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Goldman Sachs counters claim that banking is for losers

Technology companies' secret weapon

Banking is for sad people who are happy to throw their lives into a hole. So says Jennifer Surane, Bloomberg’s ‘star intern.’ Surane has spoken to various Harvard Business School graduates who suggest banking juniors are more deserving of pity than plaudits.

“When we hear that our classmates managed to acquire a position with an investment bank, we say ‘Congratulations,”’ said one of the graduates Surane spoke to. “But we are thinking, ‘I’m sorry to hear that.” Instead of banking, the hot career of the moment is technology, where the hours are bearable, the money is good and there are vats of green juice in the office. 

Goldman Sachs hasn’t addressed Surane’s viral article directly, but the firm coincidentally chose the day of its publication to push two short videos on Twitter stressing that Goldman is fun.

In the first, the firm’s summer analyst feature in a ‘behind the scenes’ GoPro video in which they are gardening and gathering up leaves. In the second, we get a little look at Goldman’s wellness offering, which includes fitness centres, creches, health centres and ‘work life balance.’ Elsewhere, Goldman stresses that its fitness centres include deodorant and headphones. 

Will this be enough to entice Harvard MBAs back to banking? Possibly not. “People used to brag and say, ‘Oh yeah, 21-hour days, seven days a week for eight months,’ that was a badge of honor,” says one of Surane’s interviewees. “The humble brag is now, ‘Oh yeah, I work 9 to 5, I get paid a ton of money, and I have a great life.”

Boffin Struggles With CFA (eFinancialCareers)

As a quant, I should have sailed through the CFA Level I exam. It was a humbling experience.

Keeping Up Appearances (eFinancialCareers)

A new study suggests that women who wear glasses on their LinkedIn profile are more likely to be hired.

Compliance Hiring Overheating (Bloomberg)

Separately, as we’ve said before, compliance hiring is not over. HSBC has hired more than 2,200 staff to monitor internal this year and Standard Chartered seems set to do something similar.

Computer Says Yes (Bloomberg)

Leda Braga, a former top trader at Bluecrest Capital Managrement, is doing fine by herself.

Oil Fund Slipping (Reuters)

Andy Hall is not doing so well away from Citi. His oil fund lost 17% in July. 

M&A wavering (Business Insider)

Senior M&A banker calls the imminent end of the M&A boom.

Privileged Position (Sutton Trust) 

If you’re privately educated, you’ll earn more and be more likely to retain a ‘high status job.’

Quote of the Day:

"You know, it really doesn`t matter what [the media] write as long as you`ve got a young and beautiful piece of ass," Donald Trump or Jack Donaghy?

AUTHORSarah Butcher Global Editor

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