From Zara Kessler at Bloomberg: This week Goldman Sachs sent
budding twentysomething financiers a message: Think before starting your career
here. As a recent college graduate, I'd like to offer Goldman my thanks.
Actually the message wasn't quite so blunt. As first
reported yesterday by the Wall Street Journal, Goldman will no longer offer
two-year contracts to analysts hired straight out of college into the
investment-banking and investment-management divisions and will put new
conditions on bonuses formerly paid at the end of the two-year program.
According to the Journal, the change came "after executives grew
frustrated that many graduates weren't staying with the firm after completing
the two years, and after Goldman fired a handful of analysts over the past year
for signing on to work at other financial companies in violation of their
contracts."
It's not surprising to me that Goldman is having trouble
retaining the best and the brightest. Yes, there is the general disenchantment
with the finance world over the last few tumultuous years, the late nights
spent in cubicles with Excel spreadsheets and takeout Chinese, and the reduced
bonuses (although the annual salary, at $70,000 to $80,000, is enough keep food
on the table of a modest New York apartment). But I suspect a major reason more trainees were leaving is….
More? Check out http://www.bloomberg.com/news/2012-09-14/thank-you-goldman-sachs-for-giving-my-peers-their-lives-back.html
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