Here’s an interesting nugget from Goldman Sachs’s presentation at BAML’s financial conference in New York.
Originally highlighted by the FT, Goldman notes that the average tenure for more senior employees (vice presidents and above) has increased. In 2013, the average is 9.1 years. That’s up from 8.2 years in 2008 and 7.6 years in 2001.
Of course, Goldman couches this development in buzzwords like “recruiting and retention,” but it’s probably not that Goldman employees have grown more loyal. It’s likely “an indicator of the tightening market for six-and-seven figure earning traders and investment bankers on Wall Street in the wake of the financial crisis,” as the FT notes.
It used to be that you did your 6-8 years of indentured servitude before absconding to some hedge fund. Perhaps those days are over.
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