If you want to work for Goldman Sachs and don’t fancy moving to a fake office in China, try one of its growing ‘high value’ locations. 75% of Goldman Sachs’ new hires in the second quarter of 2015 were made in locations like Mumbai and Salt Lake City.
Now, the new place to be is…Warsaw, Poland. Goldman has been present there since 2011, but over the next three years plans to add “several hundred” new hires in technology and operations units to tap into the locally skilled and comparatively cheap workforce.
Goldman is not alone in using Eastern Europe for such work, as UBS, Morgan Stanley and Credit Suisse all have back office operations out there.
Goldman Sachs is supposedly more generous to its back office employees in London than other banks, so this move could save a lot in pay. Goldman pays its operations VPs an average of £125k ($192k), which is £9k more than its nearest competitor, according to one study.
Separately, if you’re a university student looking for a place to earn a lot of money, you should work for Microsoft. It’s no longer the cool option, but it’s the only tech firm in a sea of investment banks, which makes the top 10 paying firms for interns.
Average pay is $5,423 a month, according to figures taken from Glassdoor. Credit Suisse is the best paying bank with $5,113, it suggests.
This could be low-balling a bit, however. Our own research, taken from interviews with this year’s interns, suggests that all the big investment banks pay their interns between $6.1-7.2k, which blows Microsoft out of the water.
How much are corporate bankers paid in the major financial centres?
J.P. Morgan is hiring in areas where other banks are back-tracking while also poaching from shrinking competitors.
A bad day to work in M&A. If the mega-merger between two agricultural firms had gone ahead, Morgan Stanley Goldman Sachs and J.P. Morgan would have earned $150m.
Veteran Trader Reflects on Crises (WSJ)
“I’ve learned everything I needed to know in five days, the last 15 years. The trick is not to ignore what’s smacking you in the face.”
Lessons Learned (Pulse)
Why this fintech start-up failed, by its CEO.
Getting My Salsa On (All Africa)
Banker quits to start teaching Zumba.
More Tales From Amazon (Medium)
Woman has baby then gets cancer. Returns to work and is managed out. The joys of working at Amazon.
The horror of a giant ‘reply all’ email at Reuters HQ.
Quote of the Day:
“There’s nothing they can’t do for a fee and nothing they won’t do,” says a former UK senior partner at one of the Big Four.