Goldman Sachs has hired 350 investment banking summer interns out of 17,000 applications, claiming it has 'no problem' attracting talent six years after the financial crisis sparked a series of deep cuts to Wall Street jobs and bonuses.
The Financial Times reports that Gary Cohn, the firm’s President and Chief Operating Officer, gave the rough figures at a New York conference on Thursday.
He was responding to a question asked by Brad Hintz, banking analyst at Bernstein, about whether Goldman was able to compete with technology companies for talent while offering lower compensation.
Cohn said that Goldman is receiving about 50,000 to 70,000 applications for full-time jobs a year. More than 80 per cent of those offered positions – full-time and for the summer internship programme – accepted Goldman’s offer, he said.
'That’s pretty typical to where we have been as a firm over the entire (compensation) cycle,” Cohn added. 'We are having no problem attracting people'.
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Goldman attracts 17,000 intern applicants (subscriber content)