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Getty ImagesThe Goldman Sachs booth on the floor of the New York Stock ExchangeThere is perhaps no more telling detail about what kind of person works at Goldman Sachs than the story of the Memorial Day weekend meeting William Cohan relates in his book "Money and Power." A group of newly recruited investment bankers, fresh out of the nation's top business schools, were summoned to a conference room at 5 p.m. on the Friday before Memorial Day. The partner who summoned them did not tell them what the meeting was about—a fairly standard practice at Goldman [GS Loading... () ], where junior employees are often kept in the dark until the last moment. No doubt the young recruits expected that they would be working on ... Continue reading →

Source: goldmansachs.comHas Goldman Sachs been firing first-year analysts for landing jobs with private-equity firms? Yesterday (Tuesday), Bess Levin of DealBreaker quoted an unnamed source claiming that Goldman had fired “a bunch” of investment banking first-years who had successfully landed positions presumably to begin after their 2-year Goldman contracts expired. From DealBreaker’s source: Goldman has been firing IBD first year analysts with buyside offers for next year. Senior people are calling up funds to ask if any analysts have received offers from them. A bunch have been cut so far. My own investigation reveals that this is at least partly true. Goldman [GS Loading... () ] has recently let a few employees go for taking jobs at private equity and hedge funds—although the total number fired ... Continue reading →

From a PR perspective, the way that JP Morgan managed to lose more than $2 billion on a bad trade is easily the worst thing to happen to the bank since before the financial crisis. This chart comes from YouGov BrandIndex, which measures consumer’s brand perceptions, and shows that JP Morgan is now held in lower esteem than Goldman Sachs — quite possibly, for the first time ever. The plunge in JP Morgan’s “buzz score”, of a good 20 points, is huge: the only comparable fall was the release of the Abacus complaint against Goldman in April 2010. And just as in that case, JP Morgan’s reputation will recover, and it will surely return to the “meh” range that it’s been stuck in since the ... Continue reading →