Recruiting
Goldman's relatively small size has helped the firm cultivate a meritocracy that frowns on egotism and prizes teamwork. The firm is known for inspiring fierce loyalty but has its limits. It cut 10% of its staff in 2008.
Goldman showed restraint in compensation in 2009, despite a blowout earnings year and took money out of the bonus pool for charity. Employees were paid an average of $500,000 in pay and benefits in 2009. In lieu of cash bonuses, the top 30 executives received stock that must be held for at least five years and is subject to clawback if the exec fails to properly account for risk. The company had London partners bear the brunt of a new temporary U.K. tax on bonuses, capping salaries and bonuses £1 million ($1.61 million). Certain employees will be allowed to borrow from the firm to relieve personal cash crunches but loans aren't forgivable and aren't bargains.
Before interviewing, you might want to browse the Pultizer-prize winning "Lords of Finance," by Liaquat Ahamed, which was named Business Book of the Year 2009 by Goldman Sachs and the Financial Times. "When Markets Collide," by PIMCO's Mohamed El-Erian was 2008's pick.
The firm recently moved its lower Manhattan headquarters from 85 Broad to 200 West St. The new spot has six football-field-sized trading floors, but only 300-odd elite partners get offices with windows. Vice presidents are relegated to open-space workbenches, while managing directors' at least have offices, albeit without windows.
Love your cell phone? Hang it up. Talking about confidential business on cell, cordless and speaker phones is verboten since hobbyists and information brokers may be listening in. Goldmanites also are cautioned to use the greatest of care when working on confidential documents on planes, trains, subways or buses or when discussing confidential matters in elevators, taxis, limos and at parties. If you must talk shop in such places, speak in code.