Image may be NSFW. Clik here to view.In this article, one of Quantnet’s “anonymous Wall Street Senior Executives” describes a typical day in his life as a Managing Director in Market Risk at a bulge bracket investment bank.Share your story at Quantnet.
06:05– Wake up, shower, dress
06:10– Briefly question career choice, think about sleeping in and applying for job at Wal-Mart
06:11– Recall the great staff and intellectual stimulation job provides, recommit self to career
06:30– Drive to train station
06:43– Get on train to NYC
07:30– Arrive NYC, cab to office
07:40– Address staffing issue, leave message for HR
07:50– Login, check email, get 1st double short cappucino @ Starbucks, grab two risk quants on the way down to catch up on SCAP
08:00– Attend career development meeting for risk management junior folk where career planning is discussed
08:30– Leave meeting early to discuss urgent regulatory issue
08:40– Grab 4 senior quants and mortgage risk manager to discuss reg issue in more detail
09:00– Finish assembling VaR data for another regulator, send to compliance
09:15– Second double short cappucino – this time with two guys who used to work for me (triple gingerbread latte and single vanilla latte, respectively). I pay (as usual), but in a sign of good karma, Starbucks cashier charges me for only the cheapest AND give me two boxes of Christmas Blend VIA packages. I’m a big hitter there.
09:30– Have informal meeting with Fed staff to discuss Merchant Banking and SCAP
09:45– Have informal meeting with OCC staff to discuss upcoming exams
10:15– Catch up with mortgage risk manager on reg issue, go to other building to meet with global head of ops
10:30– Meet with global head of ops to discuss upcoming reg exams
11:15– Draft response to Internal Audit about various governance issues
12:00– Lunch – grilled flatbread with pepperoni and olives, yum!
12:15– Draft quick response to MQF students about comparing Fast Fourier seasonals to ARIMA-based seasonals
12:20– Catch up with Internal Audit on governance
12:30– Try out the Starbucks VIA Christmas blend. Slight bitter aftertaste, but provides necessary additional kick.
13:00– Look longingly at iPad on Apple site, decide to wait for next version
13:30– Discuss opening in model review team with head of group, call ex-student to ask him to come in and interview
13:40– Call wife, express undying love, tell her I’ll be home late (again)
13:50– Informal catch up with head risk quant to discuss staffing
13:55– Talk to HR on IT budget allocations
14:00– Dualing mortgage risk meetings
15:00– Informal meetings with Private Equity, Real Estate, and controllers, gradually working my way down the elevator bank
15:20– Walk back to office
15:30– Weekly catch up with risk chief admin: reg issues, limits, expenses
16:00– Review private equity and real estate risk profile with head of market risk and risk staff
17:00– Review treasury and global wealth management risk with head of market risk and risk staff
17:45– Review global limits presentation for management committee with head of market risk
A well-placed source close to the firm tells us that Morgan Stanley will have to fire 20% of the managing directors in research by the end of the year.
Morgan Stanley names around 210 - 240 new managing directors per year, and in 2006, a research paper by the University of Chicago Booth School of Business estimated that Morgan Stanley employed around 780 managing directors, only 10-15% of which are probably in research, to give you a rough idea of how many managing directors will lay off this year.
We've emailed Morgan Stanley PR and have not heard back yet.
Firing the bottom 5% or 10% of performers in the second half of the year is not unusual at Wall Street firms, and this year, banks especially have been cutting their work force more aggressively in what they call "RIFs" or "reductions in workforce."
So this isn't shocking -- the layoff carnage that's about to hit Wall Street is well documented -- but we're now starting to see more specifically where the layoffs will hit.
After Charlie Gasparinosaid that Morgan Stanley had been running layoff scenarios into the thousands, Ruth Porat, Morgan Stanley's CFO, suggested the layoffs would hit Morgan's brokerage and beyond. And Reuters reported that potential job cuts would come "come on top of a reduction of about 300 brokers during the first quarter."
As the layoffs approach, we're getting a better picture of what Wall Street layoffs will look like on the Street:
Goldman Sachsexpects to fire 1,000 people globally; 230 in New York by year end.
If you have the memo, forward it along to eplatt@businessinsider.com.
The full lists of 261 promotions follows, courtesy of Bloomberg:
Hiroko Adachi Sajid Ahmed Flavio Aidar Lee M. Alexander Osman Ali Axel P. Andre Ilana D. Ash Dominic Ashcroft Farshid M. Asl Linda W. Avery Vladislav E. Avsievich Lucy Baldwin Jonathan K. Barry Yasmine Bassili Eric D. Batchelder Jonathan Bayliss Andrew D. Beckman Omar L. Beer Mark W. Bigley Timothy C. Bishop James Blackham Jacki Bond Alain Bordoni Jonathan E. Breckenridge John Brennan Brian R. Broadbent Jerome Brochard Jason R. Broder Robin Brooks Amy C. Brown Stefan Burgstaller Christopher Henry Bush Michael J. Butkiewicz Eoghainn L. Calder Scott S. Calidas Katrien Carbonez Sean V. Carroll John B. Carron David E. Casner Kenneth G. Castelino Sylvio Castro Vincent Catherine Winston Chan Gary A. Chandler Christopher H. Chattaway Jonathan L. Cheatle Simon Cheung Edwin K. Chin Pierre Chu Jean-Paul Churchouse Gregory Chwatko Massimiliano Ciardi Simon M. Collier Kenneth Connolly Frederic J.F. Crosnier Alistair K. Cross Robert G. Crystal David J. Curtis Keith L. Cynar Simon Dangoor Jennifer L. Davis Thomas Degn-Petersen Mark Deniston James Dickson Kevin M. Dommenge Benjamin J. Dyer Christopher M. Dyer Mariano Echeguren Charles P. Edwards Katherine A. El-Hillow Jenniffer Emanuel Hafize Gaye Erkan Sean Fan Richard M. Fearn Michael A. Fisher Nick Forster Jennifer A. Fortner Nanssia Fragoudaki Grady C. Frank Michael C. Freedman Benjamin M. Freeman Thomas Gasson Antonio Gatti Norbert Gehrke Frank S. Ghali Jason A. Ginsburg Paul A. Giordano Joshua Glassman Gary M. Godshaw Albert Goh Ernest Gong Jonathan J. Goodfellow Michael Goosay Rosalee M. Gordon Scott M. Gorran Poppy Gozal Genevieve Gregor Krag (Buzz) Gregory Nick E. Guano Nicholas Halaby Sanjay A. Harji Corey R. Harris Thomas J. Harrop Brian M. Haufrect Adam T. Hayes Robert Hinch Ida Hoghooghi Andrew Howard Michael P. Huber Jonathan S. Hunt Ahmed Husain Aytac Ilhan Omar Iqbal Gurjit S. Jagpal Simona Jankowski Arbind K. Jha Xiangrong Jin Danielle G. Johnson Michael G. Johnson Paul A. Johnson Jean Joseph Edina Jung Philipp O. Kahre Abhishek Kapur Sho Kawano Jeremiah E. Keefe Ryan J. Kelly Brian J. Kennedy Nimesh Khiroya Rohan Khurana David Kim (EQ) Jeff Kim (FICC) Phillip Kimber Kathryn A. Koch Stephen J. Koch Konstantin Koudriaev Tannon L. Krumpelman Fiona Laffan James Lamanna Kerry C. Landreth Peter B. Lardner Matthew Larson Alison W. Lau* Arden Lee Hanben Kim Lee Hung Ke Lee Sang-Jun Lee Howard Russell Leiner Rainer Lenhard Stephen L. Lessar Daphne Leung Chad J. Levant Weigang Li Amy Lin Gloria W. Lio Chang Lee Liow Matthew Liste Edmund Lo Justin Lomheim David A. Mackenzie Regis Maignan Sameer R. Maru Miyuki I. Matsumoto Antonino Mattarella Janice M. McFadden Jack McFerran John L. McGuire Aziz McMahon Jans Meckel Ali Meli Rodrigo Mello Vrinda Menon Raluca Mihaila Milko Milkov Shinsuke Miyaji Gabriel Mollerberg Matthew L. Moore Robert Mullane Eric S. Neveux Dale Nolan Asim H. Nurmohamed Deirdre M. O’Connor Satoshi Ohishi Simon G. Osborn Hilary Packer Daniel M. J. Parker Srivathsan Parthasarathy Giles R. Pascoe Rahul Patkar Robert D. Patton Deepan Pavendranathan Alejandro E. Perez Jan M. Petzel Tushar Poddar Jeff Pollard Nicole Pullen-Ross Steven J. Purdy Ali Raissi Rosanne Reneo Paul Rhodes Jill Rosenberg Jones Jason T. Rowe Matthew Rubens Joshua A. Rubinson Owi Ruivivar Jennifer A. Ryan Andrew S. Rymer Albert Sagiryan Hiroyoshi Sandaya John Santonastaso Nana Sao Eduardo Sayto Michael Schmitz (EQ) Mike Schmitz (FICC) Michael Schramm Beesham A. Seecharan Peter Sheridan Seung Shin Andrea Skarbek Spencer Sloan William Smiley Taylor Smisson Gary Smolyanskiy Nishi Somaiya Michael R. Sottile Jr Andre Souza Oliver Stewart-Malir Heidi C. Sutton Christopher W. Taendler Winnie Tam (IA) Trevor Tam Luke D. Taylor Vipul Thakore Michael D. Thompson Artur Tomala John B. Tousley Alfred Traboulsi Alexandre Traub Eddie Tse Hidetoshi Uriu Dirk Urmoneit Ram Vittal Michael Voris Thomas W. Waite Joseph F. Walkush Steve Weddell Paul Weitzkorn Andrew M. Whyte Vicky Wickremeratne Ed Wittig Jon J. Wondrack Yvonne Y. Woo XueYing Shel Xu Zhizhun Xu** Takashi Yamada Xiaohong Lilly Yang* Wai Yip Yusuke Yoshizawa Kota Yuzawa Richard Zhu Mikhail Zlotnik
*Employee of Goldman Sachs Gao Hua Securities Company Limited **Employee of Beijing Gao Hua Securities Company Limited
Reuters reports that Morgan Stanley has announced the promotion of 210 employees to managing director (full list below)
This news comes after a week in which news of Morgan Stanley's changing compensation practices made headlines, as the bank sees to decrease and defer the annual bonuses.
Senior bankers and traders were told to expect a 20-30% decline in pay and the bank capped one time cash payments at $125,000, with the remainder paid out in equity awards, deferred cash, and deferred equity.
Nonetheless, Reuters notes that the title of managing director is one relatively few receive and comes with relatively increased job security:
Managing director is a coveted title at Wall Street banks that is bestowed on a relatively small pool of employees each year. The mantle comes with higher pay and more responsibility but in an uncertain work environment for bankers and traders -- with thousands of job cuts across Wall Street -- it also offers the newly promoted a modicum of job security.
Tim Abbott Laura Adams Mark Allen Neil J. Allen Magnus Andersson Marco Antonioli Nicholas A. Apostolatos Michele Aronson Pedro Asprino Kevin Atteson Su Sun Bai Kevin F. Baldes Christopher J. Bartlett Andrew S. Bauman David M. Benichou Jeffrey Bergamotto David Best Paresh Bhatt James Robert Boustead Hamish M. Bunn Robert Benn Calhoun Ann Callison Matteo Castelvetri Stephen J. Cavoli Eva Wu Chan Kingsley Chan Steven W. Chao David J. Chen Richard Jianhao Chen Luke A. Chilon Praveen Choudhary Pete Chung Anthony C. Cicia Daren Clarke Nigel Coe Anthony Michael Colarusso Catherine Colecchi James E. Collins Jeffrey Collins Todd Coltman David M. Conway Juan M. Coppola Mandell L. Crawley William R. Daley Jonathan Daplyn Russell Day Alexis Delcroix Lucy S. DeStefano John M. Dillon Phoebe Donham Celso Doria Carlo Draghi Pete Eggleston Ronny Elenius Kevin D. Emerson Simon Emmett Peter Escott Simon Evenson Takeshi Ezuka Frank J. Famiglietti Allen Feng Andrea Floccuzio David Flowerdew Nick Footitt Trevor Francis Henrique Rolfsen Francisco Gordon Fraser Greg Fried Benjamin Friedland David A. Galasso Michael H. Gallary Justin Garzia Michael Goering Drew Goldman Robyn Maslynsky Goldschmid Barry H. Goldstein Marc Gordon Caroline N. Gundeck Jon S. Hammack Andrew Harmstone-Rakowski Yasushi Hasegawa Simon Herrmann Drew Hershkowitz Viktor Hjort Dean Hodson Julia Huang Mari Ikegaki Motonori Imaseki Jorge Iragorri Jaclyn Jhin Matthew S. Johnson F. Claiborne Johnston, III Elizabeth Madigan Jost J.Marc Jullienne Takaaki Kato Philip Keith Sebastien Kessas Edward K. Kirkorian Les Klein Lukas Klein Dmitriy Kolomytsyn Craig Krasinski Khalid Krim Shahzad Lalani Derek Laws Soo-Mi Lee Wee Tat Lee James Levi Meir Lewis Stanislav Liberman Dante Lomibao Simon Long Bill Lu Alex Lyakhov Yong Ma Travis J. Machen Munib Madni Brooke E. Major-Reid Chakrapani Mantena Arnaud Mares Stephen J. Maresca Kathleen Marie Martin Ryunosuke Matsutake Michael Sean McGoldrick Michael Allen Meade Jochen Mehltretter Benno Meier Eduardo Mendez Vivek K. Menon Jason C. Miller Jason Bradford Moore Thomas F. Moore Wendy Ng James Nimberg Gary Douglas Offner Susan O’Flynn Masanori Ogiwara Michael J. O’Malley Madhu Panchagnula Ketan J. Parekh Zoë Parish Chad Parker Tejash Patel Tiago Pessoa Mary Ann Picciotto Niall Playfair Christine M. Plummer Stephen Popovchak Lisa Potter Emanuele Pozzi Jennifer K. Publicover Saul Raccah Ashwin Rao Martijn Rats Pierre-Alexis Renaudin Max Ritter Andrew John Robinson Nicholas Rodolakis A.K. Rosenbaum Andy Ross Jonathan Ross Nancy J. Rutecki Kieran Ryan Michael J. Ryder Alex Saporito Ethan J. Sawyer Tyler Schiff Mark Schwille Stephen Seelbach James Robert Shepherd Jai V. Sheth Matthew Smith Denise Sommerville Zachary D. Stern Magdalena Stoklosa Chris Stone Anand Subramanian Yasuhito Suzuki Gregory Thiery Candice W. Todd Judy Tom Frank S. Tredici Erik Tregaard Penny B. Tsekouras Daniel Turner Kevin Twitchen James Andrew Upton Marcelo Vainstein Robert VanCaneghem Frederik Vandepitte Su-Ling Voon Sachin Wagle John Robert David Walker Dean Wang Zheng Wang Paul Stephen Wasinger Jonathan Weaver Dede W Welles Brian V. Wood Jun Xu Jason Yates Robert Yeo Krishna Yerrmosu Panos Yiasoumi Kibo Yokoyama Cathy Weijing Zeng Bernardo Novaes Zerbini Albert Zhou Kate Zhu Risana Zitha
After the townhouse spent 18 months on the market and had its original asking price of $5.5 million pushed down twice, the sale actually closed $50,000 above the $4.95 million asking price.
Although the townhouse has a neoclassical style and looks very antique, it's got modern amenities like heated floors. It's also located in a neighborhood where a lot of Wall Streeters live, according to The Real Deal.
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has selected a new class of Managing Directors, effective from January 1, 2013, the start of the firm’s next fiscal year.
“The dedication and leadership of this group represent the best of Goldman Sachs, and we wish our new Managing Directors continued success,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs.
The following individuals have been promoted to Managing Director:
Zachary T. Ablon Reyhaan Aboo Jeff Albee Carlos Albertotti Shahzad Ali David E. Alvillar Timothy Amman Lucia Arienti Jacqueline Arthur Willem Baars Nilesh Banerjee Michael Bang Marc Banziger Yibo Bao Vlad Y. Barbalat Tanya Barnes Melissa Barrett Dan Bennett Alyssa Benza Bruce Berg Dinkar Bhatia Meera Bhutta Matthew G. Bieber Keith Birch Kerry Blum Tim Boddy Matteo Botto Poala Ryan Boucher Joseph Braik Fernando Bravo Chris Buddin Paul H. Burchard Caroline Carr Marie-Ange Causse Daniel Cepeda Jean-Baptiste Champon Raymond Chan Rita Chan Pierre Chavenon Gigi Chavez de Arnavat Angus Cheng Nikhil Choraria Adam Clark Hugo Clark Colin Convey Piers Cox Chris Crampton Fredrik Creutz Heidi Cruz Angelo Curreli Laurianne Curtil Pol De Win Matthew DeMonte Anthony Dewell Joshua A. Dickstein Kuniaki Doi Jessica Douieb Martine Doyon Jennifer Drake Dexter D'Souza David Dubner Amy Elliott Theodore Enders Hugh Falcon Aidan Farrell Raymond Filocoma Andrea Finan Jeffrey Fine James A. Fitzsimmons Matthew Flett Robert G. Frahm III Alisdair Fraser Barry Friedeman Charlie Gailliot Renyuan Gao Manuel A. Garcia Suzanne Gauron Darren T. Gilbert Jason Gilbert Guillermo Gimenez Eric Goldstein Jamie Goodman Betsy Gorton Pooja Goyal Jason Granet David Granson David Grant Tim Grayson Brian Greeff Marci Green Stephen Griffin Kristen Grippi Dinesh Gupta Manav Gupta (Securities) Yuhei Hara Toshiya Hari Todd Haskins Aime Hendricks Michael Henry Peter U. Hermann Alejandro Hernandez James Herring Jamie Higgins Peter J. Hirst Christopher Hogan Mike Holmes Jonathan P. Horner Katie Hudson Kenneth Hui Lars Humble Amer Ikanovic Stephanie Ivy Antoine Izard Gunnar Jakobsson Dong Soo Jang James M. Joyce John C. Joyce Benjamin D. Kass Christopher Keller Simon J. Kingsbury Judge Kirby Jeffrey Klein John H. Knorring Marina Koupeeva Jane Lah Pierre Lamy Arthur Leiz Alex Levy Alexander S. Lewis Tim Li Zheng Li (IBD) Stephane Lintner Ilya Lisansky Darren Littlejohn Jean Liu John Liu Wanlin Liu Wendy Mahmouzian Mazen Makarem Daniel R. Mallinson Thomas Manetta Robert C. Mara III Stephen Markman Dunstan Marris Jon May Kristen McDuffy Victoria McLean Sean McWeeney Jr Benoit Mercereau Edouard Metrailler Peter Michelsen Samantha Migdal Jeffrey Miller Marko Milos Teruko Miyoshi Steven Moffitt Sarah Mook Hari Moorthy Michael Moran Paula P. Moreira Alister A. Morrison Peter Mortimer Chukri Moubarak Sara Naison-Tarajano Anthony J. Nardi Gleb Naumovich Sean Naylen Oliver Neal Olaf Nordmeyer Barry O'Brien Patrick O'Connell Zahabiya Officewala Keisuke Okuda Elizabeth Overbay Robert A. Palazzi Philip Pallone Mitesh J. Parikh Brian A. Pasquinelli Nita Patel Manolo Pedrini Douglas Penick David Perdue Michael Perloff Patrick Perreault Alec Phillips Marc Pillemer Noah Poponak Kim-Thu Posnett Sameer Ralhan Mo Ramani Samuel Ramos Andrea Raphael Kareem Raymond Neil Reeve Claudia Reim Grant Richard Valentina Riva Fernando Rivera Brian Robinson Tom Robinson Javier Rodriguez (Operations) David Roman Katya Rosenblatt Richard J. Rosenblum Amanda Rubin Bryan Rukin Akshay Sahni Gunjan Samtani Lucas W. Sandral Manu Sareen Philip Saunders Monika Schaller Michael Schlee Jonathan Schorr Anton Schreider Peter Schwab Roy A. Schwartz Joshua Schwimmer Stuart Sclater-Booth Kunal Shah Martin Sharpe Hao Shen* Mark Siconolfi Vanessa Simonetti Amit Sinha Matthew Slater Ian Spaulding Richard Spencer Lesley Steele Heiko Steinmetz Michael Strafuss Takashi Suwabe Linda Tai Laura Takacs Maurice Tamman Eng Guan Tan Katsunori Tanaka Bob Tankoos Belina Thiagarajah John R. Thomas Cullen Thomason Glenn Thorpe Jonathan Tipermas Michele Titi-Cappelli Timothy G. Tomalin-Reeves Carrie Van Syckel Tammy VanArsdalen Carmine Venezia Frank Viola Heather von Zuben Monali Vora Martin Walsh (Technology) Ward Waltemath Stephen Warren Luke Wei Matthew Weir Chris Wells Geoffrey M. Williams Neil Wolitzer Willie W. Wong Nicola Wright Makoto Yamada Wendy Yun Genya Zemlyakova Jing Zhang** Allen Zhao
A Dallas-based investment professional Galen Weston Swank was killed in a car crash early Tuesday morning, NBC 5 Dallas-Fort Worth reported. He was 31.
According to NBC 5, Swank going around a curve around 1 a.m. in uptown Dallas when he lost control of his 2009 Mercedes and jumped a curb and tore through a fence causing the car to go airborne before plowing into some trees barely missing a creek below.
He was pronounced dead at the scene.
Police are investigating the crash, the report said.
We did a FINRA broker check and the records show that Swank went to the Virginia Military Institute in Lexington, Virginia where he was the class valedictorian. He went to Stanford for graduate school.
Swank also worked at Citigroup in New York from October 2005 to March 2008, the records show.
NBC 5 reports that he had a wife and a three-month old baby.
According to the contents of the memo, which have been confirmed by Goldman, the bank will start selecting its managing director class every two years.
The bank usually selects new MDs every year.
According to the memo, ever since Goldman starting tapping managing director classes every year beginning in 1996 it was intending to move to a biennial selection when they reached "critical mass of managing directors at the firm."
"A biennial process will allow us to invest more in the managing director selection process so that it will continue to be a disciplined and rigorous exercise. This will help to ensure that the managing director title remains as aspirational as it should be for our top performers," the memo states.
The biennial selection process for managing directors will start after the 2013 class is announced.
Becoming a managing director is seen as a big honor on the Street. At Goldman, it's the level just below the highly-coveted "partner" title. Partners are selected every two years. There were only 70 partners chosen last fall.
Every year, college and MBA students flock to New York and other financial centers for highly-coveted summer analyst positions at investment banks.
A Wall Street intern who works hard and is a great team player has the potential to turn their 10-week long summer stint into a full-time offer from their respective firm.
We spoke with Suzanne Gauron, a Goldman Sachs managing director, about internships in the bank's Investment Management Division.
She shared tips for summer interns and explained what she looks for when making a hire.
Gauron, who studied humanities in college and began her career at Goldman as an intern, also told us what an intern can do to impress her and the biggest mistake they can make.
We've transcribed our Q&A with Gauron below. (Note: It has been lightly edited for clarity).
JL: First off, can you give me a little bit about your background and how you got to where you are today?
SG:"I was a humanities major in college. I studied 18th century poetry. I had no experience in business. I was a summer analyst at Goldman before my senior year in college. That was my first real business experience and I was extremely, pleasantly surprised by that experience. I was invited to come back as a full-time analyst on the same team I worked with that summer in private wealth management. I covered high-net worth clients for two years, went back to business school at that point and then joined the group that I'm in now eight years ago. The group I'm in invests in private equity managers on behalf of Goldman Sachs' clients."
JL: Can you describe the typical day for an intern in your division? What sort of responsibilities do they have?
SG:"In our group, we're an investing group, and our interns work on the transactions that we're working on. They're staffed as though they are full-time employees with the same level of responsibility and involvement. So we're taking them through the transactions. They're working with senior members of the team leading the transactions. They would be doing the valuation work, the research work that we do around the types of investments that we're assessing and they're part of the team that forms a view on whether we are going to make the investment or not.
"That's our group, but generally people are doing a combination of shadowing and education in their summer analyst program that starts to get them to build the types of investment views and perspectives that we're looking for in investment management."
JL: How do you balance the desire to use an intern's talents and delegating responsibility, while still feeling comfortable? Basically, how do you decide how much responsibility to give an intern?
SG:"We give them as much responsibility as they're willing to take and that they can achieve on. In terms of day-to-day, we're trying to build a support system around the interns so they can be successful. So we're giving them big chunks of responsibility, but we're also giving them a lot of resources that they can use to make sure that they're on the right path on this. That means that they're staffed with another analyst who can help show them the steps that they could take to solve the problem or model out the valuation that they might be working on. They have a mentor who they can talk to about 'Hey, is this a dumb question? or not a dumb question that I'm thinking about and I'm asking about?' because they're integrated in the team they can go to other members of the team at any time. So if I just looked out of my office, they're sitting next to two other analysts who are full-time analysts who have more experience who are willing at any minute to sit with them and take them through a question large or small that may be a challenge to them."
JL: Do you mentor an intern?
SG:"I mentor a number of interns. We have a big buddy system and then a more senior mentor. The big buddy is the person who can talk to them about what time do you get in in the morning? What does casual Friday really mean? That sort of day-to-day practical things that can trip somebody up. Then the senior person is there to give broader counsel about career development and the types of feedback you receive during the summer to make sure that people are thinking more long-term about their career and where their place might be in the firm and group."
JL: What sort of advice would you give to an intern in your group? Like, what would be the best piece of advice you could give them?
SG:"I think the best piece of advice that I give most often is I think that people get really hung up on the practical skills that they have to have coming in. So what we see in Investment Management is a lot of people want to demonstrate 'Oh, I've run a portfolio. I've invested for myself.' And that's certainly a good thing to have, but the thing that's really priceless over the summer is having a good attitude because during the summer they face a lot of challenging situations and there are long hours and so feeling like the person next to you is excited to be there and wants to do the work every day is the thing you remember about somebody after they've gone back to school in September."
JL: When you were an intern, did someone give you a piece of advice that stuck with you?
SG:"I think my managing director did say to me when I was an analyst, I didn't know at the time it was true, he said look, 'You're 22, you think you're a grown up, but you still have a long way to go.' And when I look back on my career in my 20s, I actually evolved not just as a professional, but as a person a lot with the experiences I had in the first five years. I think people are sometimes too pre-mature in pigeonholing themselves based on who they think they are at 22."
JL: So what do you think is the biggest mistake an intern can make?
SG:"Probably the biggest mistake is not writing things down and remembering them. So we always tell people that they should ask more questions. That's a very common feedback that we give interns and we're willing to entertain as many questions as they have, but they need to write that down and take that answer on board not just ask a question for the sake of asking a question and then ask it again a week later."
JL: That's good advice.
JL: What's something that impressed you about an intern?
SG: Probably going the extra step. So there are some interns that do the work and do it well and then there are some interns who say, 'Here's this good work product that I've done that's fully checked and accurate and when I think about how this fits into your business here's the next thing that I think I could do. Or why don't I build you this other model as well.' So offering up other things that they can do that are thoughtful and show that they understand the business is a really exciting thing to see from someone.
JL: If I were an intern, what's a good way to standout?
SG: "I think being a good team member is always the most important thing. You're probably the youngest person on the desk and sometimes people feel like they're not a full member of the team, but nobody else views it that way. Everyone views it from day one that you're just like everybody else and so that means building personal relationships with other people on the desk, getting to know people and meshing as part of the team so at the end of the summer people are surprised when you have to say that you're going back to school."
JL: In a job market that is so competitive, what are some of the details which make a difference in an interview or on a résumé?
SG:"In a résumé, showing expertise at something is really important. So I'm looking for depth as well as breadth of interests. So you have to have taken one thing and moved up in the organization or excelled at a sport or whatever it is that is most interesting to you. And then following on that, in the interview demonstrating passion about that thing. We're not looking for everyone to have a PhD in finance, but we're looking for them to have done anything that they like in the world and done a good job at it and feel deeply about it."
JL: What advice do you have for someone who wants to turn an internship into a full-time job? What should they do? How should they do that?
SG:"I think it's a combination of coming in every day and doing the work and fitting in on the team so that people don't remember by the end of the summer that you weren't there full-time. I think people can be reasonably vocal about it. We can't read anyone's minds so saying, 'I really like this. I'd like to do this next year' never hurts.
JL: How should someone prepare for an internship in this division? And then talk about the training they get on the job.
SG: "In preparing for the summer, I think following the markets is very valuable because we are investing. So I always ask people what stories they are following in the financial press and what companies they're most interested in. It's not a matter of knowing the price quote for the S&P for the last fifteen days in a row, but having larger framework that they can fit knowledge into over the summer.
"And then on the job, we have a pretty extensive training program at the Investment Management Division level. It starts off with a couple of days where all the interns are together getting an introduction to the firm and to investment management so they understand the different businesses across the division, not just the business that they'll be working in. Then they also throughout the summer have thought leadership gatherings were different business leaders come in and talk about the challenges and interesting opportunities that they're seeing in their businesses. And then professional development as well around things like feedback, thinking about your career, working on teams. So it's both the practical and the longer term."
JL: Can you talk about the diversity of candidates that you all look for?
SG: "We're looking for very diverse set of students. It's not all finance majors as I said before. I think I'm a pretty good example of that. I hadn't taken any classes that required math in college. We're looking for people who are logical and organized and disciplined and have demonstrated the ability to come up a learning curve in something in the past whether it's learning to speak Chinese or learning to play an instrument or a sport or taking up something else that's a challenge. I think you see that in a cross-section of our summer class that they have a lot of different backgrounds."
We will be doing these Q&A's with Goldman managing directors in different divisions over the next couple of weeks. Up next will be the Technology department.
The technology department at Goldman Sachs is not only one of the biggest divisions at the Wall Street giant, but it's also one of the most crucial.
The firm executes millions of trades on exchanges all around the world and none that that would be possible without a technology infrastructure that could scale and support that type of volume.
And of course, one way to secure a job in this division is to intern for the summer.
We spoke with Hari Moorthy, a managing director and technology fellow at Goldman. Moorthy is the global manager of margin risk for prime brokerage, futures, clearance and execution in Goldman's global securities services division.
When he's evaluating a candidate for a technology department position, he told us that he looks for three key skills — technology background, analytical skills and communication/leadership.
Those, he explained, fundamentally cover a large gamut of skills that they look for in the technology department of Goldman.
He added that they also emphasize innovation and using cutting edge technology for those who work in the technology division.
Moorthy also told us what an intern can do to impress him and the biggest mistake they can make.
We've transcribed our Q&A with Moorthy below. (Note: This has been lightly edited for clarity).
JL: Can you talk about your background and how you got to where you are today?
HM: I joined Goldman in December 2007. I joined into the margin technology group within prime services technology. Prior to that, I worked at a firm called CheckFree Investment Services, chief architect and of software development, focusing on their strategic software development within that division.
JL: Can you describe what the typical day is like for an intern in your division? What sort of responsibilities do they have at Goldman?
HM: Sure. Part of our motivation within the intern program is for them to get to know us and for us to get to know them. So in that spirit, we actually give them full responsibility for them to take them through their project which normally takes them about eight weeks. One of the things we do prior is define what kind of project they have to do so that they can actually run through the entire lifecycle of that project. That includes giving them a requirement for what they need to deliver, developing the software, testing it, productionizing it, talking to users, so they get a complete flavor for everything that have to do if they were working at Goldman.
JL: How do you decide how much responsibility to give an intern?
HM: Within the context of the eight weeks that I talked about, we want them to get a flavor for enterprise software development practice. It's easier for an intern to say I've developed a particular piece of software, but developing it in the context of a bank and making it production quality is very important. So we do give full responsibility for them to the extent that they can take it and we want them to be successful in that framework.
JL: How about preparing for an internship in this division. What sort of skills does somebody need?
HM: I think broadly speaking, I would actually say that about three major skill sets, if you will. Obviously, technology background. This being a technology division, you would expect interns to have some idea and basic course work in that regard. The second broad category I would mention is analytical skills, right. You know understanding what a particular data set would mean within that context. And then the third broad category I would say is communication and leadership—The ability to interact in a fairly big, complex organization.
JL: For someone who is interested in interning in the technology department, what classes should they take in school? How do they prepare for an internship?
HM: As the name implies, as it's all about technology, having basic coursework in programming languages such as Java or C++, having coursework in data structures and data-based technology would be useful and then brushing up on basic capital markets knowledge would also be useful.
JL: OK, just going back to the more day-to-day stuff? What's the work day like?
HM: I think it's no different from employees, we really strive hard for them to be part of our family during their stay and make sure that they get the same level of time from their senior managers and peers to they feel really like part of our family.
JL: Do you mentor interns in your division?
HM: Yes. That's one of the major programs that they've instituted in our division. We have a formal mentorship administered and organized by our Human Capital Management department. We also have an informal network of buddies who had been interns at the firm at some point in time spending some time with interns. I can't emphasize how much time our senior management within our division spend to make the intern program successful. To illustrate that point, this year we started a half a day long hosting of interns. And pretty much the top forty of our senior managers, all MDs, have spent time with interns explaining what each our divisions within technology have been doing and the direction they've been heading to. So yes we do take the intern experience and internship very seriously at the senior level of this division.
JL: So I want to talk about intern advice now. So in your opinion, what's the biggest mistake an intern can make?
HM: I think the biggest mistake is when a person is stuck with a problem or a problem appears to be to complex or too huge, not talking to someone else for advice or seeking help. To me, that probably is the biggest mistake because a person can spend a lot of time trying to understand on their own time. That's something that would be easily available from somebody else's prior experience and knowledge.
JL: What's something that impressed you about an intern?
HM: I think innovation, right. Looking at a problem in an entirely new way and solving it within the context of enterprise technology I spoke about. You know, technology is evolving at a very high speed, you know, and it's actually very difficult to catch up. To the extent that they have understood the problem they're trying to solve and they are able to look at it in a brand new prism, that's very impressive.
JL: If I was an intern in the technology division, what would be a good way to stand out?
HM: I think completing the project at hand in the best possible manner and also going a step ahead and seeing how to best to change or innovate within the context of that project. It's always good to look at the problem in a brand new way... that would be a standout.
JL: What advice would you have for an intern who really wants to get a job offer from Goldman?
HM: I think doing the best possible job within that project context that the intern is working on and hitting that out of the park is probably the best advice I'd give. After all, it would be at a firm where actions speak louder than words...
JL: We have a very competitive job market out there, so what are some of the details which make a difference on a résumé or in a job interview?
HM: I would use the same classifications I spoke about earlier. Technical skills—illustrating prior experience or prior coursework any sort of familiarity with the technology background the person has had would be really useful. And then, the second one is difficult to explain in a résumé, but very important in an interview is to display analytical skills. Obviously, learning a piece of technology is useful only if that is applicable in a real problem in a real scenario. And then the third broad category is all about communication and leadership, right. The ability to convert a thought process into an actionable system within the context of our firm requires a lot of leadership and communication.
JL: So in an interview, do you test them on analytical skills?
HM: Even if it's not an explicit question in an interview, I would always advise them to demonstrate that aspect of their ability and skill. So kind of showing what sort of work has interested them in the past and what they have done. It's one of the important skills that would differentiate a great intern from a good intern.
JL: Just in case people aren't familiar, can you speak to how crucial the technology department is to Goldman Sachs?
HM: I think the technology department does two major, among many things in my opinion, two major functions — One it serves as a way to improve efficiency and process. Another one is to act as a control function in our ability to understand and appreciate the entire business model that Goldman has. So it's very crucial and we have senior business leaders confirming that often and often again.
We have been doing these Q&A's with Goldman managing directors. You can check out our investment management division managing director Q&A here. Up next is the securities division.
NEW YORK, November 13, 2013 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has selected a new class of Managing Directors as of January 1, 2014, the start of our next fiscal year.
“We wish our new Managing Directors continued success and thank them for their dedication and hard work representing the firm and our clients,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs.
The following individuals have been promoted to Managing Director:
Katherine Abrat Afsheen Afshar Puneet Agarwal Sergio Akselrad Philip Aldis Jean Altier Bohm Margaret Anadu Vishweshwar Anantharam Alexi Antolovich Silvia Ardagna Matthew Armas Anthony Arnold Yacov Arnopolin Celine Assouline Roberto Awad Amin Azmoudeh Davie Baccei Eric Bai Taran Bakker Paddy Balasubramanian Kevin Barker Lindsay Basloe Peter Beckman Collin Bell Navtej Bhullar Francois-Xavier Bouillet Douglas Bouquard David Bowen Elizabeth Bowyer Sarah Brungs Michael Bruun Beat Cabiallavetta Niharika Cabiallavetta John Cahill Greg Calnon Robert Camacho David Campbell Thomas Campbell Michael Casey John Cassidy Pascal Cerf Tiffani Chambers Sharmini Chetwode Patricia Chew Travis Chmelka Lisa Coar Charles Cognata Dahlia Cohen Rod Colburn Peter Colven Stuart Connolly Stephen Considine Damien Courvalin Nora Creedon Alicia Crighton Adam Crook (Securities) Piers Curle Michael D'Addario Aneesh Daga Matt Dailey Viktor Danielson Eric Dann Suzanne de Verdelon Banu Demirkiran Michael Deninno Stratford Dennis Anthony DeRose Arun Dhar Scott Diamond Rachel Diller Lin Ding Rohan Doctor Anthony Duggan Sinead Dunphy Michael Durso Michael Eakins Mike Ebeling Kene Ejikeme Simon Ennis Ashley Everett Amir Fais Joseph Femenia Ivan Fillon Andrew Fisher Andrew Flahive Brian Fortson Bridget Fraser Olivier Frendo Gedaliah Friedenberg Nicolas Friedman James Fulton Roger Gardiner Grace Ge Matija Gergolet Phil Giuca Brian Glass Ward Glassmeyer Craig Glassner Nicholas Godfrey Lawrence Grassi Jett Greenberg David Gribble Benjamin Grizzle Anil Grover (LCA Tech) Fredrik Grunberger Dominic Gurney David Ha Kirsten Hagen Digboloy Halder Phillip Han Sarah Harper Nick Hartley Hunter Henry Debra Herschmann Michael Hickey Michael Higgins Axel Hoefer Judy Hong Tim Hooley Erdit Hoxha James Huckaby Michael Husson Maximos Iakovlev Inci Isikli Omer Ismail Glade Jacobsen Sumedh Jaiswal Michael Jalkut Channa Jayaweera Derek Jean-Baptiste Chito Jeyarajah Jessica Jones Sami Kamhawi Geraldine Keefe Zaid Khaldi Talat Khan Gautam Khanna Robert Kimmel Hiroki Kimoto Gil Klemann Victor Klimchenko Gordon Kluzak Heidi Kniesel Kimiyasu Kono Joseph Konzelmann Eric Kramer Pavel Krotkov Rohit Kumar Yojiro Kunitomo David LaBianca Jonathan Lamm Adam Lane Risa Lederhandler Andrei Legostaev Matt Leisen Vincenzo Lento Wesley LePatner Xufa Liao Brian Liloia Reginaldo Lima Marcel Liplijn Malcolm MacDonald John Marshall Jonathan Matz Patty McCarthy Michael McGinn Alan McLean Olympia McNerney Scott Mehling Noa Meyer Alexandra Miani Jung Min Jerry Minier Anthony Mirabile Anindya Mohinta Mike Mooney Sam Morgan Will Morgan Peter Morreale Rick Morris (Securities) Piyush Mubayi Kaushik Murali Mark Najarian Josh Newsome Logan Nicholson Mike Nickols Sergei Nodelman Jolie Norris Edward Oakley Timothy O'Donovan Brian O'Keeffe Mark Olivier Stephen Orr Bartosz Ostenda Enrico Ottavian Hiroshi Ozawa Matthew Papas Muir Paterson Cyrille Perard Chris Perez Amit Pilowsky Nick Pomponi Brandon Press Ken Prince Elizabeth Pritchard Grant Purtell Don Raab Radovan Radman Mohan Rajagopal Neema Raphael Michael Rendel Osmin Rivera Ludovic Rodhain Javier Rodriguez-Alarcon Cosmo Roe Andrew Rosivach Jennifer Roth Armin Rothauser Jonathan Rousse John Ryan Yassaman Salas Tom Scarpati Joao Schmidt Rachel Schnoll Marc Schreiber Bruce Schwartz Lyle Schwartz Anshul Sehgal John Semczuk Hideyuki Seo Jonathan Shapiro Johann Shudlick Andrew Silverman Brian Singer Jeremie Sokolowsky Simone Song William Stamatakis Jari Stehn Jeremy Stent Alan Stewart Daniel Strack Alexandra Stubbings Masato Sunaga Takaaki Suzuki Chia Min Tan Robert Tau Sujay Telang Baris Temelkuran Rene Theriault Bart Thomson Cassandra Tok Alex Tomas Karen Trapani Kamakshya Trivedi Emma Tsui Ervin Tu John Tully Thomas Turner Michael Ungari Krishnamurthy Vaidyanathan Anilu Vazquez-Ubarri Sofie Wacha Scott Walter Bryce Wan James Wang Kent Wasson Michael Watts Stephen Waxman Connie Wen Colin White Kyle Williams Stephen Withnell Audrey Woon Chiharu Yamagami Suzzanne Yao Rana Yared Bervan Yeh Tony Yip Emi Yoshibe Vladimir Zakharov
If you know any of these folks, feel free to send an email to jlaroche@businessinsider.com.
Jefferies CEO Rich Handler sent an open letter to his firm's senior-level bankers providing them with five ways to help make life better for the young analysts and associates, Dealbook reports.
In the last year, Wall Street banks have been criticized for the brutal workload their young analysts tend to take on. Many firms responded by cutting back the long-hours and requiring analysts to take weekends off.
Handler is taking it a step further and reminding his managing directors to appreciate and get to know their underlings.
"Between the work challenges and the personal obligations, it is very easy to forget, overlook, or take for granted our most precious and critical partners who enable the Jefferies world to keep revolving and our individual careers to continue to shine: our analysts and associates," Handler wrote.
1. It wasn't that long ago (or at least it doesn’t seem it) that we were the ones that were so eager to help, learn and get the job done for no personal gain, except for the good of the team. Remember what that felt like and personally thank every person that is helping you get your job done today. Yes, a simple acknowledgment and thank you feels good to the recipient and makes a big difference.
2. Everyone wants a mentor, but few work endlessly to find a “mentee.” Pick an associate or analyst to whom you feel some kinship or relationship, or in whom you see a special spark, or perhaps you just like as a person … and get involved in his or her career and personal development. Someone did it for you. Never forget that. It’s time to give back, and every one of us has a little spare time.
3. If you don’t respect the need for some type of normal life balance in the lives of our associates, analysts and support team, shame on you. Now we all know there are periods of time or circumstances that call for time and effort beyond the normal call of duty, but we are not a fraternity or sorority that hazes or takes advantage of people because of the way it was when we were cadets. Waiting until the last minute to hand out work, creating unnecessary projects or deadlines, or just being insensitive makes you a jerk. We do not have or want jerks at Jefferies.
4. Every analyst and associate needs real client contact, as often as possible and practical. If he or she is up all night or weekend on a pitch book, tell her or him to sprinkle some water on their face, straighten out the scarf or tie, and join the team at the meeting. By the way, the clients typically love it.
5. Make it personal. Get to know our young folks as our potential long-term partners. Take an interest in where they grew up and the school from which they recently graduated. Understand their career aspirations and goals. Learn about their families and friends. Nobody gets into Jefferies unless they are amongst the best and brightest and every last one of our associates and analysts is special. Quite frankly, we should all wonder if we could get ourselves into our firm today if we were competing heads up with all of them. They are our future and if we don’t all take a personal interest in each of them, what does that say about our future?
Goldman Sachs managing director Heidi Cruz, the wife of Sen. Ted Cruz (R-Texas), has taken an unpaid leave of absence from the bank, Bloomberg News' Michael Moore reports.
On Monday, Ted Cruz officially announced his candidacy for president during an event at Liberty University in Lynchburg, Virginia.
Heidi Cruz worked Goldman's private wealth management division in Houston, Texas.
Goldman Sachs has promoted 425 people to managing director, making it the firm's largest class ever.
"Our new Managing Directors represent the best of our firm’s dedication to excellence, leadership and client service, and we wish them continued success in their careers," Goldman CEO Lloyd Blankfein said in a statement.
It's a big deal to be named a managing director. The title is one step below partner, one of the most highly coveted titles in investment banking.
This year's class made history.
About 30% of the new managing directors are millennials. What's more, 40% of the class began their careers as Goldman Sachs analysts. Then 21% were former Goldman summer interns.
There are 106 women on the list, making up 25% of the class. It's the largest percentage of women in a Goldman managing director class. About 30% of the class worked in multiple divisions and multiple regions. Nearly 49% have at least one advanced degree.
The standout division this year was investment banking, with 96 bankers making managing director, compared to 51 in the previous class. The next class of MDs won't be selected until 2017. In 2013, Goldman changed its managing director selection process from every year to every two years. That year, 280 people made the cut.
The following people have been promoted:
Catherine Addona-Peña Alokik Advani Sam Agnew Daniel Ahern Murtaza Ahmed Fusae Akamatsu Phil Almond Ana Alonso Roy Appelman Juliano Arruda Alex Ashwal Daniel Avery Misty Bailey Tom Barkes Jose Barreto Sushil Bathija Gregoire Baudot Olivier Belaich Sharon Bell Allison Beller Christine Benson Schwartzstein Sam Berberian Todd Berger Sandy Bernhardt Greg Berube Shashi Bhushan (Bengaluru) Lyla Bibi Julie Billings Alexander Blanchard Tristan Blood Katherine Bloom Alexander Blostein John Blythe Andrea Bonini Vijay Borkar Jean-Pierre Boudrias Dyson Bowditch Rhett Brewer Sean Brewer Cameron Brien Tyler Brooke Marios Broustas Melissa Brown Jacob Buitelaar Jason Burgess Manuel Camacho Tim Campbell Eliot Camplisson Susana Cao Miranda Nicholas Chan Sorubh Chandani Amy Chang Dennis Chang Scott Chastain Scott Chen (IBD) Yu Chikami Vikram Chima Sung Cho Caroline Chu Simon Clarke Ray Clifford Jorge Combe William Connolly Ron Cortina Daniela Costa Yasmine Coupal Patricia Creedon Brian Culang Michelle Daly Ranga Dattatreya Christopher Daur Brian DeCenzo Alexis Deladerriere Robert Devens Devanshu Dhyani Scott Dias Johanna Diaz Simon Dickinson Andrew DiMaria Darren Dixon Terence Donnelly Christopher Droege Lindsay Drucker Mann Frank Drury Caroline Dunne Steven Edwards (Internal Audit) Jeffrey Egee Naoko Ehara Inna Elyashkevich Jason English Andrew Erekson Joris Esch Ana Estrada Cristina Estrada Owain Evans Julia Feldman Jing Feng Albert Ferng Val Feygin Dan Fishman Dennis Fleck Terence Flynn Ian Foster (IBD) Kelly Galanis Ilya Gaysinskiy Libardo Gerardino Said Ghusayni Michael Gillott Arvind Giridhar Mark Glotfelty Chloe Goddard Lakshya Goel Peter Goertzen Andres Gonzalez Clara Gonzalez-Martin Claire Goodeve Anton Gorshkov Simon Gosling Jessica Binder Graham Michael Graham (Securities) Glenn Greilsamer Fabrizio Grena Alain Griveau Pierre-Yves Guerber Renaud Guidée Renu Gupta Christoph Haenschel Simon Hale Jay Handfield Deirdre Harding Nada Hassan Frances Hawkins Tobias Heilmaier Christoph Heuer Kenneth Ho Luke Hodges Jennie Holloway Matthew Hostasa Henry Howell Soomin Hu Victor Hu Andrew Huang Lee Hughes Michael Hui Shinichiro Ichiki George Ingram Francesca Innocenti Karen Ip Yuichiro Isayama Shubha Iyer Kristy Jago Matt Jahansouz Lear Janiv Jessica Janowitz Franklin Jarman Jabe Jerram Lei Jin Moritz Jobke Charles Johnston Ganesh Jois Katherine Jollon Colsher John Jonke Shrut Kalra Emiko Kamoda Markus Kant Yugandhar Karna Lotfi Karoui Vanya Kasanof Ting Ke Kyle Kendall Richard Kendrick Corey Kenyon Anthony Kim Seong Eun Kim Sean Kingston Teresa Kingswood David Kirschner Michael Klym Jared Klyman Andrew Knight Timur Kocaoglu Kevin Kochar Christina Kopec David Korpi Caroline Kraus Jennifer Krevitt Ajay Kumar Raj Kumar Kosuke Kurosawa Marc Kurz Takashi Kuwano Loredana La Pace Phil Labbe Marco Laicini Vidya Lakshmi Lia Larson Kinger Lau Max Layton Jerome Lebuchoux Andrew Lee (GIR) David Lee (IMD) Jay Hyun Lee (MBD) Jerry Lee Shane Lee Valerie Leeder Panayiotis Lemonidis Joe Lenehan Daniel Levy Yael Levy Olga Lewis Christina Sun Li Chuan Li James Li Edmund Lim Stephen Little David Liu Daniel Lochner Michael Loetzsch Donald Lu Rochelle Lucas Matthias Ludemann Christopher Lvoff Andrew Lyons Kristen Macleod Manju Madhavan Lynn Magnus Thomas Malafronte Sajith Maliakel Rakesh Manani Elizabeth Mann Jim Mannoia John Manzi Jia Mao Guillaume Marinacce Jeremie Marrache Matthew Mason Gaurav Mathur Yuji Matsumoto Tom McAndrew Scott McHugh Andrew McIlroy Jenny Meng Shahmil Merchant Joann Mercurio Maryline Mertz Marco Messeri Hideo Michiba Jared Miller Stacey Miller Elizabeth Milonopoulos Pascal Mischler Pooja Mishra Prahlad Doretta Mistras Matthew Mizrahi Hillel Moerman Soren Moller-Rasmussen Fausto Monacelli Q Montazeri Leonie Morel Owen Morris Daniel Motta Ricardo Mourao Christian Mueller-Glissmann Niladri Mukhopadhyay Mathieu Munuera Francis Murphy Thomas Murray Charles Myers Harsh Nanda Asad Naqvi Ryan Nash David Naulty Toh Ne Win Shapour Neshatfar Billy Newport Anya Newton Katrina Niehaus Christos Nifadopoulos Ryan Nolan Brian Nordahl Steven Nowak Matthew O'Callaghan John Olivo Oscar Ostlund Marco Paesotto Kanak Palanisamy Sundaram Pandiarajan Mrudang Pandya Francesco Paolicelli Dhaval Parekh Keyur Parekh Akash Patel Himin Patel Jatin Patel Cristina Patron Nicholas Peach Agostina Pechi Xi Pei Shlomit Perry Joseph Persky Carlos Prieto Ricardo Puggina Tim Quandt Stephanie Rader Emilie Railhac Amit Raje Sudarshan Ramakrishnan Akila Raman Vishaal Rana Robert Rancitelli Zeeshan Razzaqui Paolo Re David Reis Kevin Relihan Ben Reuter Matt Rhodes Clare Richards Brian Richardson Richard Rivero Duane Robinson Fabiano Romeiro Agustin Romo Calvo Karen Rossi Matias Rotella Anne Russ C. Kyle Russ Jamie Russell Isidoor Rutten Timothy Ryan Craig Sabal Carolyn Sabat Michael Sachs Hassan Salamony Nicholas Saunders Carly Scales Marc Schaffer Tom Schouwenaars Jameson Schriber Leonard Seevers Masataka Sera Arpan Shah (Internal Audit) Dhruv Shah Nitin Shah Ashoke Sharma Nik Sharma Salil Sheth Jonathan Shugar Aaron Siegel Eric Siegel Julie Silverman Jim Sinclair Balaji Sivasubramanian Neil Slee Martin Smith (IMD) Scott Smith Lin Smyth Douglas Spell David Sprake Jack Springate Sujatha Srinivasan Ricardo Stabile John Startin John Stecher Alexander Stiles Peter Stone Miruna Stratan Matthew Straughen Hiroyuki Sugiura Joseph Sumberg Philip Sun Lawrence Tankel Richard Tarling Ian Taylor Mike Taylor (Services) Sophie Taylor Latifa Tefridj-Gaillard Kurt Tenenbaum Prasanna Thati Radha Tilton Vincent Tiseo Jandirk tom Dieck Margo Topman Shinsaku Toriyama Dom Totino Joseph Traina Matthew Traina Alexis Tsang Tetsuya Ukai Silvia Valente Laura van Alkemade Carol Van der Vorst Alexis Vassilakas Kerone Vatel Thomas Vaughan Meriel Vessey Alexandra Vincenzi David Wade Dennis Walsh Alex Wang Jun Wang Moon Wang Katherine Ward Amy Watson Peter Watson Whitney Watson Gregory Watts Jie Wei Michael Weiss Miriam Wheeler Pete Williams Wes Williams Jiahong Wu Tony Xu Michael Yaeger Satoshi Yamagata Huan Yang Jonathan Yarrow Sylvia Yeh Vincent Yeung Derek Yi Jon Yoder Jaewon Yu Brendan Zeigon Daniel Zimmerman Martin Zoll
About 30% of the new managing directors are millennials, and a huge chunk of them have been with Goldman their entire careers.
Around 40% of the class were hired at the entry level as analysts, and 20% started out as summer interns, according to the firm.
It's further proof of Goldman's efforts to hold onto its own.
The firm wants a bigger percentage of the graduates it hires to spend a full career at the bank, rather than just spending a couple of years there and then leaving for hedge funds, private equity, or other industries, which is a common career path among junior bankers.
'Build their careers here'
Last week, Goldman Sachs announced an overhaul to the way it promotes and rewards investment bankers at the junior level.
"Everything that we're doing is to try to give us the best opportunity to develop the best of those people and have a subset of them want to build their careers here," said David Solomon, Goldman's cohead of investment banking. "Not all of them, but a subset of them."
The firm will start promoting top investment-banking analysts to associates after only two years at the firm.
Typically, investment banks hire "analysts," or junior bankers, for a two-year program directly out of college. After the analysts put in their two years, most move on to other jobs outside of banking.
Those who stay on usually do a third year as analysts before being promoted to associates. But Goldman did away with its two-year analyst program a couple of years ago in an effort to encourage junior bankers to see themselves at the bank more long term.
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The new third-year promotion announced last week means that junior bankers will get a pay raise sooner than they normally would. Across Wall Street, associates earn about $63,000 more than analysts, on average.
It also means that they are on a faster track to becoming vice presidents, and eventually managing directors.
Another reward is a formal "mobility program" the firm is introducing for junior bankers in their third year.
After completing two years in one assignment, analysts — some of whom are promoted to associates — will go on rotational assignment for another full year.
A third initiative will see changes in the type of work that Goldman's junior bankers are doing.
Navigating Wall Street as a millennial can be tricky.
You want to network and build relationships, but you have to do it with tact.
We've heard some really simple advice from a senior-level banker and we'd like to pass it on: Don't ask a managing director to get coffee with you. They don't have time.
"I try not to do things that are big time sinks, like the random people that want to meet me for coffee," one managing director at a large investment bank told us.
Instead, it's more tactful to schedule time to meet with the managing director at their office, or at a venue of their choosing.
"It's so much easier. You know, you waste ten minutes in the elevator, then you waste time in the coffee line, and then you feel like you have to spend thirty minutes with someone. Then you're walking back up. That's an hour, and it doesn't need to be an hour."
Time is everything in this business. That 20 minute meeting in the convenience of someone's office is much more impactful.
Of course, if a managing director suggests coffee that's fine.
Are you a senior-level person working on Wall Street? Do you have advice for the younger generation? Feel free to send an email to jlaroche@businessinsider.com.
Morgan Stanley just released a list of its newest managing directors.
This year's list has 156 names, up from 151 last year.
Thirty-three, or 21%, of the new MDs are women. That's on par with last year, according to a Morgan Stanley representative.
Fifty-four percent of the class works in the Institutional Securities — that is, investment banking and sales and trading — division, up from 52% last year.
Here is the breakdown by region:
62% of the new MDs work in the US — down from 64% last year.
21% work in Europe, the Middle East, and Africa — down from 26% last year.
17% of the new MD class works in Asia — up from 13% last year.
Goldman Sachs named 425 new managing directors in November. That firm promotes new managing directors every two years, as opposed to every year.
To get the must-read guide to the key issues at every major Wall Street bank, click here.
Morgan Stanley last week reported fourth-quarter earnings that beat expectations. The disastrous fixed income, currencies, and commodities division, however, missed expectations and was down year-on-year. The firm began cutting 25% of its fixed-income headcount late last year.
Earlier this month, Greg Fleming, the president of Morgan Stanley's prized wealth-management business, left the firm.
Goldman Sachs announced its largest-ever class of managing directors.
Of the 509 promoted, 44% are millennials.
The firm announces managing-director promotions every two years.
It's one of the most coveted positions on Wall Street, a step below partner at the premier investment bank.
Goldman Sachs just announced a new class of 509 managing directors — the largest class in the firm's history.
The position is one of the most coveted on Wall Street, one step below partner at the prestigious investment-banking firm. The firm now has 2,148 managing directors, making up 7.1% of the company's workforce.
It's also one of the youngest classes the bank has promoted — 44% are millennials, up from 30% in 2015.
Other headline stats about the class:
66% started their careers as analysts or associates at Goldman Sachs.
24% of the class is women, down from 25% in 2015.
130 were promoted in the securities division, up from 102 in 2015.
101 were promoted in investment banking, up from 97 in 2015.
52 were promoted in technology, up from 38 in 2015.
Eight were promoted in consumer and commercial banking — the division that houses the bank's online-lending business, Marcus — compared with zero in 2015.
Here's the full statement:
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has selected a new class of Managing Directors, effective from January 1, 2018, the start of the firm's next fiscal year.
"Our new Managing Directors have demonstrated an outstanding commitment to our people, clients and culture during their tenures at the firm, and we wish them continued success as they take this important next step in their careers," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs.
The following individuals have been promoted to Managing Director:
Gregg Abramson Sanjay Acharya Khalid Albdah Amal Alibair Karthikeyan Anbalagan Rolf Andersson Volker Anger Jonathan Armstrong Ken Ashley Lavanya Ashok Sebastian Ayton Jonathan Babkow Julio Badi Amitayush Bahri Soren Balzer Robert Barlick Jr. Philip Barreca Santiago Bau David Bauer Oksana Beard Lee Becker Virender Bedi Stuart Beer Christian Beerli Amanda Beisel Yumiko Bekku David Bell Pierre Benichou Andrew Benito Marco Bensi Laura Benson Stephen Bergin Daniel Berglund Greg Berry Shital Bhatt Dipanjan Bhattacharjee Anu Bhavnani Carissa Biggie Vineet Birman Daniel Bitel Anne Black Richard Blore Emmanuel Bodenstein Timothy Braude Sean Brenan Hugh Briscoe Nathaniel Bristol Leo Brito Troy Broderick Levee Brooks Eric Brothers Robert Bruns III Anthony Bunnell Meg Burke Susan Burt Sean Butkus Russell Byrne Edward Byun Adam Cahill Alessandro Calace Cristiano Camargo Ken Cawley Swapan Chaddha Patrick Chamberlain Richard Chambers Daphne Chan Lily Chan Ben Chance Ginger Chang Vikram Chavali Alex Cheek Jae Joon Choi Ken Choi Paul Choi David Clark Denis Cleary Daniel Cleland-James Ayanna Clunis Pamela Codo-Lotti Jesse Cohen Paul Coles Simon Coombes Jenny Cosco Philip Coureau Nathan Cowen Matthew Cox (Securities) Shaun Cullinan Christine D'Agostino Emile Daher Hiren Dasani Russell Day Pierre De Belen Merche del Valle Caitlin DeSantis Jack Devaney Thomas Devos Mats Dewitte Hristo Dimitrov Tim Dinsdale Isabella Disler Christian Ditullio Terence Doherty Yakut Donat Nicola Dondi Brian Dong Jason D'Silva Stefan Duffner Jane Dunlevie Marie Duval Julien Dyon Rohini Eapen Zach Eckler Sayaka Eda Jason Eisenstadt Chris Emmerson Tiffany Eng Chendan Esvaran Erkko Etula Liz Ewing Michael Fargher Matteo Farina Leigh Farris Sarah Faulkner Tom Favia Brett Feldman Jennifer Feng Jon Ferguson Alex Field Herbert Filho Alex Finston Dean Flanagan Greg Flynn Trip Foley Andrew Ho Kwon Fong Moran Forman Michael Fox Caroline Fraser Daniel Freckleton Tim Freeman Reto Frei Giles French Kirsten Frivold Michael Fu Rob Fuentes Kenji Fujimoto Carrie Gannon Chantal Garcia Akhil Garg Alex Garner Nick Gelber Andrew Gent Gizelle George-Joseph Andrea Gift Sean Gilbride Andreas Glaser Yong Suan Goh Sona Gohel Amir Gold Jeremy Goldstein Steven Gonzalez Jeff Gowen Adam Greene Tom Groothaert Hannes Gsell Ashwin Gupta Ali Haji Ayaz Haji Robert Hamilton Kelly Victoria Hampson Raja Harb Andy Harding Ryan Harster Selma Hassan Stephen Hawinkels Jacqueline Haynes Jason He* Craig Hempstead David Herrmann David Hickey Thomas Hilger Mitch Hochberg Jodi Hochberger Jane Hodges Peter Hodgkinson Dylan Hogarty Tim Holliday Naftali Holtz Amy Hong Jason Hudes Earl Hunt Joseph Hwang Yoshinori Ide Kazuya Iketani Daniel Jackson Ankit Jain (Risk) Gaurav Jaitly Jan Janssen David Jeria Alnawaz Jiwa Kim Johns Scott Johnson Elis Jones Neil Jones Robert Jones Philip Joseph Anand Joshi Shawn Joshi Ritu Kalra Michael Kaprelian Nadeem Kayani Alicia Keenan Neil Kelleher Tom Kennedy Aqil Khan Sarah Kiernan Daniel Kim Eugene Kim (IMD) Jason Kim (GIR) Sora Kim Kristy Kinahan Eugene King Laura Kirk Kunal Kishore Elliot Klapper Jayee Koffey Jason Koon Jennifer Kopylov Daniel Korich Ichiro Kosuge Vladimir Kotlyar Samuel Krasnik Katherine Krause David Kraut Sergey Kraytman Nitin Kulkarni Ram Kulkarni Dileep Kumar (Securities) Santosh Kunnakkat Wendy Kwong JP Lall Bill Lambert David Landman Yi Larson Niccolo Laudiero Nick Laux David Lee Phillip Lee Samuel Lee Shawn Lee Michael Leister David Lerner Naomi Leslie Matt Levine Na Li Haining Liang Nancy Licul Monica Lim Michelle Ling Srujan Linga Philip Linton Alan Liu Daniel Liu Eric Liu Heiman Lo Juan Lorenzo Tian Lu Wayne Lu James Lucas Dennis Luebcke Martin Luehrmann John Lynch Gina Lytle Leo Ma* Caesar Maasry Geoff MacDonald Robert Magnuson Toshiyuki Makabe Mariano Mallol Geydar Mamedov Kara Mangone Donna Mansfield Ajit Marathe Gilberto Marcheggiano James Marchese Michael Marcus Joshua Matheus Ann Mathews Chris Mathie Brian McCallion Graham McClelland Anne McCosker Michael Meehan (Compliance) Taylor Mefford Neil Mehta Adam Meister David Mericle Vitali Meschoulam Eric Meyers Alex Mignotte Andras Mikite Christopher Milligan Rahul Mistry Mike Mitchell Neil Moge Waleed Mohsin Babak Molavi Joel Monson Guy Morgan James Morris Antoine Munfa Aimee Mungovan Yuji Murata Dan Murphy Josh Murray Brian Musto Shehzad Nabi Devarajan Nambakam Ramanathan Narayanan Ganapathy Natarajan Danielle Natoli Murad Nayal Karim Nensi Scott Neu Dennis Ng Ken Ng Benjamin Ngan Joy Nguyen Salman Niaz Anders Nielsen (IMD) Howard Nifoussi Jun Niki Leah Nivison Laura Noble James Nolan Lauren Oakes Lynn Oberschmidt Allison O'Connor John O'Connor Shunil Ohrie Damian Ordish Leke Osinubi David Ossack Sathiya Padmanaban Danielle Pallin Salvador Pareja Dalmir Pasini Clorinda Pasqua Chris Pawson Paris Pender Patrick Perkins Philippe Perzi Wendy Peters Andy Phillips Flavio Picciotto Michael Pieck Sam Pirog Thomas Plank Joseph Plotkin Wade Podlich Ashish Pokharna Caitlin Pollak Charles Pollock Joe Porter Travis Potter Rohit Prabhu Richard Privorotsky Andrew Pucher Jay Rabinowitz Ankit Raj Harsha Rajamani Dmitry Rakhlin Yasser Rathore Edoardo Rava Elizabeth Reed Alexandre Reinert Stephen Reinhard Irfan Rendeci Christian Resch Andrew Rhee Riccardo Riboldi James Rinsler Caroline Riskey Helen Robinson Mark Rosen Amit Roy Joe Ryan Bernhard Rzymelka Takehiro Sakuramoto John Sales Rob Sarazen Vineeta Saxena Dominik Schaefer Andrea Scott Majid Sebti Bipin Sehgal Arseni Seregin Irma Sgarz Paulomi Shah Shreyas Shah Sunny Shah Faisal Shamsee Daniel Shapiro Mahesh Sharma Shripal Sharma Mai Shin Romy Shioda Toshimichi Shirai Mark Short Pankauz Shrestha David Shrimpton Obaid Siddiqui Mike Sidorov Scott Silverglate Stefani Silverstein Amy Silverzweig Jasdeep Singh Gabriella Skirnick Michael Sklow Maxine Sleeper Michael Slomienski Michael Sloyer Nicholas Smith (IBD) Ruth Smithson Christine Smyth Ben Snider Stacy Sonnenberg Cleaver Sower Ro Spaziani Brian Steele Johannes Steffens Duncan Stewart Stephen Stites Laurent Storoni Caroline Styant Joel Sulkes Mancy Sun Winnie Tam Nachiket Tamhane Ken Tang MK Tang Amish Tanna Melissa Teng Ross Tennenbaum Greg Thompson Fiona Thomson Justin Tobe Jason Tofsky Brad Tuthill Masahiro Uchiyama Nehal Udeshi Saad Usmani Meg Vaden Pramod Vaidyanathan Adam Van de Berghe Fred van der Wyck Suzanne van Staveren Andrew Vass Mahesh Vellanki Kadambari Verma Christopher Vilburn Iva Vukina Heng Vuong Ketan Vyas Joe Wall Jeffrey Wang Jiantao Wang Joshua Wang Lily Wang (Technology) Sherry Wang Victoria Ward (Compliance) Jeff Warren Noriko Watanabe Ramey Watkins Sam Watkins Heiko Weber Niki Webster Scott Weinstein Ryan Westmacott James Westwood Keith Wetzel Mark Wetzel James Whittingham Sabine Wick Robert Wieser Devin Wilde David Wilkins John Wilkinson Andrew Williams Ed Wong (IBD Technology) Eric Wong (Internal Audit) Kate Wood Amanda Wu Douglas Wu Joanne Xu Liang Xu** Rupam Yadav Kazushi Yamaguchi Hubert Yang Lisa Yang Basak Yavuz Zeynep Yenel David Yu Brian Zakrocki Thomas Zeppetella Yi Zhang* Adib Zouein Patrik Zumstein Piotr Zurawski Jonathan Zwart
*Employee of Goldman Sachs Gao Hua Securities Company Limited **Employee of Beijing Gao Hua Securities Company Limited
In this article, one of Quantnet’s “anonymous Wall Street Senior Executives” describes a typical day in his life as a Managing Director in Market Risk at a bulge bracket investment bank.Share your story at Quantnet.
