Goldman Sachs chief info officer Marco Argenti discusses his launch of a firmwide A.I. assistant and discusses the way forward for A.I. on ‘Making Cash’.
Taking a job you do not need can nonetheless repay.
That is among the many a number of items of recommendation Goldman Sachs CEO David Solomon supplied to the corporate’s 2025 class of summer time interns, who landed a number of the most sought-after and aggressive internship positions in finance.
Through the firm’s city corridor in Jersey Metropolis, New Jersey, on July 14, Solomon gave the group a spread of recommendation as they wrapped up their stint as interns for the summer time.
“I might let you know that typically the perfect alternatives come from being requested to do one thing you do not wish to do, and really taking it on and attempting to do it. As a result of that is when folks develop essentially the most. That is the place I grew essentially the most,” Solomon mentioned as the category of interns wrap up their stint on the firm.
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Solomon was requested to run fairness capital markets at Goldman Sachs within the early 2000s earlier than swiftly rising via the ranks to extra senior roles on the Wall Road titan. It was a job he did not need, nevertheless it finally paved the best way for his ascent to extra senior positions. Solomon turned the pinnacle of funding banking for Goldman in 2006.
“It broadened me in a method – I might not have gotten the job to run funding banking at Goldman Sachs,” Solomon mentioned. “I would not be standing in entrance of you on this job, had I stayed and simply continued to be a credit score dealer. That basically broadened my aperture, nevertheless it wasn’t what I wished to do in the intervening time.”
Workplace staff stroll in the direction of the Goldman Sachs Group Inc. headquarters in New York Metropolis on Thursday, July 22, 2021. (Michael Nagle/Bloomberg by way of Getty Photographs / Getty Photographs)
Goldman’s program may be very selective, admitting solely 0.7% of those that apply. About 360,000 folks from all over the world utilized for the 2025 summer time program, and solely 2,600 of them had been chosen. The scholars had been chosen from greater than 500 colleges and collectively communicate greater than 85 languages.
Notably, the applicant pool has grown considerably below CEO David Solomon’s management. The variety of candidates has grown 15% in comparison with a yr in the past, it has surged by greater than 300% since Solomon took the helm in 2018.
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Internships on the financial institution are excessive strain and aggressive for getting in and performing whereas on the job. Nonetheless, their salaries are equal to the bottom wage of a first-year full-time worker in the identical operate and placement, though the pay is prorated for summer time.
Chairman and CEO of Goldman Sachs David Solomon speaks throughout the panel on Markets, traits and alternatives on the International Hong Kong International Monetary Leaders Funding Summit on Nov. 7, 2023 in Hong Kong. (Photograph by Vernon Yuen/NurPhoto by way of Getty Photographs / Getty Photographs)
The internship program additionally serves as the corporate’s major pipeline for its full-time class.
David Solomon’s suggestions for interns:
Do not be in a rush
“You haven’t any concept the place your profession will take you, you don’t have any concept the place your life will take you, nevertheless it’s an unimaginable journey and also you’re originally of it, and my largest and most vital message is do not be in a rush. Do not be in a rush,” Solomon mentioned.
He continued, saying that it’s not possible to know “all the alternatives, all of the forks within the highway, all of the alternatives” that lie forward in years to come back.
| Ticker | Safety | Final | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 730.75 | -1.23 | -0.17% |
Spend money on relationships
Solomon implored the category to spend money on relationships and to construct their community, saying that you’ll by no means understand how the totally different folks you join with will “finally have an effect on your journey, your path.”
Perceive what is going on on on the planet and ask questions
Solomon inspired the interns to search out one thing they may learn daily for at the very least half-hour, particularly issues that pertain to enterprise.
“Then, when you do not perceive issues that you simply’re listening to in regards to the world, ask questions,” Solomon mentioned. “However the extra you will get a way of what is going on on on the planet, attempt to type your personal foundational opinion of what is going on on on the planet — the higher.”
Staff arrive at Goldman Sachs headquarters in New York Metropolis on Wednesday, June 15, 2022. (Photographer: Michael Nagle/Bloomberg by way of Getty Photographs / Getty Photographs)
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Ask your self these questions
- Are you having fun with the work that you simply’re doing?
- Is there one thing in regards to the work that’s stimulating, intellectually attention-grabbing, that evokes you?
- Do you just like the folks you are working for? Are they attention-grabbing? Are they useful? Do they care about me? Are they interested by my profession and what I am doing, and many others?”
- Do you just like the folks you are working with? Are they stimulating you? Do you take pleasure in being with them? Do you study from them? Are they totally different? Do they create totally different views?
Solomon mentioned that almost all of these issues will not be true on the similar time, however “while you get these issues aligned, you are in a very good place.”