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Director
Joined: 07 Aug 2006
Posts: 572
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3
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Wednesday, 13 Dec 2006 09:50
Staff at Goldman Sachs will be celebrating today
US investment bank Goldman Sachs has announced it is to distribute £8 billion in Christmas bonuses this year.
The amount set aside for the company's staff is up 40 per cent compared to last year and means that every member of staff will earn £320,000 on average this festive season.
The bank achieved record annual results in 2006 and revenues of $5.63 billion (£2.85 billion) in investment banking alone.
Many of the bonuses for staff at the company are much more than their base pay and it is predicted that top bosses will earn more than £1 million each.
Chairman and chief executive officer Lloyd Blankfein said: "We are very pleased with this year's performance. The breadth of our franchise, the diversity of our business and the performance of our people enabled us to serve our clients around the world."
The influx of massive bonuses and pay increases for high-flyers in the City is expected to intensify the housing market in London, particularly for larger homes in desirable areas.
Net earnings for the bank amounted to $9.54 billion ($4.84 billion) this year, helped largely by strong business advances in the Asian market.
http://www.inthenews.co.uk/money/news-c ... 029247.htm
Yikes!!!
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Senior Manager
Joined: 11 May 2006
Posts: 262
Followers: 1
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see also
http://money.cnn.com/2006/12/13/news/co ... 2006121313
Excerpt from above :
"Even if you're a newbie at the firm you'll be seeing a six-figure bonus, and many of them will see that as a stepping stone to more money." !!!
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GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5881
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 196
Kudos [?]:
1365
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Wow, that doesnt motivate me, it just pisses me off. Probably because I used to work for Goldman and I know just how horrific a place it is.
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Manager
Joined: 27 Apr 2006
Posts: 116
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What do you mean Rhyme?
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GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5881
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 196
Kudos [?]:
1365
[0], given: 7
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lhmcjen wrote: What do you mean Rhyme?
Meaning that the people I worked with were horrible individuals, intentionally cruel and beyond A-type, most were at least morally reprehensible if nothing else, but some downright went out of their way to make life difficult for others. It's dissapointing to know those same people are sitting on huge bonuses right now.
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VP
Joined: 15 Jun 2006
Posts: 1124
Schools: Chicago Booth
Followers: 3
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rhyme wrote: lhmcjen wrote: What do you mean Rhyme? Meaning that the people I worked with were horrible individuals, intentionally cruel and beyond A-type, most were at least morally reprehensible if nothing else, but some downright went out of their way to make life difficult for others. It's dissapointing to know those same people are sitting on huge bonuses right now. Patrick Bateman type?
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GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5881
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 196
Kudos [?]:
1365
[0], given: 7
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helg wrote: rhyme wrote: lhmcjen wrote: What do you mean Rhyme? Meaning that the people I worked with were horrible individuals, intentionally cruel and beyond A-type, most were at least morally reprehensible if nothing else, but some downright went out of their way to make life difficult for others. It's dissapointing to know those same people are sitting on huge bonuses right now. Patrick Bateman type? No, cause he was nice to people in public. GS people ain't.
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VP
Joined: 15 Jun 2006
Posts: 1124
Schools: Chicago Booth
Followers: 3
Kudos [?]:
38
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rhyme wrote: helg wrote: rhyme wrote: lhmcjen wrote: What do you mean Rhyme? Meaning that the people I worked with were horrible individuals, intentionally cruel and beyond A-type, most were at least morally reprehensible if nothing else, but some downright went out of their way to make life difficult for others. It's dissapointing to know those same people are sitting on huge bonuses right now. Patrick Bateman type? No, cause he was nice to people in public. GS people ain't. He was only nice to people who were stronger than him. The rest he treated like shit 
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Director
Joined: 07 Aug 2006
Posts: 572
Followers: 1
Kudos [?]:
3
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To be honest, I have no intention of going into finance. But 8 billion pounds (a tad less than $16B) in bonuses is absurd. Few companies even have that as their annual revenue.
Last edited by dukes on 14 Dec 2006, 07:59, edited 1 time in total.
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Current Student
Joined: 29 Jan 2005
Posts: 5289
Followers: 17
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rhyme wrote: lhmcjen wrote: What do you mean Rhyme? Meaning that the people I worked with were horrible individuals, intentionally cruel and beyond A-type, most were at least morally reprehensible if nothing else, but some downright went out of their way to make life difficult for others. It's dissapointing to know those same people are sitting on huge bonuses right now. Please elaborate...
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GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5881
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 196
Kudos [?]:
1365
[0], given: 7
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dukes wrote: To be honest, I have intention of going into finance. But 8 billion pounds (a tad less than $16B is absurd. Few companies even have that as their annual revenue.
Yea, and I think thats what makes it irritating. It's so excessive, it's insane. Granted, you go work for GS, you loose your life. Completely. Sleeping underneath your desk because it takes too long to get home and come back - showering in the gym because you don't have time to go home and do it. You throw away your life for several years in return for lots of money. In other words, if anyone out there deserves to get big bonuses, its the people at GS.
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Director
Joined: 05 Apr 2006
Posts: 727
Followers: 1
Kudos [?]:
6
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I'm broke and plenty hungry... count me in!
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GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5881
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 196
Kudos [?]:
1365
[0], given: 7
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GMATT73 wrote: rhyme wrote: lhmcjen wrote: What do you mean Rhyme? Meaning that the people I worked with were horrible individuals, intentionally cruel and beyond A-type, most were at least morally reprehensible if nothing else, but some downright went out of their way to make life difficult for others. It's dissapointing to know those same people are sitting on huge bonuses right now. Please elaborate... I could go on for hours about this... what specifically do you want to know? Keep in mind, my experiences, are just that - my experiences.
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Manager
Joined: 25 Sep 2006
Posts: 248
Followers: 1
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I am willing to trade parts of my life for large sums of cash.
Where do I sign up?
They should just make a machine that can suck away 5 - 10 years of your life and dump out money on the other end. I'd be up for that also...
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Manager
Joined: 15 Mar 2005
Posts: 230
Followers: 1
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fluffydot wrote: I am willing to trade parts of my life for large sums of cash. Where do I sign up? They should just make a machine that can suck away 5 - 10 years of your life and dump out money on the other end. I'd be up for that also... An MBA can work like that 
Sucks 2 years of your life and dump out money afterwards 
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SVP
Joined: 31 Jul 2006
Posts: 2310
Schools: Darden
Followers: 27
Kudos [?]:
402
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I would suggest avoiding New York if at all possible. I totally agree with Rhyme about not being able to go home for showers and about how terrible the people can be. But if I have found that part of it is the banking (and law) culture of New York. The problem, of course, is that a great majority of Investment Banking jobs are found in New York; but some are available in Los Angeles, San Francisco and a few other places and the people and environment tend to be nicer.
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Manager
Joined: 08 Mar 2005
Posts: 93
Followers: 1
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I agree with you pelihu, having lived in manhattan for the past 9 years its easy to see that personal lives are expected to take a back seat to work priorities, no matter what sector. its a bit cliched but the line between the 2 is more than blurred, it doesn't exist.
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GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5881
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
Followers: 196
Kudos [?]:
1365
[0], given: 7
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sujith wrote: I agree with you pelihu, having lived in manhattan for the past 9 years its easy to see that personal lives are expected to take a back seat to work priorities, no matter what sector. its a bit cliched but the line between the 2 is more than blurred, it doesn't exist.
There is a line. On one side is work, on the other is life. You stay on one side.
I had a pillow underneath my desk at Goldman. I showered at a local gym. I didn't even work out. I bought cheap underwear, wore it, and threw it out because I didn't have time to do laundry. I knew a guy who paid the maintenance staff to put a tiny bed in a utility closet. He basically lived there. On days where I showed up after 7am, I usually got a tongue lashing. Sometimes it was good natured "What are you working banking hours now?" other days it was not so polite. Dinners out were usually excruitiating, as your "rank" in the firm was largely determined by how profitable your division had been the last quarter. If your division had not done well (and to give you an idea of how much they look at this - they actually list divisions on pamphlets - not alphabetically, but by profit. I don't know if they still do, but hey, you have to be a bit insane to reprint stuff just because some group had an extra $10MM over another) it wasn't uncommon for people to publicly trash you. I remember one dinner in particular, where a VP went around the table asking for people's opinions, and when he got to me he stopped and said "You don't matter, we'll skip you." That's goldman for you. Step on everyone you can, smash your coworkers into submission and claw your way to the top.
Over the last few years, I've come to realize a few things:
1) I want to make enough money to enjoy life and travel and life comfortably, but I don't need to be rich to have a good time.
2) I'd rather make less and be happy and have time to do things, especially while I'm still in my 20s, than work long hours and make more money. Whats the point of making money if you dont have time to spend it?
3) I like working for myself the most. It's scary and exciting, and it's also, usually, the most lucrative choice.
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Manager
Joined: 21 Mar 2006
Posts: 132
Followers: 1
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Rhyme I DEFINATELY agree.... i am a auditor and i've worked those 1am nights VERY rarely but i thought to myself if i did this all the time i would absolutely HATE my life because I'd never enjoy it... i am in the smae boat i want to make money but i dont need a lot jst enough to travel, be happy, and hopefully support a family one day... for now i just help my own parents and that makes me happy... and now its off to do my MBA which also makes me happy
_________________
A.P.
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