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Is Goldman the only place to work?

Could it be Goldman Sachs is the only place to go if you want to make really big money?

"The typical head of natural resources investment banking at Goldman, who will be a partner, will be earning twice as much as his [or her] comparator at Credit Suisse," says one London headhunter. "Managing directors in the City can't compare their pay to that of Goldman partners - it's a totally different dynamic."

The fact that partners at Goldman Sachs make mega-money is nothing new - but last month it emerged that 'the Firm' had increased its base pay to 300k, twice what most managing directors in the City achieve.

And last week Financial News reported that Gary Cohn and Jon Winkelreid, lieutenants to Goldman CEO Lloyd Blankfein, received bigger payouts than the chief executives of Merrill Lynch, Morgan Stanley and Lehman Brothers.

"Goldman's numbers in corporate finance have been 5% to 10% higher than those at other banks this year," says another headhunter, who asked not to be named. "Last year Morgan Stanley paid 10% to 15% more, and it was always expected Goldman would make up for that."

On the whole, headhunters say the number of bankers earning more than US$10m was higher at Goldman than at any other bank this year. "It wasn't always like this," says the headhunter. "Goldman's pay used to be discounted due to the strength of their franchise, but in the past three years they've been paying at the top of the market."

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  • An
    Anonymous
    26 September 2007

    I started work in the City at Goldmans and nowhere else since has compared, smart people, shared vision and comparative lack of politics. The best place to work in the City.

  • No
    No Summer Internship!
    29 June 2007

    What I would like to know is what Goldman's staff retention rate is? How many people are still happily working there after 3 years? That would be a better mark of how good an employer they are.

  • An
    Anonymous
    18 April 2007

    Totally agree with comment number two, plus unfriendly people working there, not all is

  • Eb
    Ebeneezer
    18 April 2007

    Goldman Sachs new logo:

    "Goldman Sachs: We Are Goldman Sachs"

  • ef
    efomie
    2 April 2007

    Hi, I had a very bad experience with GS.

    I attended their Technology decoded forum in london because i was looking to do my internship there and I was really impressed by their work ethics and the payment package they offer. but stern competition arrouse because of the university I attend and it seems to me that they only focus on the Imperial and Oxford students and people like me that managed to attend BIrmingham have no chance.

    I never got a call back from them only a rejection email anyway, I wish i can work for them one day...

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