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Morning Coffee: Goldman Sachs bankers ready to be destroyed/elated. Junior pay rise at BAML

The calls begin at 5am EST.

The calls begin at 5am EST.

It is upon us. This morning, managing directors at Goldman Sachs will learn who among their number has been selected to join the partnership. Those who get selected will be wildly excited – “Don’t tell my wife this, but being made partner at Goldman Sachs was the greatest moment of my life,” Share on twitter one trader told Financial News. Those who don’t get selected will be catatonic with disappointment – People define themselves by it; it wrecked a lot of guys I know who didn’t make it, Share on twitter the same trader revealed.

Business Insider says Goldman’s new Partners in Asia will be first to learn of their fates. At around 5am EST (10am GMT), they’ll receive a call from either Lloyd Blankfein or Gary Cohn imparting the happy news. Everyone else gets told after that, but no one can go around whistling or clicking their heels until the full partner list has been released around noon EST – it’s a secret until that point. Inevitably, most of the partners will be men, and most will be managing directors who are both ‘commercial’ and ‘culture carriers’. However, some of the new partners might be vice presidents who were so exceptional that they skipped a whole rung of the hierarchy – Business Insider says this happens, sometimes.

Separately, while Goldman Sachs is busy recognizing its most senior staff, Bank of America has come late to the reward-your-juniors party. Dealbreaker reports that it’s just hiked salaries for first year analysts to $85k (£53k), several months after Credit Suisse, Morgan Stanley, Citi, Jefferies, Goldman Sachs and others did the same.

Meanwhile:

Partners at Goldman Sachs can earn a vast amount of money investing in the bank’s own funds. (Bloomberg)

Goldman Sachs, JPMorgan, Morgan Stanley and Citi are all making attempts to hire people who’ve spent time in the forces. (Financial Times) 

Morgan Stanley wants to hire more women into its wealth management business.(Investment News)

It helps to be rich if you go to Harvard Business School – there are a lot of expensive extracurricular activities from which you’ll be excluded if you aren’t. (BusinessWeek)

The most employable MBAs in the U.S. graduate from Wharton. (BusinessWeek)

Actually, only 1% of the money that was withdrawn from Pimco after Bill Gross left has followed him to Janus. (Financial Times) 

Banks involved in FX rigging may be fined $300m each, soon. This could have an extremely detrimental effect upon bonuses. (Bloomberg) 

Wife who portrayed her banker husband as a drug-taking misogynist has changed her mind. (Bloomberg) 

Hedge funds are starting to replace banks in making markets in bonds. (Bloomberg) 

On average, possessing a full CFA Charter will increase your salary by 25%. (300 Hours) 

How to manage your career in times of crisis. (IESE) 

Passive aggressive etiquette tips for the typical office. (McSweeney’s)

If you feel lethargic all day, that’s your chronotype. (Atlantic) 

 

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