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☆ Wall Street's competitive and rigorous internship process could use a facelift
▼ + stars: | 2023-01-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street's version of the Hunger Games — nabbing a summer internship at an investment bank — is about to kick off. Thousands of college students are eagerly refreshing investment banks' careers pages awaiting applications to open for internships for the summer of 2024. (Yes, you read that right, this summer's internship spots have already been wrapped up for a while.) It's a process that results in young people making decisions that will set them on a certain path for years to come. Despite a difficult end to the year for the bank thanks to a costly fine, Wells' investment bank was actually among the top 10 advisors in M&A in 2022, Bloomberg reports.

☆ Wall Street internship checklist: How to land a competitive 2024 summer job in investment banking, trading, or asset management
▼ + stars: | 2023-01-04 | by ( Reed Alexander | Emmalyse Brownstein | ) www.businessinsider.com time to read: +2 min

Summer internships at Wall Street banks are among the most sought-after undergrad opportunities. If you're a college sophomore who's even remotely interested in working on Wall Street one day, then listen up. The 2024 summer internship season is starting now — from JPMorgan to RBC. Check out our robust Wall Street internship coverage here — and, if you're in the running for an internship for next summer, get in touch with this reporter to share your story. Insider's Wall Street reporter Emmalyse Brownstein can be reached via email at ebrownstein@insider.com, or SMS/the encrypted app Signal at (305) 857-5516.

☆ Goldman Sachs, JPMorgan junior bankers reveal the best — and worst — parts of their jobs
▼ + stars: | 2023-01-03 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

The 2022 poll captured the thinking of more than 2,500 junior bankers across 50-plus firms. For years, recruiting firm Odyssey Search Partners has been polling first-year junior bankers on their current work experience and future goals. The annual survey has revealed an interesting trend, which is that junior bankers who work at top tier boutique banks tend to be happier. This slideshow contains the specific remarks junior bankers offered to explain why they rated their experience good or bad. Odyssey Search Partners2 Top boutique investment banks based on Mergers & Inquisitions classification of banks as way to categorize the investment banks; this is not to be viewed as a ranking.

☆ Just 1% of applicants make it into Lazard's summer internship program. The boutique bank's head of campus recruiting shares 5 tips for aspiring financiers looking to ace the interview.
▼ + stars: | 2023-01-03 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

Applications for Lazard's summer analyst program are about to open, along with the rest of Wall St.Danielle Dodgen, head of US campus recruiting at Lazard, shares her pro tips for candidates. Danielle Dodgen, head of US campus recruiting at the bank, sat down with Insider to give her top tips for a successful interview. Not understanding what makes Lazard different from its competitors, or different from bulge brackets, are also common hurdles for candidates, Dodgen said. "It's important to us to get to know candidates in person and have those in-person touchpoints," she said. "We don't expect candidates to get 100% of the questions right in an interview," Dodgen said.

☆ Goldman Sachs' year-end bonuses are going to be brutal, and everyone's pointing fingers on who's to blame
▼ + stars: | 2022-12-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

When things were going good, Goldman Sachs' CEO David Solomon could seemingly do no wrong. Last year, thanks to a booming M&A market and a favorable trading environment, life was good at the elite Wall Street bank. Top tech executives from 10 Wall Street firms, including Goldman Sachs, Citadel, and KKR, share their predictions for the top public-cloud trends next year. Bad news: You're not the only one waiting for rates to drop to buy a home; so is Wall Street. Here's what a home-buying spree from Wall Street could mean for the entire industry.

☆ Goldman insiders are up in arms over David Solomon's plan to slash bonuses. They fear widescale departures and point to the CEO's failed foray into consumer banking.
▼ + stars: | 2022-12-22 | by ( Dakin Campbell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +11 min

Some are pointing the finger at CEO David Solomon and his spending on the consumer banking business. "Out of control" spendingGoldman insiders are also still fuming over spending on Goldman's consumer business, and there are fears this resentment could escalate with next month's earnings. The consumer bank includes Marcus, a digital banking platform that offers high-yield savings accounts, and the Apple credit card. It was key to Solomon's plan to diversify the company away from its core investment banking business. Goldman pulled back on its consumer banking ambitions earlier this year amid questions about how much cash was being burned on the strategy, led by Stephanie Cohen.

☆ Goldman Sachs to lay off up to 8% of its workforce
▼ + stars: | 2022-12-16 | by ( Sindhu Sundar | Emmalyse Brownstein | ) www.businessinsider.com time to read: +2 min

Goldman Sachs plans to lay off up to 8% of its employees. CEO David Solomon previously said the firm is seeing "headwinds on our expense lines." Goldman Sachs has also been hit by losses to its burgeoning consumer banking division. This month, Goldman Sachs CEO David Solomon suggested that tough decisions could be ahead, saying at the firm's financial services conference that the firm wasn't immune to economic forces. Goldman Sachs previously laid off a number of bankers and others across departments including its tech, health care and media teams, Insider previously reported in September.

☆ Junior bankers sound off: From how much sleep they get to what kind of company they want to work for next, first-year investment banking analysts spill the beans
▼ + stars: | 2022-12-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Junior bankers hold an interesting position on Wall Street. While these young investment bankers are often the butt of the joke — something something Murray Hill something something Patagonia vests — they also represent a key piece of the dealmaking machine. That's why I always find surveys of junior bankers so fascinating. Emmalyse examined 10 different slides from the poll, which was conducted by recruiting firm Odyssey Search Partners, that show what junior bankers like, and don't like, about their jobs. Click here to learn more about what junior bankers love, and hate, about their jobs.

☆ What Junior Bankers Think of Goldman Sachs, JPMorgan, and More
▼ + stars: | 2022-12-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

The 2022 poll captured the thinking of more than 2,500 junior bankers across 50-plus firms. See what they think, in their own words, about their various Wall Street employers. For years, recruiting firm Odyssey Search Partners has been polling first-year junior bankers on their current work experience and future goals. This slideshow contains the specific remarks junior bankers offered to explain why they rated their experience good or bad. Odyssey Search Partners2 Top boutique investment banks based on Mergers & Inquisitions classification of banks as way to categorize the investment banks; this is not to be viewed as a ranking.

☆ Wall Street bonus survey shows that most bankers and traders think they will be the exception to the 2022 compensation slump
▼ + stars: | 2022-12-06 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street bonuses are predicted to fall as much as 45% this year amid a dealmaking slump. But a recent survey of traders and investment bankers suggests few think the slump will apply to them. The word on Wall Street ahead of the holidays has been loud and clear: Bonuses won't be good this year. Senior traders who predicted big bonus increases said they were expecting to be paid up because their personal P&L was up, according to the survey. Are you concerned about your bonus or taking steps to secure a bigger slice of the bonus pool?

☆ Goldman Sachs junior bankers work 98 hours a week, a new survey says — making the equivalent of about $22 an hour
▼ + stars: | 2022-12-03 | by ( Britney Nguyen | Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

Junior bankers at Goldman Sachs work an average of 98 hours per week, according to a new survey. In 2021, Goldman's junior bankers protested similarly long work hours, calling it "workplace abuse." This number does not include bonuses, and assumes junior bankers are taking two weeks of vacation. The spokesperson also declined to share the firm's own findings about how many hours its junior bankers are clocking a week. At an average of 98 hours a week, Goldman's junior bankers are working 18 hours more than their fellow junior bankers who reported working an average of 80 hours per week, the survey found.

☆ Goldman Sachs' junior bankers continue to toil with 100-hour work weeks. Here's how 8 other banks stack up on work demands, job perks, and more.
▼ + stars: | 2022-12-01 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

The results suggest Goldman juniors are still pulling 98-hour work weeks, despite calls for change. The survey also details which firms offer the best work experience, meal stipends, and more. The findings, of course, are not definitive as junior bankers within the same firm can have vastly different experiences depending on the team they join. This year's results suggest that Goldman's junior bankers work the longest hours compared to their bulge bracket peers, despite calls for change within the firm. And they were in the middle of the road when it came to job satisfaction, up from the 2021 survey.

In 2017, Insider highlighted its first crop of rising stars on Wall Street. of rising stars on Wall Street. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. For the last five years, Insider has been highlighting some of the best and brightest on Wall Street. Here's what 13 Wall Street rising stars are up to five years on.

☆ Wall Street salaries revealed: How much Evercore, Centerview, Moelis, and other boutique banks pay from analyst to VP
▼ + stars: | 2022-11-22 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +9 min

Pay soared everywhere, but particularly at boutique firms, which tend to pay more than big banks. Some of the biggest beneficiaries of that trend were those at "boutique" firms — smaller banks lesser known to industry outsiders — like Moelis, Lazard, and Evercore. It has more than 3,000 employees according to LinkedIn and more than 200 open positions. Rothschild & Co.Based in Paris, but with offices in several US cities, Rothschild has 3,600 employees, according to their website. 2 in number of completed transactions for the first half of 2022, according to their August press release.

☆ Base comp at boutique banks has soared. Here's how much 9 firms are paying analysts, associates, and VPs.
▼ + stars: | 2022-11-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

We've talked before about why boutique banks oftentimes rank higher among workers than their bulge-bracket peers. But it's still fascinating to see how these smaller players stack up to bulge-bracket banks, where the going rate for base comp among first-year analysts is $110,000. Boutique bankers will say you can't put a price on face time with key executives and dealmaking experience that goes beyond just revising decks. Bulge-bracket bankers will say having a high-profile firm on your résumé opens up doors that boutique bankers aren't even aware of. thxClick here to take a peek at salaries at nine top boutique investment banks.

☆ The bulldog lawyer who helped recoup billions from MF Global's bankruptcy says investors burned by FTX may not be so lucky
▼ + stars: | 2022-11-16 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com time to read: +6 min

The bulldog attorney and hedge fund manager says he sees similarities between MF Global and FTX, but also thinks it could be tougher for FTX customers to get their money back. Koutoulas' behind-the-napkin analysis is that FTX customers stand to recoup just 10 cents on the dollar in bankruptcy. But MF Global was also in a much stronger position financially when it filed for Chapter 11 bankruptcy on Halloween 2011. Of course, that does little to help FTX customers who were wiped out. "MF Global went bankrupt.

☆ A young banker sounds off on why a boutique shop is better than the bulge bracket
▼ + stars: | 2022-11-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Boutique investment banks might lack the name-brand recognition of their larger peers, but they also get their fair share of business. While it's true smaller banks typically pay more than their larger counterparts, that's not this banker's main motivating factor. Click here to read this first-person perspective on what it's like to be a first-year investment-banking analyst at a boutique bank. Wall Street bonuses are set to be really bad. The bank avoided lending to many of the buyout deals that are shaping up to be big losers for lenders, The Wall Street Journal reports.

☆ Wall Street bonuses predicted to fall as much as 45% amid a drought in dealmaking. Here's who will get hit the hardest.
▼ + stars: | 2022-11-15 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

The dramatic decline follows bumper bonuses in 2021, which resulted in record pay. Last year was especially bountiful, thanks to record M&A and IPO dealmaking, which led to bonuses not seen since before the Great Recession. But this year, compensation consulting firm Johnson Associates predicts, bonuses will drop by as much as 45% amid a drought in Wall Street's main business of IPOs and M&A. Meanwhile, those in advisory positions of investment banks won't be as scathed as their underwriter colleagues — the analysis predicts bonuses down 15% to 20%. The analysis predicts their awards could be 15% to 20% more than last year.

☆ I work for an investment bank that's not well known outside of Wall Street. But my work life and paycheck are the envy of my friends at name-brand firms.
▼ + stars: | 2022-11-13 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +13 min

But the upperclassmen in the program I looked up to most — and who were at the very top of their classes — were heading to elite boutique firms. Granted, now that I work full-time at my firm I've realized everyone here also kind of hates their lives. I don't think that happens at other banks, it's a much more corporate environment. A common belief is that a smaller firm means smaller deals with smaller companies. A top-notch boutique firm like mine works on huge deals with major companies all the time.

☆ Meet 5 of Goldman Sachs' newest partners, including a top fintech dealmaker and a structured trader from Honduras whose 3 brothers also work on Wall Street
▼ + stars: | 2022-11-09 | by ( Dakin Campbell | Alex Morrell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

It also includes a star fintech banker and leading voice on the Black experience on Wall Street. Here are 5 top names who will help shape the Wall Street of tomorrow. In the 12 years that he's been at Goldman, Watkins has helped Goldman advise on some of the technology industry's biggest transactions. He has also been a leading voice in discussing the Black experience on Wall Street. After graduating in 2010, he went to work for the Global Electronic Trading Co., known on Wall Street as GETCO.

☆ Goldman Sachs just dropped the names of its biggest partner class since David Solomon took over as CEO. See the full list here.
▼ + stars: | 2022-11-09 | by ( Emmalyse Brownstein | Dakin Campbell | Alex Morrell | ) www.businessinsider.com time to read: +4 min

David Solomon had been shrinking the size of Goldman's partner ranks to make it more exclusive. On Wednesday, the firm named 80 new partners, its largest class since Solomon became CEO in 2018. Goldman Sachs promoted 80 people to partner status on Wednesday, marking the largest class since David Solomon took over as CEO in 2018. Goldman's partner class has been steadily shrinking since David Solomon took over as CEO in 2018. Last year, Goldman gave its roughly 400 partners special one-time payments that added millions of dollars to their already generous year-end bonuses.

☆ Goldman Sachs just added 80 new members to its exclusive partnership. Here's a rundown of the perks afforded to a group with a 1% acceptance rate.
▼ + stars: | 2022-11-09 | by ( Dakin Campbell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Goldman Sachs just tapped 80 employees to join its newest class of partners. In 2020, Financial News quoted an anonymous former Goldman Sachs executive who described it as an exclusive club that opens doors both inside and outside the bank. "Random people will infer characteristics about you — integrity, commercial acumen, intelligence, teamwork — simply based on the fact that you are, or were, a Goldman Sachs partner," this person was quoted as saying. But they will also get feedback so they can work toward making partner in a future cycle. Do you work at Goldman Sachs or do you have additional details about who will make partner this year?

☆ A survey of first-year investment bank analysts could indicate a shift in how future junior bankers are trained up
▼ + stars: | 2022-11-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Would you like to get inside the mind of Wall Street's junior bankers? Insider's Emmalyse Brownstein got her hands on recruitment firm Odyssey Search Partners' survey of first-year investment banking analysts. Click here to check out 13 of the most interesting data points from a survey of first-year investment banking analysts. 3. Business students don't want to work on Wall Street. Almost 90,000 business students from around the globe were surveyed on the top employers they would most want to work for.

☆ Goldman Sachs is not the preferred workplace for junior talent. Here are the investment banks first-year analysts favored in a recent survey.
▼ + stars: | 2022-11-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Insider obtained recruitment firm Odyssey Search Partners' survey of first-year banking analysts. When people think of Wall Street, they think of Goldman Sachs. Odyssey Search Partners, a recruitment firm that nabs talent from investment banks for clients in hedge funds, private equity, and family practices, surveys hundreds of fresh-faced investment banking analysts each year on everything from job satisfaction to pay. The survey collected data from over 1,000 first-year investment banking analysts between November 2021 and January 2022, when they were only a few months into their first Wall Street jobs. Of course, the investment banking landscape has changed dramatically since this survey was conducted.

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