No wonder housing is so expensive

escap

As per this link, Goldman Sachs today set aside $16.5 billion for salaries, bonuses and benefits for its employees--that works out to $622,000 per employee!! (not that it's the same for everyone of course) I always wondered who all these people were who could afford so many thousands and thousands of dollars on new condos and rentals. Now I know. They work at Goldman.

http://www.nytimes.com/2006/12/12/business/12cnd-earn.html?hp&ex=1165986000&en=c69f438dff661dd1&ei=5094&partner=homepage

For the record, I applied for a job at Goldman last year, and they rejected me. Oh well. :-({|=

lostingreenwoodhts

Oh, boy. There you go...;)

Preaching to the choir here in GWH, Bro.

Having been screwed by Goldman (bastards never paid :evil: ) on a design job, mucho-bonuses aside, you are better off!

doctorj

Subject: Re: No wonder housing is so expensive

escap wrote:
For the record, I applied for a job at Goldman last year, and they rejected me. Oh well. :-({|=

Out of interest: what kind of people and what qualifications did you get the impression they're looking for?

escap

Well, to use their own words, "The best and the brightest". :roll: Seriously, as far as recruiting out of schools they are very attentive to quantitative measures like grades, GMAT scores, etc. It seemed like they were willing to train career-switchers but they run something of a cult there and more than anything it seemed like they wanted to see if you bought into that cult(ure) or not. The firm has an incredibly strong culture and you are brought into the family/indoctrinated right away--they're looking for people who salivate over the Goldman cachet as much as they do.

That is, of course, IMHO.

escap

All that being said, as a matter of fact I know several people from my school who are heading there next year who are extremely down to earth (so much so that frankly I can't see them in banking) and cool people. And naturally they are very smart. So take any generalizations with a grain of salt, as the individual employees are not the same as the overall corporate stereotype.

doctorj

Somehow, I think it would be more fun to start a quant fund out of my spare bedroom. All I need is a system, a prospectus, and some investors...