A week after Goldman Sachs cut a bloody swath through its offices, laying off 3,000, it is rife with rumours that it will be moving first year investment bankers to back-office operations such as credit, treasury, compliance and control. Normally, back-officing investment bankers is a sure way to guarantee defections. But in this market, where are they going to go?
If this comes about, Goldman will have the smartest back office on the Street.
(No attempt was made to confirm this story with Goldman Sachs. They’d just try to sweet talk us out of printing it, and we’re already sweet enough.)
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