I do want to make a note that I realize some people need the kind of money Goldman pays, and I do not judge them as being a sell out. During my internship, I met a guy (one of the few black men at Goldman, which is overwhelmingly white and male) whose son had autism and needed to go to an expensive junior high school. His salary was covering his son’s tuition.
I have friends here in Japan who still pay for their parents’ medical bills back home in the US. I realize doing a job “for the money” is not selling out - it is a necessity for a LOT of people.
When I returned to New York for training (before starting work full-time) the year after my internship, the black man I mentioned above had been let go. He had already mentioned to me during my internship that he was being given a lot of extra work and not being compensated for it, and that the work he was doing was often very thankless. And yet, he couldn’t quit because he had a special needs son. But he was still laid off less than a year after my internship.
Even DURING my internship, Goldman was going through rounds of firing. Just letting tons of people go. Particularly the “expensive” people, aka Managing Directors and Vice Presidents, because they earned relatively high salaries compared to analysts.
The company wasn’t doing well, and even during my first year working full-time, a lot of divisions in the company lost money overall in that fiscal year. Which is why our bonuses were tiny and 30% of the company quit immediately after receiving their bonus. Yeah, turnover on Wall Street is HIGH.
So if you’re looking to make a ton of money, Wall Street isn’t what it used to be. Try Silicon Valley instead.
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P.S. I know this video is coming out in the midst of covid19 quarantine and college grads struggling to find jobs...I don't mean to come across as insensitive and I do realize a lot of people might want to take any job that comes their way, even at places like Goldman. And like - by all means please do. I mean, I took a job at Goldman too, right?