Morning Coffee: Leftfield routes into Goldman Sachs. The least loyal workers in finance
Getting into Goldman Sachs as a graduate is not easy. Just 4% of the 43,000 applicants vying to secure a job there managed it. And the chances are that most of those succeeding will have come from target schools (read Ivy League), have multiple internships and the right kind of extra-curricular activities.
However, Business Insider has uncovered one recent recruit who managed to secure a job at Goldman Sachs without a degree from an Ivy League university.
He has eight tips for success; apply in volume (the analyst applied for 50 internships, but managed only a handful of interviews); use social networking to contact alumni of lesser known schools (they’re usually more pleased to hear from you because they get fewer approaches than, say, ex-Harvard students); get internships in non-finance firms (any sort of corporate experience is valuable); network and apply early (he started the application process two weeks into the September term); use Excel to keep track of all your applications and networking; treat the application process like a part-time job, not something to fit in when you can; convert any investment banking internship if you possibly can and love finance.
Separately, Astbury Marsden has polled 1,000 City workers on how often they change jobs. Surprisingly, a higher proportion of insurance workers have switched positions in the last three years than investment bankers. Private bankers are the most loyal.
Wells Fargo is one of the only banks building its investment banking business – it’s just crept into the top ten (Financial Times)
“I want kids to come into the City. Banks can use their roof spaces as playgrounds. We need to show that the City’s not just full of posh Etonians. That died out in the 1920’s.” (Telegraph)
Wells Fargo analyst accused of insider trading pays SEC $75k to resolve court case. Is free to go back to work (Reuters)
Hedge fund Elliot Management has hired Citigroup’s head of regulatory reform and implementation group as its new COO (Dealbook)
Matt Cohler, one of Facebook’s first 20 employees, is now general partner at a technology venture capital firm (Business Insider)
The case against counteroffers, redux (Financial News)
Moelis banker dies aged 29 after building fall (Bloomberg)