Morning Coffee: The secret dreams of the Goldman Sachs intern. British government blinked for bankers
Goldman Sachs has been getting beneath the skin of its youngest and most putative employees in an effort to establish what they really, really, want from life. The answer can be summarized in one word: money.
Goldman's intern-investigation is offered for public consumption here. Among other things, the firm asked two thirds of its 2016 summer analyst class about their current life priorities and spending habits. What emerges is a portrait of a temperate, health-conscious group of young people, keen to spend their 20s laying the foundations for their future.
Accordingly, the interns told Goldman their big priority now is saving for later. 46% said owning a house is important; just 3% wanted to own "luxury items." 43% said they prioritized exercise above all else (when not working). Holidays were wisely seen as an opportunity to recuperate rather than push the cultural envelope - 42% said their dream vacation was lying on a beach, compared to 16% who aspired to City sightseeing.
Goldman Sachs has no problem attracting young people. There are indications, however, that it may have problems retaining them: the banks is one of many to have imposed restrictions on junior bankers' working hours. It's also introduced accelerated promotions for its analysts (the most junior staff) to help dissuade them from moving to private equity funds. If Goldman's intern-research is right though, there might be a quicker way to junior staff's hearts: pay them more money and help them save for a deposit for a house.
Separately, the British government has blinked. Following claims that it wouldn't be making concessions for EU nationals in Britain until EU countries made concessions for British nationals in the EU, the Financial Times reports that the government will now be allowing "top bankers" to stay in the country after all. Hammond is also repeating the arguments made by British banks during their meeting with him yesterday: "London's financial services market supports the real economy across Europe, not just in the UK," said Hammond. The message is clear: if the City is harmed during Britain's EU exit, European economies will suffer. Whether Europe will buy this remains to be seen.
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