If you're a partner at Goldman Sachs, you're not short of money. Partner managing directors at the firm receive salaries alone of $950k, plus bonuses, plus the opportunity to invest alongside Goldman Sachs itself in the firm's private equity funds, hedge funds and other investment vehicles. In 2022, Goldman Sachs' CEO David Solomon made $15.5m from these investments.
In the circ*mstances, it might be presumed that retired Goldman Sachs partners are more than capable of looking after themselves. And yet, for a long, long time, the firm looked after its partners even after they left: historically, when Goldman partners with more than eight years' service retired, the firm paid 75% of their healthcare costs indefinitely, along with the costs accrued by their dependents.
But as Goldman has cut costs, those benefits have been trimmed. As of this year, Goldman won't be subsidizing any new partners' healthcare in retirement; nor will it be subsidizing the healthcare of their dependents. And it won't be doing so irrespective of how many years they spend working for the firm.
The change of policy is buried in the proxy statement Goldman released for its annual meeting of shareholders in April, but has gone unnoticed until now. All future partner managing directors will be made to pay "100% of the retiree medical premium" themselves.
This is unlikely to be a problem for individual partners, but it does indicate a change in approach: Goldman is no longer the paternalistic former employer it used to be. It also suggests that the firm might be motivated to expel existing partners before they reach eight years' tenure and it's then obliged to pay their medical insurance indefinitely.
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FAQs
Across the globe, it's generally recognized that Goldman Sachs is the industry leader in investment banking. This is a great “why Goldman Sachs answer”. The firm consistently ranks at the top of various league tables and is the trusted advisor for the world's biggest corporations.
What is the average salary for a Goldman Sachs Partner? ›
The estimated total pay range for a Partner and Managing Director at Goldman Sachs is $433K–$792K per year, which includes base salary and additional pay. The average Partner and Managing Director base salary at Goldman Sachs is $316K per year.
What are the perks of being a Goldman Sachs Partner? ›
Being named partner comes with a healthy paycheck and other perks, including a salary of around $1 million, access to a special bonus pool, and an opportunity to invest in fee-free investment funds.
Why does Goldman Sachs have a bad reputation? ›
The company has been criticized for lack of ethical standards, working with dictatorial regimes, close relationships with the U.S. federal government via a "revolving door" of former employees, and driving up prices of commodities through futures speculation.
Is it hard to crack Goldman Sachs interview? ›
Goldman Sachs is well known for their lengthy interview process. There's no denying it. GS interview process is really, really tough but it's certainly not impossible as applicants have proved it in the past and so has Nithin who hails from Bangalore and is studying at NITK Surathkal.
Why do so many people want to work at Goldman Sachs? ›
1. Professional Tone:- Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
What is the highest paying job at Goldman Sachs? ›
Goldman Sachs Salary FAQs
Goldman Sachs employees rate the overall compensation and benefits package 3.7/5 stars. The highest-paying job at Goldman Sachs is a Managing Director with a salary of $603,556 per year (estimate). The lowest-paying job at Goldman Sachs is a MSR I with a salary of $45,858 per year (estimate).
What do Goldman Sachs partners earn? ›
Partner managing directors at the firm receive salaries alone of $950k, plus bonuses, plus the opportunity to invest alongside Goldman Sachs itself in the firm's private equity funds, hedge funds and other investment vehicles. In 2022, Goldman Sachs' CEO David Solomon made $15.5m from these investments.
What is the salary bump for Goldman Sachs? ›
NEW YORK, March 15 (Reuters) - The pay of Goldman Sachs' (GS. N) , opens new tab top three executives jumped by an average of nearly 24% in 2023, the Wall Street investment banking company disclosed in a filing on Friday, even as its profit fell last year.
How many years to make a partner at Goldman Sachs? ›
The MD position has the highest variance in terms of years in the position because it heavily depends on your performance. If you are a rainmaker, you might make partner in 2-3 years, if you're mediocre, you'll probably stay a MD for a while, maybe 4-6 years. Sometimes people leave after staying at the MD position for.
Salaries and bonuses, second year analysts
| Bank | Base salary | Median bonus |
|---|
| Goldman Sachs | $125k | $95k |
| Houlihan Lokey | $115k | - |
| JPMorgan | $125k | $92k |
| Jefferies | $125k | $105k |
15 more rowsFeb 23, 2022
Goldman's club, made up of about 400 of the most senior individuals at the firm, is one of the last vestiges of the firm's history as a private partnership founded in 1869.
Is Goldman Sachs harder than Harvard? ›
Goldman Sachs is the premier investment bank in the world. With an acceptance rate of roughly 4%, it's harder to get into Goldman than it is to get into Harvard or Yale. Let me share how to get a job at Goldman Sachs from someone who did.
Is Goldman Sachs a stressful job? ›
In addition to the long hours, the analysts cited unrealistic deadlines, being ignored in meetings and micromanagement as major sources of stress. Among other things, the analysts said 80 hours per week should be the limit of how much they're expected to work.
Why is Goldman struggling? ›
After the financial crisis, Goldman's renowned securities trading operation tanked, making analysts wonder whether its traders had just benefited from an unregulated environment. The bank also got caught up in a Malaysian investment scandal involving billions of dollars.
Why are you interested to join Goldman Sachs? ›
4. "I'm really interested in Goldman's culture of success and excellence." Or, to be specific: "I understand that Goldman is all about doing things really well and in providing client excellence. That really appeals to my own ethos of hard work and perfectionism."
How do you answer the why firm question? ›
Consider the following steps to help you prepare effective answers for an interview:
- Research the organisation before the interview. ...
- Describe the organisation's growth prospects. ...
- Explain what you can contribute to the company. ...
- Describe your desire to work for the company. ...
- Give specific examples. ...
- Discuss your goals.
How to Answer “Why Do You Want to Work Here?”
- Express your personal passion for the employer's product/service/mission.
- Explain why you would enjoy the responsibilities of the role.
- Describe how you can see yourself succeeding in the role, given your skills and experience.
Culture of Client Service
For more than 150 years, a culture of teamwork and client service has defined our firm. Today, nearly 40,000 Goldman Sachs colleagues work together to serve our clients and communities around the world, building upon a rich history of innovative ideas from extraordinary people.
