See 8 firms — from Carlyle to Bain Capital — that have been recruiting first-year investment bankers for jobs that won't start for
▼ + stars: | 2023-01-30 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

Last year's on-cycle recruiting kicked off earlier than ever, and many junior bankers weren't ready. In an effort to win the war for talent that was raging last year, private equity firms pushed their recruiting efforts earlier than in ever— to late summer. To be sure, not all private equity firms kicked off on-cycle recruiting in August. It usually involves an intense week-long period (although sometimes shorter or longer) where private equity firms rush in to snag the top talent. The bottom line shows the month and year analysts started their roles, and the yellow line indicated when on-cycle recruiting began that season.

☆ See how Wall Street CEO pay stacks up after a brutal year for investment banking — from David Solomon to Jamie Dimon
▼ + stars: | 2023-01-27 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

The pay cut follows a 20% drop in 2022 revenues and a $3.8B loss in the consumer bank over 3 years. Goldman Sachs CEO David Solomon has taken a 30% pay cut for 2022, according to documents filed by the firm on Friday. Solomon's 2022 compensation includes an annual, unchanging base pay of $2 million in addition to $23 million in bonus, which varies each year. Investment banking revenues are down across Wall Street as M&A dealmaking and IPOs dry up. But Solomon's pay cut stands to be the steepest among his Wall Street CEO peers.

☆ PE firms' eagerness to recruit junior bankers is blowing up in their faces. Here's why they need to change.
▼ + stars: | 2023-01-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

As Insider's Emmalyse Brownstein reports, some PE firms are scrambling to fill positions that, in years past, would have been locked up for months. Some context on PE recruiting: Firms recruit, interview, and make offers to junior bankers well ahead of their actual start dates. Some junior bankers didn't feel comfortable interviewing for a new role when they had barely settled into their current ones. The fact PE firms need to go back to the well to fill open seats should be a wake-up call. Click here to read more about how PE firms' early recruitment of junior bankers backfired.

☆ The private equity industry is racing to fill 2024 associate roles after last year's hyper competitive hiring tactics backfired
▼ + stars: | 2023-01-25 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

Some hedge funds, wealth managers, and asset managers are still hiring. Layoffs across industries have been dominating headlines in January, and Wall Street has been no exception. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. Emily Landon, the CEO of the Chicago-based headhunting firm The Crypto Recruiter, pointed to the job board Crypto Careers, which has over 2,400 openings.

☆ The bloodletting at Goldman Sachs might not be done yet as the bank looks for more ways to cut costs
▼ + stars: | 2023-01-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

If you're a Goldman Sachs' employee who made it through the company's recent layoffs, be warned: There could be more to come. Anyone hoping Goldman's fourth-quarter earnings report would represent a fresh start for the bank was sorely disappointed. Today should provide some hints at to how the bank will navigate things, as Goldman is set to inform employees on their year-end bonuses. Steve Pagliuca, the PE firm's co-chairman, is retiring, The Wall Street Journal reports. Read more on how Wall Street analysts got it so wrong.

Here are four key takeaways from fourth-quarter earnings that could influence Goldman Sachs' cost-cutting efforts in 2023. In the fourth quarter, they were 66% higher compared to last year, although they fell from the quarter prior. Cutting expenses through attritionTo be sure, Goldman Sachs might not have to resort to more job cuts as it looks to slim down expenses in 2023. Goldman Sachs will begin announcing annual incentive rewards on Wednesday. Goldman Sachs could also gently push employees, particularly higher-level executives, out the door.

☆ What's next for Goldman following deep cuts and organization overhaul
▼ + stars: | 2023-01-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

On tap we've got stories on JPMorgan's Jamie Dimon fielding questions about the bank's acquisition strategy, another bank plans to make cuts, and fast food options that won't completely crush your diet. On Wednesday the bank conducted a majority of its cuts, reducing its global workforce by about 6.5%. A few days later, on Friday, the bank reported losses of more than $3 billion since 2020 in the unit that houses the bank's consumer lending business. Meanwhile, some of the recently axed Goldman employees have been left in the dark on what's next for them, according to reporting from Hayley and Emmalyse Brownstein. Here are some fast food options that won't completely wreck your diet.

☆ Inside Goldman Sachs' layoffs by geography, and what axed workers can expect from the bank in severance, benefits, and help finding a new job
▼ + stars: | 2023-01-13 | by ( Hayley Cuccinello | Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Here's what axed workers can expect to get in pay, benefits, and help finding a new job. In the days since Goldman Sachs axed as much as 6% of its workforce, more details are emerging about who got cut and what the bank is paying in severance. The bulk of the layoffs took place in the Americas, or close to 1,500, this person said, citing internal data. Many laid-off Goldman Sachs workers will remain on the payroll for months before they get severance, according to correspondence seen by Insider. Goldman Sachs declined to comment on the details of severance and the geographic breakdown of the layoffs.

☆ JPMorgan CEO Jamie Dimon called the bank's acquisition of fintech Frank a 'huge mistake' after being grilled about it on an earnings call
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Mike Mayo Bloomberg TVIn response, Dimon said that JPMorgan has been "very disciplined" in its acquisition strategy, but added that the Frank acquisition was, "in one way or another, a huge mistake." Mayo has previously been critical of JPMorgan's spending plans, which also became a flashpoint for some JPMorgan investors in the run up to the bank's investor day last May. In 2020, Insider detailed how JPMorgan spun up a "rapid proof-of-concept" model to speed along startup investments within its corporate and investment banking division. That team was headed by Michael Elanjian, who now leads digital investment banking at JPMorgan, according to his LinkedIn. Or are you a shareholder with concerns about the bank's spending?

☆ Layoffs are hitting Wall Street. Here's what you can do to land on your feet if you lost your gig.
▼ + stars: | 2023-01-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But first, dark days on Wall Street. Two of the most high-profile firms on Wall Street — Goldman Sachs and BlackRock — made job cuts that impacted thousands of workers. All of that is to say, after a good run of things on Wall Street, the tide is starting to turn. I called a Wall Street recruiter to pick their brain on advice they'd give to those who just lost their jobs. Wall Street did not have a good showing on a list of the best places to work.

☆ Inside Goldman Sachs' layoffs: 'Every 10 minutes, I just kept hearing that someone was being let go'
▼ + stars: | 2023-01-11 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

"Every 10 minutes, I just kept hearing that someone was being let go," one employee said. Goldman, which reports fourth-quarter earnings next week, has had the added problem of having lost billions on its nascent consumer banking experiment. "We've just been hearing that today was doomsday and that we'd start hearing cuts this morning. Every 10 minutes, I just kept hearing that someone was being let go," this person said. Consumer banking associateGoldman Sachs' spokesman Tony Fratto said: "We know this is a difficult time for people leaving the firm.

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