For Recruiters
90% of fourth quarter hires were in cheap locations.

Goldman Sachs is hiring a lot, just not in London or New York

Goldman Sachs added 3,400 new staff in 2021. It kept hiring right through to the final quarter, when 900 new people turned up. 

Does this mean it's become easy to get a job at Goldman Sachs? That all depends upon where in the world you're looking for one.

Speaking during today's investor call, Goldman CFO Denis Coleman said that 90% of the 900 people hired by the firm in the final quarter were not in major financial centers like London, New York or Hong Kong. They were in lower cost locations, where staff are cheaper to hire.

Coleman didn't elaborate on where these lower cost locations are, but they're not much of a secret. - Goldman has long been building out its Bengalaru campus since 2019 and currently has over 1,000 vacancies there, of which around 300 are in global markets or engineering. In the U.K. and the U.S., it's also hiring technologists in Dallas and Birmingham respectively.  

The push to lower cost locations is helping to keep a lid on pay inflation. "We are very deliberately growing headcount in different places and the expense of headcount varies by location," said Coleman. In Dallas and Salt Lake City, analysts started on salaries of around $50k last year, according to H1B data information. In New York, first year analysts started out on around $80k-$85k before their salaries were raised to $110k in August.

In its results release, Goldman said last year's increase in headcount reflected the recruitment of technology professionals and "new business initiatives." Coleman said Goldman will continue investing in engineers and technology in 2022. 

Download our full salary and bonus survey here. 

Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by Slava Keyzman on Unsplash

author-card-avatar
AUTHORSarah Butcher Global Editor
Cancel

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Selby Jennings
Infrastructure M&A - Associate
Selby Jennings
London, United Kingdom
Spark Search
Financial Modeller
Spark Search
London, United Kingdom
Jupiter Asset Management Ltd
Investment Analyst - Chrysalis
Jupiter Asset Management Ltd
London, United Kingdom
Selby Jennings
Investment Associate
Selby Jennings
London, United Kingdom