Morning Coffee: The surname that will get you a job at Goldman Sachs? US bank hiring credit traders in London
Goldman Sachs has made some year-end changes to its investment banking business. Bloomberg reports that 57 year-old John S. Weinberg, one of three co-heads of investment banking, is stepping aside to make way for 45 year-old John Waldron, who will now head the investment banking division alongside incumbents Richard Gnodde (54) and David Solomon (52).
So far, so standard. Weinberg's not even quitting - he's simply taking on a 'new role to help the firm develop relationships with clients.' What's notable, is Weinberg's lineage. If Goldman has a dynasty, the Weinbergs are it. John S. Weinberg's grandfather was Sidney Weinberg, who famously ran Goldman Sachs from 1930 to 1969 and saved the firm from bankruptcy during the great depression. Dealbook points out that John S's father, John L. Weinberg, ran the firm from 1976 to 1990, that his uncle, Sidney Weinberg Junior, was a senior partner there, and that his cousin, Peter Weinberg, worked as an M&A banker for Goldman between 1988 and 2005 before setting up boutique M&A firm Perella Weinberg Partners. John S. himself has been there for 30 years, ever since he left business school.
Much as Goldman Sachs prides itself on being a meritocracy, it seems that having 'Weinberg' as a surname might be a boon if you want to work there. The US Financial Industry Regulatory Authority (FINRA) has 12 Weinbergs listed at Goldman. LinkedIn suggests there are 17 Weinbergs with recent current or past affiliations to the firm. That's not many in an organisation of 33,500 people. - But Weinberg's not exactly an ordinary name, so we suspect they may all be related.
Separately, if you're a credit trader looking for a job in London, try Wells Fargo. Financial News reports that Wells Fargo is hiring for its EMEA credit business as well as its derivatives and clearing services in London and for high yield and credit default swaps. Credit and CDS traders recently let go from Deutsche Bank now know where to send their CVs.
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