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Morning Coffee: How to get a technology job at Goldman, cash bonuses at Morgan Stanley, regulatory hiring at Citi

Goldman

Want to work in technology for Goldman Sachs? Now is probably the time. In yesterday’s conference call to accompany the firm’s fourth quarter results, CFO Harvey Schwartz said the firm has “leveraging its technology people” in search of efficiencies. Goldman’s technologists and technology recruiters have also been putting themselves about in recent days, projecting the message that technology at Goldman Sachs is as exciting as working for Google or Facebook.

Two of Goldman’s New York technology recruiters appear on the firm’s own website, explaining what the bank looks for. It wants Science, Technology, Engineering and Maths graduates who are passionate about technology. Past participation in hackathons is no bad thing, as is programming a research algorithm. 25% of Goldman’s staff work in technology now, they say.

Elsewhere, Marty Chavez, chief information officer at Goldman, gave an interview to Fortune say he doesn’t want to hire people for whom working in technology at Goldman Sachs is the main thing in life. “If Goldman Sachs is your top priority in life, he says, it probably won’t work,” says Chavez. However, nor will it work if Goldman ranks fourth. In his own life, Chavez says Goldman comes third: “Not one, not two.”

Separately, Bloomberg reports that Morgan Stanley is increasing the proportion of bonuses paid in cash this year. All bonuses up to $50k at Morgan Stanley will reportedly be paid entirely in cash. From $50k to $100k half will be cash. From $100k to $350k the cash proportion will decrease (although by how much is not specified). Beyond $500k, only 2% will be cash,

Separately again, it looks like Citi will be doing some compliance and control hiring. Like JPMorgan, the bank plans to increase the amount it spends on control and regulation in 2014. CFO John Gerspach said yesterday that Citi’s regulatory hiring will increase by between $200m-$300m this year. That’s a lot, but a fraction of the additional $2bn coming at JPMorgan.

Meanwhile:

Goldman Sachs is delaying its bonuses announcements while it prepares some fixed allowances for European staff affected by the EU bonus cap. (Sky)

“Goldman is showing a discipline on compensation that no other bank is showing,” said Brad Hintz, an analyst with Sanford Bernstein. (Dealbook)

UBS is increasing bonuses in Asia by 10%. (Bloomberg) 

When junior bankers at Goldman Sachs in New York complain about the long and grueling hours, they are jokingly reminded that their job can be moved to Salt Lake City, where people will happily pick up the slack (Reuters).

Even after leaving banking, people are still benefiting from their deferred stock. One former Morgan Stanley banker, who left the firm in 2012, reckons the value of his holdings from past bonuses has doubled. “The way it’s transpired, everyone’s giving high-fives to each other,” he said. “When the money comes in, it’s ‘Happy Birthday.'” (WSJ)

Cantor Fitzgerald has hired for its corporate finance business. (PRNewswire)

27% of Morgan Stanley’s new MDs are women. Half work in investment banking.  (Bloomberg)

 

 

 

Comments (3)

Comments
  1. If, for whatever reason, you are thinking about working in technology at GS then the best thing to do is “just do it”. Nothing else will make you realise how misguided that original thought was.

  2. @GSTechAlum – Don’t suppose you feel like sharing why that is?

  3. Some reasons:
    – Dated technology: 100 millions lines of Slang code, SecDb, old versions of other languages / compilers. Of course they will be able to give examples of new technologies being used but they are in minority.
    – Poor innovation. Talking about it a lot doesn’t help if you don’t have hackers.
    – Leaking good technologist to other firms in the last few years made the place even worse.

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