Goldman Sachs has reportedly introduced a new program aimed at retaining its top interns and preventing them from being poached by private equity firms and other competitors. This initiative is a significant strategic move for the bank in the ongoing “war for talent.”
There is reportedly an “Intern-to-Buy-Side” track within the program. And Goldman Sachs introduced an additional early entry point for selected interns who express interest in “buy-side careers,” with roles at private equity funds, hedge funds, or asset management firms.
The program will offer a select group of applicants a full-time position in Investment Banking, with a planned transition to Goldman’s Asset & Wealth Management (AWM) division after two years.
This initiative also targets the widely used “on-cycle” recruitment strategy employed by many private equity firms, which involves securing contracts with junior bankers before they even finish their training programs at investment banks. Goldman aims to create an attractive internal pathway that can rival these external opportunities, providing a compelling career alternative for emerging talent within the firm.
Goldman Sachs is doing this as top interns and junior bankers are highly sought after. It is a proactive measure to retain the brightest talent within Goldman Sachs.
The financial sector faces intense competition for talent, with private equity firms traditionally being very aggressive in their recruitment efforts. This program aims to create a fairer playing field by offering an attractive internal alternative.
This program showcases Goldman Sachs’ ability to offer diverse and rewarding career paths within its ecosystem, enabling individuals to explore various areas of finance without leaving the firm.
This new program is part of a broader effort by Goldman Sachs to reduce junior talent attrition. It follows other recent initiatives, such as requiring junior bankers to certify quarterly that they have not accepted job offers from different companies.
