vania-janet/multiturn-rag-retrieval-data huggingface dataset:
A Goldman spokesman declined to comment on the case. Mr. Kallop didn’t respond to requests for comment. A lawyer for Mr. Kallop declined to comment. “If you do it right, it’s a great business and clients will absolutely love you for it,” said Bruce Holley, a partner at the Boston Consulting Group who advises private banks on wealth-management strategy. “But there are a lot of ways to mess up.” Banks pushed wealth lending in recent years against a backdrop of increasing deposits and tepid demand for traditional loans. Goldman’s private bank has quadrupled its overall lending balances since 2012 to $29 billion. Morgan Stanley wealth-loan balances are up 420% since 2012 to $74 billion. The largest chunk of wealth loans are mortgages and loans backed by stock portfolios. A smaller but growing segment is secured by valuables such as classic cars, hedge-fund stakes, and even rare violins. Wealth loans are especially profitable for banks because the revenue they generate is shared less generously with brokers than trading commissions and other fees. Banks say these loans are safe because they already know the borrowers, their assets, and their ability to repay. And unlike, say, credit cards, these loans have collateral and often a personal guarantee as well. Goldman said in a February filing that the value of collateral in its wealth loans “generally exceed[s]” the loan amount. Morgan Stanley and Deutsche Bank AG have lent against the art collection of hedge-fund billionaire Steven A. Cohen, who owns works by Andy Warhol and Pablo Picasso, according to Connecticut state filings. Top Blackstone Group LP executives including founder Stephen Schwarzman have borrowed from UBS against their stakes in the private-equity firms’ funds, New York filings show. Goldman lent to natural-gas wildcatter Aubrey McClendon against his wine collection, according to an Oklahoma filing. Executives joked the collateral was “particularly liquid.” After Mr. McClendon’s death in 2015, the collection—heavy on rare Bordeaux—was auctioned for $8.4 million. Goldman made its money back. Although not as well-known as those borrowers, Mr. Kallop was the kind of client whom private banks court.
I don't know about this particular person, however I have an example about my friend. Born in a very rich family he went to Harvard and the worked 2 years for Goldman. Now, I should mention, he is a rather bright fellow, and a great human being as well, but when asked about his studies and work experience in Goldman he described it as not very challenging.
I was making the point that Accenture is no longer Big4. There are a lot of consulting companies, but Accenture is not in the same league as the Big4 any more. This is demonstrable by the difference in benefits and bill rates.  The Big4s are owned by partners. Their compensation is private, but recently PWC had to reveal that their average compensation is $600k/partner. My firm has about 1500 consulting partners and each of the Big4 varies quite a bit. Whatever the Accenture equivalent is for partner, whatever you call that, they make nowhere near the same compensation level. And this actually gets disclosed as they are a public corporation.  Higher compensation; therefore higher bill rates; therefore small overlap for competition.  The business model is very different between public and private consulting companies.
Converting the comment from @MD-Tech into answer How or where could I find info about publicly traded companies about how stock owner friendly their compensation schemes are for their board and officers? This should be available in the annual report, probably in a directors' remunerations section for most companies
Your point is that 20k is very common as bonus *at what level*? With ~6 or more years experience at Accenture it's also a common bonus, just not at entry-level.   The data on glassdoor.com for Accenture partners is all over the place, see: http://www.glassdoor.com/Salary/Accenture-Salaries-E4138.htm?sort.sortType=BP&amp;sort.ascending=false  No way in hell any partner is getting paid 60k or even 160k, for example. The top figure looks sort of accurate but there are so few data points, collected in no verifiable way, with such huge variance, that I can't consider it reliable.
"If they go into ""high"" finance such as investment banking or hedge funds, definitely. But even some of the lower finance jobs (ie the bottom half of the Harvard students graduating with jobs in finance) have a reasonable shot at 200k/yr by age 30."
&gt; Why would the executives take accept a salary at 80% of the market wage when they could just get a job at 100% of the market wage.  This may be true for managers, but research has found little to no evidence of a relationship between executive pay and performance.  There is no market for executives.  They're all on each others boards.  They get much of their pay in stock options, diluting the wealth of those shareholders you're fighting for, without telling shareholders how much they're costing them.
It's more nuanced. He must have performed exceptionally well for 3G to make him CFO. He must have done really well at Goldman to move on to 3G. He probably did well at school to go to Princeton.  But all of that is just a bit easier if you can go to a super nice prep school, have money for tutors, GMAT coaches, etc, and have parents that also went to Princeton or wherever.   Yea, he's probably way more competent than the posters in this thread, but so are a lot of people who don't come close to that level of success (especially at 29) because they weren't born in the 0.1%
I just applied to a position very similar if not the same as the one you mentioned. If given an interview I would want to know what to expect. I previously interned at Morgan Stanley. This new company is much smaller.  Is there any advice you could give me?
Is there an indicator about what percentage must be paid when?  Where does economics end and finance start?  I feel quite geeky, but I have been studying a bit of finance, and listening to bloomberg while I work (I am software dev) and want to understand everything :D  edit: just found about this [https://www.google.com/publicdata](https://www.google.co.uk/publicdata/explore?ds=ds22a34krhq5p_&amp;met_y=gd_pc_gdp&amp;idim=country:pt:es:el&amp;hl=en&amp;dl=en#!ctype=l&amp;strail=false&amp;bcs=d&amp;nselm=h&amp;met_y=gd_mio_eur&amp;scale_y=lin&amp;ind_y=false&amp;rdim=country_group&amp;idim=country:pt:es:el:de:fr:uk&amp;idim=country_group:eu&amp;ifdim=country_group&amp;hl=en_US&amp;dl=en&amp;ind=false)
No evidence of 'elite prep school' so far based on my google search. Princeton and Goldman Sachs take a ton of normal people (extremely hardworking and clever of course but it's not about coming from the right family). It's not Morgan Stanley
&gt;&gt; Why would the executives take accept a salary at 80% of the market wage when they could just get a job at 100% of the market wage.  &gt;This may be true for managers, but research has found little to no evidence of a relationship between executive pay and performance.  If that were true, the company shareholders could replace them all with monkeys, and give all that executive pay to themselves.  &gt; without telling shareholders how much they're costing them.  Now that just seems disingenuous. How do you think they could possibly hide that from the shareholders?
My point is that conflicts aren't the reason why Accenture split from AA. More money was to be had with a separate Accenture, thus the original split, thus the lawsuits, thus the IPO. This was mirrored by every other BigX except Deloitte (who almost spun off consulting in 2003 as Braxton but stopped it at the last minute due to a crappy market).  Accenture has a completely different structure than the big4. Public companies don't pay as much in salary and bonus. For example, an MD at Accenture makes 250k, a Partner at Big4 makes 600k. Do the math.   Also salaries are much higher at Big4 than Accenture (check out glassdoor). We do a lot of recruiting and Managers at Accenture typically come into big4 as Seniors at a higher salary.  In the general category of consulting Accenture competes, but there are tranches. Accenture is definitely below big4 in bill rates, salaries and prestige (as big4 is below Bain/BCG/McKinsey).
Welcome to finance.  Be someone's bitch for 40 years and there is a 1/2,000,000 chance you'll get your turn one day as you stand next to all your coworkers with your hands out.  The finance (and accounting) industry relies on underpaid grunts working 10 hours of overtime every week with no extra pay.
Probably talking about different things. For example, there are almost certainly CEOs of startups that don't even take a salary and while they may have huge equity in their firm, if it doesn't get off the ground they make $0. I'm assuming the original comment about worst CEOs probably was excluding these types of situations.
Most of your arguments are actually bullshit assumptions that can be easily refuted. You know what Hedge funds do to pensions? They fleece the pensions with fees and performance bonuses, but take no downside. Even that commie [Warren Buffet bets against them](http://www.forbes.com/sites/mitchelltuchman/2013/07/18/hedge-fund-vs-index-fund-a-comparison/). A simple indexed fund will outperform almost any hedge-fund just left on its own. And they won't be exposed to those great AAA rated CDS's that screwed over so many pension funds during the GFC. Oh, and who put those together? Investment Bankers... As for the company in distress, it really seems like you have no idea how these things work. If a private equity jumps into a company, it is because of one of two things: Either they can realise a quick buck by dismanteling the company and selling off it's assets, or it's a company that has good revenue, but too many costs, in which they just trim down by fireing everyone they can get away with. They help no one buthemselves and the very few that get to keep their job. To say that due to their long hours, investment banking analysts make sweatshop salaries is just a horrible misguided joke. even assuming they log in 100h a week for 52 weeks in a year, an [average intern salary](http://www.careers-in-finance.com/ibsal.htm) is of $24/hour, which as you see from the article, is well above any salary of any of the social workers (not just first years). And these go up by around 20% a year. Then, of course, you should add into the equation the fact that anybody working a consisten 100h a week is going to be very prone to making mistakes. As for that fantastic skill-set you say you learn on the job, I would really love to see a study of some sort in which they compare the value added of an ivy league genius against that of a good student from a public university. Maybe then all of these bold assertions of how fantastic they are will fall to the ground.
Posted this week:  [People working on Wall Street how did you get there, and do you have any tips for people who want to pursue a career in finance. \(Me\)](http://www.reddit.com/r/finance/comments/2d7f99/people_working_on_wall_street_how_did_you_get/)   [How did you break into the finance sector?](http://www.reddit.com/r/finance/comments/2dk37k/how_did_you_break_into_the_finance_sector/)
I don't work in risk management in the bank I'm in, but do talk to them occasionally. Depending on what job you will actually do there, you need a very good math background. I would also consider a familiarity with programming to be needed for a lot of the jobs.  If you are considering risk management outside of the financial sector, I guess the bar will be lower. At least the company I used to work in had a Treasury/Risk Management group largely composed of finance and economics majors.
Depends massively on school quality. The better ranked the school, the more likely finance majors will make more. The best and highest paying jobs will be finance (eg investment banking). But there are plenty of schools that can place kids into public accounting that can't place finance kids into IB.
I think with your background you would be well suited to Equity Research in Oil, Biotech, or Pharma.  Not an area I know well but people who have greater understanding of the company's business are valuable in that field when combined with finance knowledge.  By your questions I would definitely advise some more investigation into finance and your motivations for getting into it.  What do you want out of finance?  How does the field match up with your life goals and your personal values?  Read some primers on Wall Street Oasis and some of Mergers and Inquisitions if you haven't already.  Sorry for the unwanted advice rant.  Just see lots of people attracted to money, prestige, or perceived glamour of finance without thinking about whether it's really what they want.
“Both [banks] have struggled to keep pace with the rapid growth of the leading investment banks, which are in businesses that have been far more lucrative than the lending business at the core of commercial banking,” the New York Times noted in its account of the merger. Seventeen years and one financial crisis later, JPMorgan has reversed this order of profitability. So Goldman is now trying to do the opposite of the old JPMorgan by adding banking to investment banking. JPMorgan’s former dilemma has not gone away — lending to blue-chip companies is not much of a moneymaker. A more tempting target is the high margins that banks make on credit cards. Hence Marcus, Goldman’s online lender (named after its founder Marcus Goldman), which offers loans to prime US consumers as an alternative to credit card debt. Marcus, which will launch next year in the UK, accounts for $12bn of the $28bn in new lending and financing planned by Goldman in the next three years as it diversifies. But it is no simpler for Goldman to break into Main Street than it was for the old JPMorgan to break back into Wall Street: $12bn on a balance sheet of $930bn is an interesting financial experiment, not a revolution. It would need to inflict on consumer banking with technology what Amazon did to the retail industry to rival fully JPMorgan and Bank of America. “We’re a bank and we’re committed to being a bank,” says one partner firmly. But selling personal loans and mortgages, which could be Marcus’s next target, is not a job designed for masters of the universe. This is Goldman’s identity crisis: regulation and economics are rendering it ordinary.
"Page 62, https://assets.pershingsquareholdings.com/media/2017/01/26223015/2016-PSH-Annual-Update-Presentation-FOR-DISTRIBUTION.pdf  Looking at Pershing Square's 13-F, Bill Ackman is gonna see his money soon  Recently I posted a friend's resume on craigslist and some brainwashed herbalife chick was spamming e-mail responses to all the people who had posted their resume, regardless of whether the position the candidate was seeking or qualifications the candidate had was relevant or not.   I told her it's a bad idea to spam using her real name and that MLMs are trash. Also, the person whose resume I posted was looking for a job in finance and that she clearly didn't read the ad. Her responses:  ""Thanks for your opinion. We are all entitled to them. Finance to me means money! I teach people how to make money! Putting their skills to work for themselves. Good luck to you in your search! You sound like you got a shining personality.""  ""PS, if you are in finance you probably know your stuff! Go ahead and check out what Carl Icahn thinks about network marketing. He's undeniably the wealthiest man in the United States of America. He knows a thing or two about Finance. He backs are company amazing. Maybe I'll be close-minded. I don't want to work with you, but you don't really know what you're talking about.""  made me lol and facepalm"
Yes, but your point doesn't really convince me - I don't believe that Andersen split into two for that reason a decade before everyone else and then failed to IPO for 12 years- and if the Andersen partners at the time stood to make money, why would they enter into direct competition before the IPO?  I don't know what you call an MD at Accenture, as that's not actually a career level. I'm not in the US but Accenture partners certainly make rather more than 250k here.   I know for sure that EY and Accenture are quite comparable on non-exec salary levels, at least in my market, as I know a few people who have switched between Accenture and EY without massive increases in salary. They do seem happier with the work at Big4 companies though ;)
All the mirrored departments ( Marketing, Sales, HR, Facilities, etc.) between banks and tech companies will have a similar layout in terms of roles; the major differences between them would be operations.  Operations in a bank is populated by finance/econ/accounting majors.  Operations in a tech startup are populated by STEM.  You wouldn't expect them to be identical, and the differences between them will affect the overall demographics of a company.  It's a far cry to say wall street is intentionally hiring women and silicon valley is intentionally not when there's a disparity in the availability of women for those roles coming from the education system.
Comments in the blog are filled with butt-hurt dwllers with an MBA trying to argue his opinion.   Most people in MBA's think they're going to be Steve Jobs. If they're well connected they'll get a good salary but Steve Jobs are guys that start a company rather than go to an MBA.
Best of luck! Just an FYI, a great deal of finance firms look for people like you. The way you perceive things is completely different from the way someone who is traditionally trained in finance. Look into some peers of DE. Also, Private Equity (PE) firms...mainly the ones dealing with bio/pharma/whatever you specialize in. What are your excel skills like? Make them better! No mouse. Know VLOOKUP, GETPIVOTDATA, etc. Again, not to become redundant, but figure out what you want to do and go from there... If you are good/quick with your math look for trading. There are a lot of books out there on the subject of trading. Liar's Poker by Michael Lewis, will give you an insight to the lifestyle/mantra of traders (during the 80s). If you like digging into numbers/investigating things you may want to look into a more analytical role. To figure out if you like this read some financial statements. Look on SEC.gov, navigate to EDGAR. Look up a 10-k (annual report) and a 10-q (quarterly report). See if you like poking around/figuring out why and how things work. Hit up seekingalpha.com. This is a hodgepodge of people's opinion. Saying why they want to buy/sell a security. Look at the reasons. They will cite certain economic indicators or other signals. Seekingalpha is a place that can show you how financial types think. See how your views differ or align. Or even if you can expand on what they are saying. Investopedia is a great place to learn jargon and other terms. Frequent this place. Key terms: http://www.financialmodelingguide.com/financial-modeling-tips/tips/banking-financial-terms/ This gives short definitions. Investopedia will give you in depth definitions. Are you currently employed as a RandomAcademicDean? Does your college offer free courses to staff? If yes, take some classes FOR FREE!
A lot of their software engineers and quant researchers come from JP and other IB's'   Bridgewater is very much in the quant game, their head of trading was a quant and have a huge array of quants working for them...  GS has the huge stand alone systematic group run by Tom Barrett they are very much competing with Google, Two Sigma, D.E Shaw for talent in software engineering, HPC engineers and quant's.
Why do they keep rolling out this bullshit article.  Automation isn't going to impact anyone's job onshore*, at Goldman and CS all automation has done has removed work from our offshore contract with Genpact.  When an AI can go out drinking with clients and know when a CFO is resigning to start getting in front of potential successors let me know.  *For awhile
Hi guys, could I get advice on possibly entering finance myself? I have a BSE in computer engineering, and a Ph.D. in nanoscience and microsystems, and I do computational aeroscience and biology now. Needless to say, I'm an applied physics and computer nerd. I love currency and commodities trading and instruments, though, I'm totally fascinated by it and I'm a *mean* coder and scientist. Can I get into finance?
Sadly, I barely recognized 3 words in your first sentence.  My area of expertise is corporate finance/valuation/consulting not the public markets.   Directionally, I would generally agree with GreatOwl1's suggestion if you're looking to do something a little different that can leverage your existing skills.  The sort of work I do opens up different opportunities (geographical and otherwise), would probably result in a temporary pay decrease, and wouldn't at all use your current knowledge.
I think you definitely have a shot then.  There are people who come from a wide variety of backgrounds at my firm, not strictly finance people and not strictly programmers either.  We have statistics majors, folks with experience in machine learning/natural language processing, and so on.  Find a proprietary trading firm or a hedge fund looking for someone with a hard sciences and quantitative background.  You might have to go for a slightly junior role, but it will certainly take advantage of the skills you bring to the table and I'm sure you can come up to speed on the rest (things like P&amp;L attribution, portfolio modeling, transaction cost analysis etc.).
"Finally, I got response from finance center:  ""It doesn't matter where do you study, what does matter is where you   live. So, once you live in Germany, you pay taxes in Germany. And   it doesn't matter who you work for."" So, there are two options to pay taxes: it's paid by an employer or an employee: If I would work for Swiss company, I need to show how much money I make every month (or year) to Finance Center."
"I'm not saying necessarily arguing with the idea that chasing prestige is a mistake, but the way that this is argued within this article is fundamentally flawed. The author even says ""Fuck prestige, get money"" at the end - this is entirely the 'wrong' mindset. One of the worst things you can do in your career is chase dollars early on without considering what you actually want to spend your life doing. Many savvy people would work at McKinsey for free if they could include it in their resume - these are the kinds of jobs that set you up with skills and opportunity for a long, long time.  At any rate, prestige early on will open a lot of doors later in your career. Even if your dreams are entrepreneurial, you'll go from being ""a guy starting a company"" to a ""an ex Goldman Sachs executive launching exciting new startup"".  A career is a marathon, not a sprint."
"Not true.  Replace ""Ivy League"" with ""target school,"" and you'll be far more accurate.  When I started my BB front-office job, I had gone to a target school but not an Ivy League.  Two other classmates attended target schools in the south, but far from Ivy league.  One of those two is now one of Goldman's youngest partners.  PS Don't count on starting in the back office and moving up - it's about as common as a blue lobster."
Where does the money go Who wins the billions Ever heard of The Wolf of Wall Street , theres where the money goes . In short ,bankers, traders who are paid millions to take make leverage bets using the banks money regardless of whether they do well .  If they screw up and lose millions , they get paid to leave ( compensation package ) . If they do well , they get bonus.