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Morning Coffee: Transpires it's way harder to get into Goldman than you thought. Nomura's nastiness

If you don't think it's hard to get into Goldman Sachs, you're either a blind optimist or some sort of uber-student with an unfeasible academic pedigree. Even if you do think it's hard to get into Goldman, you probably don't realize just how hard it is. - Goldman just released some figures which suggest that getting a graduate job there is akin to growing an avocado outside in the Northern hemisphere. - It happens, but rarely.

Goldman Sachs told the Financial Times it received 223,849 applications for analyst and summer analyst positions in 2016. It didn't say precisely how many people it's hired into analyst and summer analyst jobs this year, but three years ago Goldman said it had 1,900 full time analyst positions. On this basis, a combined analyst and summer analyst class of around 4,000 people globally for 2016 seems a reasonable estimate. - And if there are indeed 223,849 people applying for 4,000 graduate positions, Goldman only accepts 1.8% of them.

This makes the people who do get accepted into Goldman's analyst class look all the more fortunate. Much as banking has been vilified since the financial crisis, it doesn't seem to have dented the enthusiasm of young people for working there. - As we noted a few weeks ago, today's 20-somethings want nothing more fervently than a well-paid job, and no entry-level job is better paid than banking. This might be why Goldman Sachs says the number of applications it receives from graduates has increased by 46% since 2012.

If getting into Goldman is hard, getting into other top banks as a graduate is little easier. The FT says J.P. Morgan accepts 2% of graduate applicants; Citi accepts 2.7%.

Separately, Nomura's being pretty horrible to the equity researchers it's let go. Sky News reports that the Japanese bank is contemplating withholding 'elements' of analysts' redundancy packages after they were caught sending copies of their own research to personal email accounts. Nomura declined to comment.


McKinsey & Co has got a secretive $5bn internal investment arm that manages the fortunes of its past and present partners. In 2014 it made a return of 14%. (Financial Times) 

Athletic clothing, including sweatpants, leggings and yoga pants, aren't acceptable under J.P. Morgan's new clothing policy. Nor are halter tops, flip-flops, hats or hoods. (WSJ) 

Deutsche Bank hired Charlie Cetin from Goldman Sachs to oversee and expand business with key clients at the corporate and investment banking division across Europe, the Middle East and Africa. (Bloomberg)

Antony Jenkins has registered a new business called 10X Future Technologies which is expected to herald his entry into the world of fintech. (Telegraph)

Tidjane Thiam is disliked at Credit Suisse and has his own personal PR firm. (NY Times) 

UBS hired Laurent Dhome from JPMorgan as managing director of its financial sponsors team in Europe, the Middle East and Africa. (Bloomberg) 

38-year-old former Goldman Sachs investment banker, Jonathan Sorrell, promoted to CFO at Man Group. (Financial Times)

Jefferies International has got a new chief executive. (Reuters) 

UBS bankers will have to pack two hours’ worth of “personal matters” into the 17 hours off that they would get over at Credit Suisse. (Financial Times)

Morgan Stanley is offering four week sabbaticals to juniors who make it to VP level. (Fortune)  

Photo credit: Locked Out by Katrina Gwynne-Jones is licensed under CC BY 2.0.

AUTHORSarah Butcher Global Editor

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