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Morning Coffee: Goldman Sachs’ new favourite university. Immense improbability of getting into Google

Best university for Goldman Sachs

Best university for Goldman Sachs?

Which UK university does Goldman Sachs favour? If money is any indication of love, it looks like the London School of Economics. Goldman Sachs’ UK charitable arm (‘Goldman Sachs Gives’) gave the LSE a donation of £558.5k in the year ending June 2014.

Alongside the LSE, Goldman Sachs UK donors gave £570k to the American School in London and £636k to fund scholarships to Wellesley College, the private women’s liberal arts college in Massachusetts. While Goldman has stopped its donations to Oxford University, the LSE seems to have risen in its estimation (or in its estimation of neediness): the Telegraph reports that Goldman donated just £8.5k to the LSE in 2013. Charitable donations may not be a proxy for hiring intentions, but Goldman is buying goodwill from the right place: the LSE topped our 2015 ranking of the best universities for banking jobs globally. 

Separately, in a long interview with Lazlo Bock – Google’s 43 year-old head of HR who’s just written a book, the Guardian, confirms what you knew already: it’s almost impossible to get a job at Google. There are 400 applications to every place. Google hardly ever accepts applications from people who actually apply to work there – it prefers to stalk desired candidates for years and pounce upon them at opportune moments. Even if someone from Google does call you, you’re still unlikely to get hired: for every one open position, Google interrogates 100 people simultaneously for a six week period.  Those who get in have cognitive ability, emergent leadership, intellectual humility and expertise in the job they’ve been hired for, in that order.

Meanwhile:

Mizuho is hiring 130 DCM, FX and rates bankers from RBS in the US. (Financial Times) 

Rory Cullinan, chairman of RBS’s investment bank, collected about £5.2m from an executive pay plan since March last year, according to regulatory filings. (Sunday Times) 

Average bonuses at Barclays were £14k for 2014. This compares with the average of £4.4kat RBS. (Financial Times) 

RBC Capital Markets has hired three senior bankers to head teams focusing on the natural resources, media and retail sectors in Europe. (Financial News) 

Three of the four BAML salespeople who were ranked top in one or more sectors for sales in the 2014 Extel Survey published last June, have left. (Financial News) 

Compliance jobs are a risk: they pay well, but put you in the firing line and careers are short-lived. “The question that should be asked [by compliance staff] is ‘if this went pear-shaped, how would a prosecutor construct a fraud case in five years’ time?'” (Financial Times)   

Aggregate pay for Wall Street CEOs has fallen 47% since 2006. (WSJ)

Macquarie no longer looks like Goldman Sachs: “It is now a dynamic asset manager with an investment-banking heritage.” (Bloomberg)  

Trader donates more than half his pay to charity. (NY Times) 

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