The Mail-On-Sunday reports that Goldman Sachs is to take advantage of the recent market turmoil to bring on board new talent from struggling rivals in the first quarter.
According to the newspaper, Goldman, one of the few firms to have come out on the right side of US subprime, will capitalize on the bonus blues and headcount pressures many of its rivals are expected to experience in the new few weeks. A London-based executive is quoted saying that 'yes, we will be going after good people. It's not often that you get this type of advantage over your rivals'.
But a word or two of caution. Don't expect Goldman to hire you quickly - the collective way the firm recruits (multiple interviews with the Tom, Dick AND Harry), will probably mean that you don't actually get on board until several weeks after your first meeting. And don't expect to bag a huge base salary from Goldman either. Base salaries are generally at the bottom end of market, although bonuses are clearly top drawer. It's performance that is rewarded at Goldman, not just turning up for work.
Finally, Reuters reports that another after-affect of the recent market problems is likely to be a wave of bank mergers in the US and Germany. No less a person that JPMorgan Chase CEO Jamie Dimon has said that 'I believe that we will see a huge amount of big (bank) mergers in the US and Germany. Companies recognise after such a collapse that they need more weight, more capital and access to good, long-term financing, and the people there say to themselves: 'Now it's the time to do something. That normally comes after the crisis. During the crisis, they are busy'.