The Goldman Sachs executives who employ their own children
It's not easy to get a job at Goldman Sachs. - The bank only accepts around 4% of applicants for its summer internships. Candidates are typically parsed through the Hirevue digital interview system to eliminate human bias before being invited for multiple rounds of interviews. Only the best succeed. Coincidentally, it seems that some of the best are the sons and daughters of existing senior employees.
Goldman's recent proxy report reveals that the bank employed four different executives' children last year, sometimes on handsome pay packages.
The senior Goldman staff whose sons or daughters worked for the bank in 2018 include CFO Stephen Scherr, ex-CEO Lloyd Blankfein, global co-head of the investment management division Tim O'Neill and risk committee head, David Viniar.
Each man had one child each working form the firm. Scherr and Blankfein's children earned less than $150k in base salary and bonus. O'Neill and Viniar's earned less than $350k.
Who are these illustrious offspring? The proxy report doesn't name any names, but a Charles Scherr who joined Goldman's equity capital markets division in 2017 (after graduating from Harvard) might be the CFO's son, while a Jordan Viniar who joined GSIP Venture Capital Growth & Growth equity in October 2017, might be related to the risk committe head. Blankfein's daughter Laura joined Goldman in 2016 and is understood to work in the consumer banking group, but Tim O'Neill's progeny might be any one of 12 FINRA-registered Goldman employees with that surname.
Goldman declined to comment on the revelation in its proxy report. In a workforce of over 30,000 people, the children of four senior executives may be no big deal. Either way, it's not the first time the firm has recruited close to home. - Proxy filings regularly reveal executives' children on the payroll. Lloyd Blankfein's sons both did time at the firm in the past and U.S. Treasury secretary Steve Mnuchin formerly worked for Goldman along with his father and his brother.
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