It’s notoriously difficult to land a job at Goldman Sachs in Hong Kong (or anywhere).
The bank typically rejects more than 98% of all analyst applicants and if you don’t get in as a graduate you face even fiercer competition when rare new vacancies are advertised externally.
Where should you be working now to give yourself the best shot at a Goldman job in Hong Kong?
To find out, we calculated the Hong Kong headcount of Goldman Sachs via the number of its staff who have online profiles in the investment banking sector.
To reveal the total number of employees that Goldman has hired from competitors we then excluded interns, graduates and experienced people who have never worked elsewhere.
And finally we worked out the percentages of poached employees who have previously worked at other major banks in Hong Kong.
While the figures in the table below only take into account GS investment banking professionals who have public profiles, they do suggest which of its Hong Kong rivals it prefers to hire from.
Five firms dominate our table and all provide more than 8% of Goldman’s externally-hired investment banking headcount in Hong Kong: Morgan Stanley, Deutsche Bank, Citi, Merrill Lynch and UBS.
Morgan Stanley’s top position reflects prowess in the region – the US firm generated more revenue from Asia Pacific investment banking than any other bank in the first half of 2016, according to Dealogic figures.
However, Goldman has also been hiring from Asia Pacific-based (or focused) banks – Nomura, Standard Chartered and Macquarie all rank in the top 10.
Surprisingly, J.P. Morgan provides less than 3% of Goldman’s Hong Kong staff, although this potentially reflects the difficulty of trying to prise people away from a bank that rivals GS in prestige.
If you’re at a Chinese investment bank, you will be swimming against the tide trying to find work at Goldman – CICC and CITIC bring up the rear of our ranking.
Differences in company cultures and working styles still make it difficult to transition from Chinese IBs to the budge bracket, say headhunters.
Image credit: Robert Ingelhart, Getty