GS Healthcare Walkout
Wondering if anyone else heard about this or had details...heard from a friend that a bunch of analysts in the GS Healthcare group quit together today. Seems crazy but heard from multiple sources.
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Yup, 100% true
Why did they leave?
.
Probably shouldn't have put that number out in public
Confirmed here on Business Insider. Associate bonuses were 25-75K?!?! That’s so fucking low
https://www.businessinsider.com/junior-bankers-exodus-from-goldman-sach…
Yeah confirmed here on business insider - associate bonuses were 25-75 K?! WTF?
https://www.businessinsider.com/junior-bankers-exodus-from-goldman-sach…
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Need this on litquidity
Why?
Litquidity is love, Litquidity is life
Bump
GS13 Part 2?
What was the driving factor? GS comp doesn’t seem too bad relative to street this year and I can’t imagine working conditions to be worse than early 2021?
Comp was alright but not reflective of the brutal hours or the group’s deal flow and workload. Something needs to change, and doubt money alone will change that.
What was the problem with deal flow? Too high or too low? Cause I can see how both can warrant people wanting to leave.
Correct, banks only increase pay to justify abuse. It's the easiest way to help you sleep at night when you're POS MD.
NY or SF?
New York. Have a friend who’s in the group. The juniors are shitting bricks rn. Stretched razor thin as is, I literally barely ever see them anymore….to make matters worse, the people who just left were mostly second years and junior associates aka the people who don’t just process manage and do the work. Their group is pretty fucking elite when it comes to their accolades and deal flow, but comes at the heavy cost of riding the coat tails of absolutely grinding their analysts and junior associates. I think they have 4 years of associate, and from what I hear, that becomes a huge issue since many of the more senior associates don’t do pages or any of the heavy lifting. Yet, they get paid like 2-3x what the analysts make. They have no idea what’s gonna come next but are praying they don’t get dumped on and the culture changes for the better, or else they’re probably also out the door. Clawbacks used to be able to stop attrition like this, nowadays buyside firms are willing to pay it so they literally have no leverage over the remaining guys.
How many quit and how many remain?
Does GS even care that much to clawback
Bump
Theres enough non target hardo "strivers" here who will gladly take their place in a heartbeat unfortunately. Only when people refuse to backfill will things really change.
x
Trust, this last GS SA class was full of non-target hardos. Most will be returning
You can’t replace a bunch of Summa Cum Laude Ivy Leaguers with a bunch of high effort kids from University of Arizona (no offense, only say this cuz I’m from there). Effort and grit reflects determination not raw intelligence.
But you can get a few absolute smokes hiring from U of Arizona, that much I can tell you.
Dude, you build PPT slides and make sure the capiq formulas are pulling in correctly…
Lol you say that as if IB is all that mentally challenging. It’s more of a grind especially at the junior level than anything else.
Love to see a fellow wildcat on the street. We’re out here finessing.
Brah if anything the non target hardos make for much better bankers than the ivy leaguers. Ivy leaguers are always thinking about broader exit opps and searching for "intellectual fulfillment" and work that is "meaningful" or whatever the fuck, the non target hardos just put their heads down and grind. Placing highly intelligent people in rote and tedious roles creates suffering. They are far less effective than their dumber counterparts who are happy enough to be churning out models and ppts all day
Yeah because theres definitely no non target kids that could've went to an ivy but went to a state school on a full ride instead lmao
Bear Down
One of the biggest issues in this industry is that a lot people are self-important d-bags who believe you need to have high intelligence to be a banker or being a banker means you have high intelligence (however people want to spin it to themselves). However, the reality is IB isn't all that challenging from an intelligence standpoint, you really just need to be someone who is willing to work hard and have at least some semblance of intelligence, the hard work part generally excludes the Ivy League folks.
Gorilla shit take. College admissions is about money and ethnicity not “raw intelligence”.
Banking has been rough for decades but I wonder why junior treatment seems to have gotten worse. Is it because the analyst experience and relationship with their employers became more transactional (no pun intended) as attrition to the buyside increased?
People being treated poorly is not just a GS issue.
Maybe it hasn’t gotten worse and today’s kids are just softer. Just saying maybe.
huh
As much as I agree that this treatment is terrible, quitting with nothing lined up as we stroll into a recession isn’t what I would personally do
They all had stuff lined up.
Thanks prospect
All had private equity jobs lines up
How common is it to leave for PE after one, not two, years? And for that to happen to 7 people all at once?
Not insane and our bank usually has a trickle of people quit after bonus (some people just want more or less time before a new job), but honestly I wouldn't ever be surprised if 7 people walked out the day bonus hit.
GS healthcare is one of the best groups on the street so not too surprising they all landed. Less common to leave for PE at 1 year but it's doable
As for 7 people, usually unheard of all on the same day, although they just got bonuses so it is the season to leave
If they don't want their jobs, I'd gladly take it from them.
You are the problem. Go talk to a woman.
This is why banking blows. So many losers willing to get ass reamed willingly so analysts have no leverage. Software engineers actually have self worth and won't allow themselves to be treated poorly hence why tech bend over backwards with benefits, free food, and comfortable WLB lest they have software engineers quit and get their firm blackballed on blind.
kinda true
Ever heard how SWE are treated at Tesla or Amazon? Brutal culture there
Fam, I have personally shoved software engineers into lockers. What are you saying lmao
The reason SWEs have a better work environment on average compared to IB is because they were established during different times. SWE came up doing a more modern time with much better worker rights vs IB in the 1900s. Bad habits carried from the 1900s but IB is still much better at most banks than it was decades ago or even 5-10 years ago. Analysts just need to keep putting pressure on senior bankers.
The two jobs have much different workflows as well which impacts the jobs. It isn't that SWEs are so good at banding together and demanding certain rights.
The comp progression is pretty incredible in banking though, and you don't have to have nearly the intellectual firepower. Also, even if IB isn't "your thing," the entire finance ecosystem is open to you after grinding for a couple years. You also get the opportunity to meet so many interesting CEOs, PE partners and entrepreneurs- which opens you up to a world you never knew existed. If you keep a great attitude and focus on executing, you can make two commas annually by your early 30's. WLB is great, but it's not for everyone - some people literally love to fucking grind. It's all personal preference. In my own self assessment though, I fully recognize I’m a fucking psycho.
So let me get this straight. The job sucks so bad that everyone wants the job. Makes a lot of sense.
yawn
Is this verified? This is crazy considering Goldman Sachs HC team is one of the best in the Healthcare space
I'm honestly quite surprised as well. It's one of the top groups on the street and also historically known for its good culture. If I recall correctly, C/R and HC are the "lifestyle" groups at GS, to the extent that is possible.
yes, it's true
.
did they really "quit" if they just moved to the buy-side ??
ah yes the infinite supply of buy side jobs that perpetuate each and every year at the same pace of every banks analyst class
GS comp really needs to be 200+ at this level to match the work they’re doing
What is total comp for an Associate 1 in the healthcare group?
Why does anyone give a fuck if some little boy, talentless, excel monkeys quit their job?
can the monkey flingers come back and make a point at how they are masters of the universe despite the fact when I get their bosses boss on the phone all they can say is 'how high shall I jump sir'?
the glorified marketing department at GS are not happy bunnies >:-(
Why are goldman analysts such soy boys. All I see is them complaining and whining.
Does that mean GS HC is hiring?
Probably does TBH
Why is it always GS lmao
On what planet was GS HC ever deemed a lifestyle group??
https://nypost.com/2022/08/26/goldman-sachs-workers-quit-en-masse-at-toxic-wall-street-giant-sources/
Article discusses CFO's plans for cost-cutting associated with hiring practices and other areas. Cutting jobs in the IB department makes very little rational sense considering analysts are complaining of absurd hours (still), even with less activity.
Either there needs to be an industry-wide change in responsibilities among Associates and Analysts, or PE firms need to start investing in additional intern programs instead of sending them to IB's because they don't want to pay to train them. Either way, cutting junior banker jobs when firms still need them, regardless of lower fees, will only make matters worse.
or banks and thoughtless wasters realise you need to hire 2 people to work normal hours for half the pay DURRRRRRR
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