If you are a fan of Goldman Sachs and hope to work there one day, last week offered some good news. There’s updated hiring plans, a suggestion that work-life balance at the firm is improving and an unsubstantiated but fairly interesting rumor about a new business line.
First on the hiring end. The state of Utah extended Goldman a tax incentive offer to continue growing its workforce at its burgeoning Salt Lake City office. As part of the 20-year agreement, Goldman Sachs said it plans to add up to 350 jobs in state over the next two decades. While it’s not breaking news that the bank is looking to grow in Salt Lake City, the agreement further locks in the firm’s plans to expand its footprint outside of New York.
Meanwhile, a new survey suggests that Goldman’s efforts to improve the work-life of junior bankers – headlined by its “no work on Saturday” rule – may actually be working. In this year’s Vault.com survey, set to be released in two weeks, Goldman employees gave the firm better grades in three key lifestyle categories.
Compared to a year ago, Goldman ranks better in categories including work-life balance, working hours and overall satisfaction, according to a sneak peek of the survey. Obviously you can’t make a direct correlation between the improved rankings and the new work-life program, but, either way, Goldman employees appear a bit more content in 2014.
Finally, in the rumor mill department, there’s Fox Business reporter Charles Gasparino, who’s speculating that Goldman may be in the market for a wealth or asset management unit, if one would be made for sale. Something like a Charles Schwab or the old Paine Webber, the brokerage unit sold to UBS more than a decade ago, he said on-air two weeks ago.
Then on Friday, responding to a tweet about whether Goldman Sachs is indeed looking to get into wealth management, Gasparino said that President Gary Cohn has been “making the rounds talking to wealth management execs.”
It seems like just speculation at this point – Gasparino referred to the rumors as “banker chatter” – but it’s something to keep your eye on.
Missing Expectations (eFinancialCareers)
MBAs earn a greater salary after finishing business school, but not near as much as they expect. In the U.S., the average MBA misses their salary target by $36,000.
Are You a Startup Person? (eFinancialCareers)
Thinking about leaving Wall Street for a startup? Join the club. More than 40% of our site’s visitors dream about quitting their firm to join a startup every day. However, before taking the plunge, there are several questions you’ll need to answer honestly.
Citizens is Hiring (Bloomberg)
Citizens Financial Group plans to hire 550 people within its consumer unit. The headcount additions will be spread across the U.S. firm’s mortgage, small-business and auto-finance units.
Bill Ackman has been busy lately. He confirmed plans to take one of his funds public, the SEC said it is reviewing his takeover tactics, and his firm, Pershing Square Capital, just sued the government over its handling of Freddie and Fannie. All that happened in 24 hours.
What Hedge Funds Are Biting On (DealBook)
Wondering what stocks those big-name hedge fund bosses are buying? Here’s a snapshot from the last quarter, courtesy of the 13-F filings they all hate to fill out.
Non-Compete Battle (FIN Alternatives)
Brevan Howard Asset Management co-founder Chris Rokos, who left the firm in 2012, is trying to get out of his five-year non-compete to start his own firm. It’s devolved into a court issue.
BlackRock’s New Equities Head (Financial News)
BlackRock has hired former J.P. Morgan Asset Management exec Gary Clarke as the new co-head of its global equity fund unit. He’ll be working alongside James Bristow.
Buzz Around the Office
No Shoes, No Shirt, No Gold Medal (NY Post)
A French runner was stripped of a 3,000-meter steeplechase gold medal after ripping off his shirt and holding it in his mouth during the final lap.
Quote of the Day: I recall my dad saying about me once that the only time he’d ever heard me say ‘never’ was when I was asked if I’d had enough.” – former Barclays CEO Bob Diamond