16.03pm GMT - Ok guys, thanks a lot for your questions. Hope some of you have a different impression of finance. I have got to jump on a plane now and go somewhere warmer but maybe will check back later but can't promise anything

Hi everyone, at the airport so thought i would kill time by sorting out some sort of proof that seems required

http://i.imgur.com/T9AQq.jpg? Just doing some work now!

http://i.imgur.com/robKQ.jpg In case you wondered what Lloyd's signature looked like

Comments: 770 • Responses: 84  • Date: 

cddca132 karma

Say someone builds and optical portal that allows you to see a vision of your own life in the future (it’s essentially a crystal ball that shows a randomly selected image of what your life will be like in twenty years). You can only see into this portal for thirty seconds. When you finally peer into the crystal, you see yourself in a living room, two decades older than you are today. You are watching a Canadian football game, and you are extremely happy. You are wearing a CFL jersey. Your chair is surrounded by books and magazines that promote the Canadian Football League, and there are CFL pennants covering your walls. You are alone in the room, but you are gleefully muttering about historical moments in Canadian football history. It becomes clear that—for some unknown reason—you have become obsessed with Canadian football. And this future is static and absolute; no matter what you do, this future will happen. The optical portal is never wrong. This destiny cannot be changed.

The next day, you are flipping through television channels and randomly come across a pre-season CFL game between the Toronto Argonauts and the Saskatchewan Roughriders. Knowing your inevitable future, do you now watch it?

sherwood151154 karma

I am going to copy and paste this in an email and send it around my team. You will famous at the firm, well at least in my team in london anyway!

sherwood151146 karma

That would also be an awesome interview question! And i give them 5 secs to answer

sherwood15113 karma

Yes of course i fucking do. The future is inevitable. Chuck Klosterman i like your name

spaceritual54 karma


gibbon_with_a_ribbon41 karma

I cannot speak for the other points but the guy in your first paragraph has a point. People were chasing a spectre, an illusion, which is what led to the speculative bubble. They bought houses that they could not realistically afford because everyone saw it as a huge money making venture and like all speculative bubbles the players thought it would go on forever.

In this respect the people played a part in this. It is at this point I agree but lets not forget that the people pushing it had just as much a part to play in the fiasco. Of course they're not going to take all the blame and rightfully so. The sad thing is though some won't even take part of the blame. What they will do is shift the blame onto anyone but themselves. The best lies have a hint of truth.


Did the poor people who could not afford the mortgages contribute? Of course.

Is it solely on their shoulders? Fuck no.

It's like saying a junkie is solely responsible for his habit so why focus on those who push the drugs?

Reformed_Asshole63 karma

They bought houses that they could not realistically afford

I'd argue it's not that simple. Some of those people could have afforded those houses if there mortgage stayed at a low fixed rate. It's when their mortgage rate jumped that they had to default. A lot of the blame has to be on greedy loan officers who pushed people to agree to shitty mortgage terms without adequately explaining how bad shit can go for them when the rates rise.

sherwood151122 karma

Fair comment

sherwood151136 karma

That is not true. Opinion is very much split within the investment banks and there is no right or wrong answer. I personally don't believe at all that the crisis was caused by 'poor people' - and I don't like that sort of categorization of people in the first place. There are perhaps 15/20 different institutions you could blame for the crisis, there's no way of isolating individuals.

I'm not sure what exactly you think GS's hand in the Greece affair was. Of course it's a sad story and I feel remorseful - I recently donated £50,000 at a charity ball to help rebuild one of the islands which has almost been burned to the ground. But ultimately Greece employed GS at the time because they wanted to fudge their finances so as to meet entry requirements for the Euro i.e. the greek government was knowingly employing GS to help perform an extremely risky task - GS didn't force anything upon them. If the experiment explodes 10 years later (as it did), should GS really be the party to blame?

CptnKrank34 karma

I love seeing the ignorance that emerges in these AMA's relating to investment bankers. I am really interested in a career in either IB or Consulting, have a few questions for you.
1) How did you cope with the hours? I like working hard, I like working for my money but I also like enjoying free time and having a social life. When working a 100 hours as an analyst that would certainly have to suffer 2)What were you academic results like through your degree? I'm currently in my second year and will be realistically looking at 2.2, 2.2, 2.1 and 2.1 (years 1-4). This summer I'd hope to get an accountancy internship in one of the big 4 followed by an internship next year in one of the large IBs. I know there's more to a candidate than solely their academic credentials + internship but would this stand me well for a BB in London? (Top Irish university, undergrad will be in Business and French)
3) What is it that makes you enjoy this job? I know the paycheck is certainly a bonus but you've said there's more to it than that?
4) Your exit strategy? Private Equity? Venture Capitalist?
Thanks for doing the AMA.

sherwood151115 karma

Thank you to fletch below for answering this question.

  1. I agree with him.

  2. Whatever your breakdown between modules is, you need a 2.1 overall. Even if your average is 60% or 61%, that's enough to get you past the minimum requirements and through to interviews. After that it's up to you - they'll take someone with a good business mind and strong communications skills irrespective of whether they average 60 or 78 or 92.

  3. I disagree with him. My job is extremely rewarding and i wouldn't swap it for any other industry at the moment. If you want evidence of people enjoying their jobs look at the number of years they spend at their respective firms. Most of the partners at GS are 'home-grown' and have spent 20/30 years sweating away but don't regret it for a second.

  4. Yes, you are pretty much spot on. Most guys that leave tend to target the PE houses in mayfair.


nkhanlegend21 karma

how can i break into finance with a sub-par gpa?

sherwood151127 karma

Network and try non BB firms

viktoureeus19 karma

proof? and of course... how much did you make in 2012 approximately?

sherwood151136 karma

approx 600k. How do upload proof e.g. photo evidence?

sorry, new to reddit!

sherwood151118 karma

Thanks guys for all your questions, off to bed now as its 3.15am. Been interesting to talk to you. Redditors are really cool people! Good luck to you all and hope 2013 is a happy and prosperous year for you and your families! Any more questions (serious ones!) then drop me a message or leave them here and i'll try and look another time.

Hipstar_Fratstar18 karma

Do you use a mouse when you work on excel?

sherwood151146 karma

Are you joking?


bringbackvanpersie17 karma

i work at GS as well and i am sure i know who the AMA guy is, good of you for doing this. I won't out you but just be careful as based on a few details you have given which i have pieced together i now know who you are.

Think emirates 29th Dec and Mr Walcott and then you know who i am! Haha, now we are both outed

To all redditors, the OP is a nice guy with a big heart who does lots for charity so don't hate him! Not all doctors are good and not all bankers are bad and so on...

sherwood151110 karma

Hahaha you have outed me. That was indeed a fun day. 7-4 makes for a good match!

Lets chat offline. This reddit thread has probably gone too far!

Boner_Sonar16 karma

Gold Mansachs

sherwood151147 karma

Not sure about that one.

I prefer Goldman Snachs, the name of our canteen.

evolutionaryflow15 karma

I hear the GS company culture is like " a frat on steriods" true or false?

sherwood151113 karma

false more than true but depends on team

NickJ950115 karma

Have you seen @gselevator on twitter? if so have you ever contributed/is it legit?

sherwood151112 karma

Haha yes i have seen it and no its not legit, well at least i think its not. Seriously though the elevator chats can be quite entertaining and revealing.

DavoinShower-handle14 karma

I'm very curious of your opinion of Secretary Geithner's role in LIBOR. Do you think he was guilty? innocent? Thanks!

sherwood151118 karma

LIBOR scandal is way too complicated to explain at 2.30 am after a few beers. Many active players are implicated and i think he will be seen in the wrong eventually like many others

accountholder13 karma

Where did you go to college?

sherwood151123 karma


No_Easy_Buckets4 karma

As an undergrad? How hard was it? I hear it's very difficult.

sherwood151151 karma

yes, undergrad

Harder than most places depending on your course. Especially as you are competing with loads of kids from Asia who do extra calculus to relax

MaHelo9 karma

In your opinion, do you think the money you make is worth the hell that you go through to make it?

sherwood151128 karma

i love my job and so i am lucky that the money is not the only motivator

But yes i love checking my bank balance at an atm

danknerd7 karma

If the concept and idea of a monetary system was replaced with something better (hypothetically) what would you do? As in for a career or what not since now you are jobless.

sherwood151132 karma

Resources will always be scarce so someone will have to ensure an optimal allocation. There will always be a market of some kind whether it be a public market or an internal government one

Lsswimmer987 karma

What would you invest in :

A company founded by 100 duck sized horses


A company founded by 1 horse sized duck?

sherwood151137 karma

100 duck sized horses every time. Basic risk management theory - don't put all your eggs in one basket. If that 1 horse sized duck isn't exceptional, your business is going down the tubes.

sherwood15117 karma

Yes, but a misconception that the public has is that everyone in finance is. I appreciate i get paid a lot, however feel i earn every dollar

Animality37 karma

From your experience, how relevant is CFA nowdays?

sherwood15115 karma

Definitely worth doing

ThereGoesMyLunch6 karma

Love all the haters in here simply because this guy is from Goldman Sachs. Not every guy who goes on the computer is a neck beard, and at the same time, not every one that works at Goldmans is a sly individual who only sees money as the end-all-be-all.

Thanks for the AMA. I personally know a number of traders and investment bankers, and their philosophies for trading/investing are more intriguing than anything. Simply viewing them as sly individuals that only see money is a gross generalization that you all should be way better than.

sherwood151112 karma

Thank you.

I have so far received only two death wishes on this feed. Perhaps the public's impression of banking is improving, as i expected at least five

sherwood15116 karma

any stewardess redditors on the ac6510 flight to cairo?

tlock86 karma

What do you do day to day?

sherwood151113 karma

I work in the energy field in Europe but don't want to get too specific. Day to day we advise natural resource companies on all things financial such as m&a and financing strategy and then execute on their behalf. So I am on the corporate finance side rather than sales and trading. However I work closely with the syndication and sales guys such as if we are executing an IPO or a follow-on share offering.

andicotsteel9 karma

I have a buddy who's small but established clean tech company needs money building biodiesel manufacturing plants around the US that run off garbage and wood chips. The technology is actually coming from a company based in Sweden. Can you help him on the money side?

sherwood151124 karma

Send me a link to their website

I find clean tech very interesting

throwawaysmokee6 karma

Is there any stock I should look into in 2013? Long term or short term

sherwood151112 karma

Short term- African Barrick Gold. The chinese walked away and so the share price plunged and despite serious operational issues, the massive drop has presented a golden buying opportunity

Long term- anything to avoid inflation, inflation scares the crap out of me and is going to be a big problem in the Uk and elsewhere in the future

Also buy into soft commodity boom e.g. meat in africa, think zambeef etc if you can find an attractive entry point

chewie236 karma

In your view, are there any regulations that could meaningfully alter the moral hazard typified by the 2008-2009 bailout of the financial sector?

If so, what might they be?

And if not, to what extent does regulatory capture play a role?

sherwood151114 karma

Good question!

Regulatory capture is a seriously problem not just in banking e.g. also in the energy business. How do you reduce it? It won't happen unless the public demand it, as everyone with power tends to benefit from it and so they won't make meaningful steps to change anything, i.e. its a win win situation for government and business. However it needs more than just 'occupy movements' but rather i am talking the mass voter population

companion_n00b5 karma

Prior to the collapse, did you have any idea what was about to happen?

sherwood151114 karma

It was getting obvious that there was a bubble, but never predicted how great the fallout would be and that in 2013 we would still be suffering

ThePaulmaster9225 karma

How did you get your job?

What college did you go to?

What jobs did you work before getting this one?

At what age did you get this job?

sherwood15116 karma

did a summer internship then got FT conversion

I went to LSE (university in the UK)

Did another internship whilst at university at an oil company


sherwood15115 karma

Any more energy related questions rather than generic banking/job application questions. Will only be on for another 10 mins or so

django_xl5 karma

As hardcore capitalists what is your feeling about (management of) banks that seem to live under the impression that profits are for a happy few while losses should be carried by tax-payers?

sherwood15118 karma

That's not what I believe at all.

And by the way all of us are tax payers too. The top 5% contribute approx. 50% of the government's taxation revenue. So if losses are being 'carried by tax-payers' - that doesn't exclude people in the banking industry by any means.

SirTarzan5 karma

What is the biggest reward of working in IB? Where I study, students with high grades are pushed to chase the prestigious internships firms like GS, MS, etc offer. Their reasoning why they chase these jobs is that they think it is the highest (prestige) in finance they can go or are attracted by the money. It seems shallow to me. What does IB offer that makes your career personally fulfilling? Why didn't you choose to work elsewhere?

sherwood15113 karma

I find what i do at the front end of the energy sector fascinating. If your interested in business or globalisation or other similiar areas then IBD is pretty much at the cutting edge of it

o0OIDaveIO0o5 karma

Is it as cut throat as I have heard with the bottom 50% of people getting sacked each year to make way for new guys who will probably be sacked the year after?

sherwood151121 karma

Bottom 5% is more accurate. 7-8% in a bad year, 3-4% in a good year. It's a fine line between 'cut throat' and having a 'healthy competitive atmosphere'. But we'd be out of business very quickly if we kept firing half of our staff every year...

veertamizhan4 karma

"The first thing you'll realize is that they are extremely disciplined. You would never come across a Goldman employee, who would, after two or three beers, say "My colleagues are a bunch of dickheads"

from Money and Power William D Cohan

what do you have to say about this?

sherwood15115 karma

I agree with it

So_youre_the_one4 karma

  • Is there a common genre of music listened to at goldman sachs?
  • Do people in finance go to burning man?
  • What hours do you work?

sherwood151124 karma


Its blaring out of the squawk box on loop

sherwood15116 karma

approx 80 hours a week not incl. flight time

I go to festivals in Europe but would love to go it. Do you have free ticket for me?

stringer_bell140 karma

Do you have free ticket for me?

Always looking for handouts.

sherwood151125 karma

What is it young people say, lolz??

NotaMethAddict4 karma


sherwood15112 karma

how do i upload photos? i will upload photo proof. Sorry not very experienced with reddit!

Grick4 karma

Curious as to what kind of degree you hold/what was your GPA in college?

sherwood15115 karma

BSc. Economics degree from LSE. First class honours, don't know about gpa

cant_thinkof_name3 karma

What's the best preparation for an interview with an i-bank? I'm over here in the states and come from a non-target.

sherwood151110 karma

Read WSO, the forums are full of useful hints and tips especially for non target guys. Depending on what area you are applying for, make sure you know some really good examples and stock pitches as it is amazing how many candidates lack knowledge e.g. if applying for ECM for god sakes know some of the recent IPO's and likewise for equity research have good stock pitches and have conviction when presenting. Best of luck!

Akyu3 karma

What do you think of Forex? Would you ever trade on it with your personal money?

sherwood15116 karma

Difficult to answer - you can trade forex in a million different ways - some ways are more interesting than others. I don't personally trade it, but others forge a very successful career out of it.

jefftheboss3 karma

Where did you go to uni what was your gpa? how many physics majors work their? did you start off as an intern? sorry for rapid firing questions

sherwood15115 karma

LSE (london school of economics) - first class honours but don't know how that translates into GPA

I know only 3/4 physics majors in the office at the moment

Yes started as an intern

McCubed273883 karma

What was your bets investment in? (If that's how it works)

sherwood151110 karma

That's not really my role in IBD.

But outside GS I invested in the Shanghai property market a decade ago or so. My 4 flats there are now worth 10-12 times what they were worth then.

huck_cussler3 karma

WTF caused the 2010 flash crash?

sherwood15116 karma

Good question. Nobody knows for sure.

From the link you've provided, I find no.2 the most plausible explanation. But I would also add 6. UBS did something stupid again.

xAFBx3 karma

Is an MBA necessary to be competitive when looking for a job or is a B. Comm enough to compete with others when looking for jobs in the industry?

sherwood15115 karma

Depends on what entry point - if you do an mba then you apply for associate entry whereas b.comm is an undergrad degree and so you apply for analyst roles. If you do a b.comm at a top university/college and get some internships then you should be well placed. Good luck!

TheHoneyBadger233 karma

How accurate is what is said on the Twitter handle @GSElevator?

sherwood15112 karma

It's grossly exaggerated, but not entirely inaccurate...

FeistySpirit3 karma

How much total did you make in each of your years at the firm?

sherwood151112 karma

I don't want to get into specifics

But for your first three years as an analyst roughly 50k-70k (£ not $)

As an associate 120k-160k

After that the numbers get exciting

davidrab3 karma

what tools do you use on a regular basis?

sherwood151116 karma

Excel, Outlook, Excel, Outlook, Excel, Outlook...powerpoint.

hsl12913 karma

How do you see regulation affecting the overall banking culture? Everything I have been reading and what people have been saying is that the culture is changing. Have you been seeing this?

Also how do you like the goldman culture?

sherwood15115 karma

I recommend reading "The Culture of Success" by Lisa Endlich.

Regulation is hurting us...but: http://business.financialpost.com/2013/01/08/how-goldman-sachs-is-sidestepping-the-volcker-uule/

tattarrattattat3 karma

How hard is it for a non ivy leager studying finance to get an entry level job at GS? what about internships?

sherwood15114 karma

Tough. But with enough internship experience beforehand it's possible.

vk933 karma

I'm currently on target for a 2:1 or a first at university in my economics degree. But due to a slight hiccup in my a-levels, in which i got A* A C, still managed to go to a top 10 university but do they look at the C, which was in maths.

Do they look at a-level grades and expect a minimum maths grade? I'm not bad at maths by any means, just an unfortunate anomaly in the exam season.

sherwood15113 karma

Your university grades are definitely more important. If you do well in a mathematical module at uni that will allay any fears they have about an A-level grade.

Which uni are you at and what do you study?

vk932 karma

manchester and economics BA - but i have econometric modules and another mathematical module for 2nd year

sherwood15113 karma

Any chance of switching it to a BSc? Immediately reassures employers about your quantitative skills..

TheRealAkin3 karma

Do any of your co-workers frequent Reddit?

sherwood15115 karma

I imagine less than 0.1%.

Then again 2 people on this feed at least have claimed to be my co-workers, so who knows...

rjr163 karma

Thanks for the AMA. Do you know anybody I could speak with regarding interviewing and internship opportunities?

sherwood15114 karma

Private message me

ausersguidetomoney2 karma

Assuming you're an analyst--how much and in what way do you implement external channel checking research into your models?

sherwood15111 karma

Does happen quite a bit depending on the particular industry as it is complementary to other tools and provides a valuable insight e.g. in the retail industry talking to store managers etc. Can be done via third party firm or just simply utilizing an industry expert you might know

mcjoken2 karma

Do you have any books or resources you'd recommend the layman for learning investment skills (i.e. the wealthy barber) I ask because i feel there is a lot of crap out there and would like to genuinely learn.

sherwood15119 karma

I have never heard of the wealthy barber

but in terms of industry knowledge then the vault guides are very good and a few other books are interesting such as liars poker or too big to fail. However you can get most knowledge online for free! Sorry i cant recommend any others in particular! try WSO as they may have a reading guide. I know hundreds of energy books if you are interested...

I prefer to read non-banking books such as 'Percy Jackson The lightening thief' and other fantasy books

xoxide2 karma

Most often, who's money do you invest? Is it average retirement accounts or municipalalities, states? Do i misunderstand investment banking? What did u go to school for? Do you feel the Glass-Stegall act, separation of investment and commercial banking, should be reinstated in the wake of the crisis of 2008

sherwood15113 karma

I don't invest anyones money except my own! I work in the corporate finance side, advising companies in my sector e.g. on m&a

IB is much more than what people realize e.g. not just traders who are gambling your mortgage!

Serenusxtempest2 karma

I am a senior in high school and I am interested in majoring in either accounting or finance, but I don't think I know enough about either career path to make the best decision, can you explain the large differences the two paths I would go down depending on major, or any advice that may influence my decision that I would not know at this point?

sherwood15114 karma

What you choose to study doesn't necessarily determine the industry you'll end up in. We have guys in the office who studied history, languages, even medicine. Just go for what interests you the most and focus on getting high marks.

Pellephant2 karma

Do you happen to work with quantitative analysts?

sherwood15114 karma

Depends which deal we are working on. Sometimes we need them, other times we don't.

doovd2 karma


sherwood15115 karma

In a good year, approx. 50% of an intern class will get hired.

In a bad year (2008 for example) perhaps only 10% or 20%

PolitBro2 karma

what did you major in?

How important is your undergrad major/gpa I'm double majoring in Econ/Conflict resolution studies with a possible minor in poly sci (depending on how the credits work out) I got a 3.9 gpa last semester but it only brought my overall gpa to a 2.4 because fuck klonopin. I should have at least a 3.0 by graduation, but I'm wondering its worth it to pay for and retake my first semester.

did you go BA and become analyst and work your way up or did you do an MA?

How did you get your internship?

Can I have $373 dollars? :D :D I promise only to get moderately drunk with this money.

Sorry, a lot of questions, thanks for answering. Oh also, one last thing, all else being equal, is calc I enough math to apply for analyst job? or do I need more?

sherwood15111 karma

BSc Econ then became analyst

Undergrad course choice is not that important for IBD but obviously for more quant roles you need maths skills

Again i am sorry but i am not very clued up on GPA

Ok i give you money but first you have to register yourself as a charity so that you can gift aid it and get much more!

evolutionaryflow2 karma

what do the guys at GS think about @gselevator?

sherwood15112 karma

see same q&a earlier on!

django_xl2 karma

What is your feeling on the separation of traditional banking and investment banking as is proposed by the FSA?

sherwood15113 karma

I think overall it's sensible - Barclays being the best example of why they should be separated.

At GS specifically of course we're not involved in traditional retail banking at all so it's not the most pressing issue for us at the moment.

LolzNobodyCares2 karma

Do you like your job, or should i say career?

sherwood15112 karma

Yes. If i did not then i would go and sail around the world again

1hambone2 karma

How do you prepare for a career in i-banking assuming you have a math degree and work as a programmer?

cooldude19912 karma

Not OP but I can answer this as a 2012 intern who got converted for Programming. A Math degree is a good +. There are 2 ways. Either join in as a programmer, show your merit and change departments, ie move to Quant side. Other option is to get a MBA, and join the I-Banking dept you want.

sherwood15113 karma

What's your name?

mr_rightnow2 karma

How do you feel about anonymous and the actions taken against you to lose political power.

sherwood15114 karma

I feel that many of the steps taken have been positive. We shouldn't have any political power we don't deserve and the frequent misperception 'Government Sachs' needs to be dropped.

mr_rightnow2 karma

Ive gained so much respect for you just from that one answer. I really hope more people think like you over there.

sherwood15112 karma

You'd be surprised. Don't believe everything the newspapers say about us.

gbuzby2 karma

How large was your Xmas bonus and did it get taxed over 50%?

sherwood15112 karma

See below - total comp was c.600k and yes taxed above 50%

Blackgeesus2 karma

can i get an internship with you guys?

sherwood15115 karma

Go onto our careers pages and check it out!

but if your asking do you have skills and qualifications etc then if you like send me your cv and i'll take a look if i have time

BZ-B1 karma

How many hours you work a week?

Do you honestly enjoy your job?

sherwood15114 karma

approx 80 hours a week not incl. flight time. The analysts i.e the guys at the bottom of the food chain work much longer hours. I am glad i am over those years!

Yes, i get to work with the leaders of some of the world's largest natural resource companies which is fascinating. Also i get to travel to some weird places which is fun.

mrsquares1 karma

Can you tell us of your education background?

sherwood15113 karma

Answered this below

credy1 karma

I'm currently writing a thesis on the future of rentierism in the gulf with an emphasis on Saudi Arabia. I don't have much of an economic background apart from this, but the international energy market is obviously important to my research.

Can you recommend any good (preferably free or low cost) primers and newsletters on the subject?

sherwood15112 karma

Hmm there are many on energy market but not too sure about rentier specific ones. Will have a think. I did my university thesis on Saudi and so will have a dig around

wh0ligan1 karma

Doing an AMAA are you putting your job at risk for releasing company secrets/opinions whatever?

Edit: added an A to AMA

sherwood15116 karma

I've not released a single company secret.

There's nothing in my contract to say I can't express my own opinions.

Vampyromorphida1 karma

I also work for GS. Which building are you in? I'm based in PBC. Also IBD, North. Would do an AMA and provide proof.

sherwood15116 karma

I'm in PBC too, moved from RC quite a few years ago. I'm not sure exactly what sort of proof i'm supposed to provide...?

andicotsteel1 karma

How much HFT manipulation day to day that I see in big name stocks is done by people in your trading rooms?

Do your analysts instruct your traders to do the opposite of whatever calls they make? I ask because I notice the market or specific stocks tend to do the opposite of the calls and I just assume you are fading your own calls

Is GS a buy at this price?

sherwood15110 karma

Do you mean the opposite of research ratings e.g. buy, sell, hold?

I would take those ratings with a serious pinch of salt. If you look across the street then you see that vast majority are buy ratings always. As if research puts out a sell rating then the company will be pissed, thus jeopardizing investment banking mandates e.g. advisory roles which are much more lucrative than research for banks

fappatron1001 karma

What was your gpa? did you intern with GS before going in for ft? Did you get any crazy ass technicals during interviews? why does reddit hate wealth so much?

sherwood151112 karma

Went to University in the UK and so don't have a GPA.

Yes- i did a Summer internship

Some Reddit guys smoke pot which costs money and they have none and so they would rather there was communism as then pot will be free and they can get more high

WesP1 karma

I assume you didn't immediately start off in the position you're in. In general, can you summarize what it took to get from college to present day?

sherwood15114 karma

Internships in the summer and then graduate job as an analyst and then you start climbing the greasy pole to Blankfein.

GS and other banks in london now do 'spring insight' weeks in your first year and they catch university kids even younger nowdays. And once the catch you they never let go!

But seriously internships are key to getting full time offer

django_xl1 karma

What is the future of investment banking in a new world order where both governments and the people are fed up with the excesses that led us into this credit crisis.

sherwood15114 karma

The industry is always evolving, that's what makes it an exciting industry to be in. I imagine it will take us a good few years to fully regain the trust of certain clients, but ultimately if this whole saga causes us to readdress our methods and practices to improve our service then in the long run it's a positive outcome.

PS. Do you not think people should be fed up with the governments too, as well as the banks?

ff7alex-1 karma

I would love your opinion on whether I should apply for the summer analyst program here in the US with my fair gpa(2.8) up until my associates( currently in third year)', or wait until I get a higher GpA this year or the next( halfway is currently 3.9- I started to give a shit)... I have also been in the banking industry for roughly two years, took a couple of Ap courses etc... ?????? Btw, first time I've asked a question on /IAMA.

Edit: There's more to my story than my academics but too long to elaborate on here.

sherwood15112 karma

Don't know much about gpa and therefore your score, as i went to university in the UK where we grade it differently. However i would apply now and not just to big banks but also spread your wings a bit. The more you apply the more chance you have. If you don't get anything just re-apply. In the uk at least, if you get rejected from a place then you can simply re-apply next year

kpd315-1 karma

Is there anyway you can help me out, connections or anything, someone I should talk to to get a interview? Can you interview me, I shall forward you my resume!

sherwood15112 karma

Private message me and we will discuss. Sure i can help you out. I know how tough it is for you guys who are trying to get in!